The insurance cost is getting to me; how can I bring it down? Truck insurance stands as one of the significant expenses for truck owner-operators. The Federal Motor Carrier Safety Administration (FMCSA) mandates that all carriers maintain a minimum liability coverage of $750,000.
Among the factors influencing policy pricing—beyond vehicle type, truck age, and cargo type—the driver’s experience carries significant weight. Statistics indicate that new owner-operators working independently should expect to pay no less than $2,000 to $3,600 monthly for insurance. Hence, many opt to lease their trucks to more established companies to save on costs.
Yet, inevitably, the time comes to spread your wings and fly solo. If you’re among those choosing to venture out on your own, it’s wise to tailor your policy as closely as possible to your needs to optimize insurance costs. Please avoid unnecessary coverage and consider increasing your deductible to help reduce premium expenses. Maintaining a clean driving record is crucial, and if you’re hiring another driver, ensure they have experience—and when you find a good one, treat them well.
If, despite these measures, you feel you’re paying a high rate, you can contact Univista Insurance. Our truck insurance specialists can assist you in finding the best coverage for your business at a much lower price. The insurance cost is getting to me; how can I bring it down?
Give us a call today for a comprehensive assessment! 305-728-2088. You can also get a free quote here.
