18 Wheeler Insurance – Ways To Get Bonanza Cheaper Policy

Having the right auto insurance coverage is the most important aspect of any freight business. This is regardless of whether the trucking business its own authority or leased. 18 wheeler insurance for trucks are expensive to procure. Imagine having to cater for repairs and replacement out-of-pocket. This would be very expensive for you. Therefore, you need to have insurance coverage.

Accidents and collisions are inevitable to the company that owns one or more 18 wheeler trucks being used to haul load across and within states.  

The Average Cost For 18 Wheeler Insurance

18 wheeler truck insurance average cost is determined by several factors. The major factor is the kind of coverage you choose. The coverage for own authority truckers is more expensive compared to leased owner-operator trucks. Other risk factors considered when costing 18 wheeler insurance are:

  • The value of the truck
  • The kind of goods being hauled
  • The radius or how far the goods are being hauled
  • The experience of the Commercial Driving License
  • The payment plan for coverage chosen
  • The structure of policy chosen

The average annual cost for an 18 wheeler truck under its one authority cost around $8,000 and $12,000. However, it costs less for a truck leased to another company. This is because the only coverage needed is the bobtail and physical damage coverage.

The cost of the policy will also rely on the kind of company you choose.  Here is a table showing how much it would cost you for different coverage options.

SL No.CoverageCost Annually Detail
1.Primary Liability$5,000-$7,000This is provided for drivers under motor carrier authority. It has been designed to protect the driver when they fault in an accident.
2.General Liability$400-$600This is designed to cover damages and injuries for non-collision accidents
3.Umbrella policy$500-$700Just like the name suggests, this policy has been designed to cover any gaps that appear in any of the coverages. Will offer liability coverage beyond the normal coverage
4.Physical Damage$2,500Your 18 wheeler may need repair and replacement. This cost will be covered by this coverage. The cost paid will be based on of the truck itself
5.Uninsured Motorist$75If for instance, you get involved in an accident with the 18 wheeler with an uninsured motorist. You will use this coverage to pay for any damages and injuries caused
6.Cargo insuranceVariesThis will cover the pay for damages to the goods hauled in case of an accident or collision. The cost will vary depending on the value of goods being expedited

Some other commercial insurance that could be needed for your 18 wheeler:

Towing insurance

Designed to pay for towing services whenever your 18 wheeler becomes non-drivable.

Unattended Truck Coverage

This will cover the cost of theft or vandalism to the truck when you leave the truck unattended during stops for food or rest. This is necessary for long-distance truckers.

Trailer coverage

Designed to protect your company from paying for replacement and repair to the trailer attached to the 18 wheeler at the time of the accident.

Accessories Coverage

This has been designed to protect from loss of important accessories such as GPS unit, radio, and mileage meter installed in the 18 wheeler during transit or goods. This can be a good addition to the commercial insurance chosen for your truck.

Risks That Truck Drivers Face

Truck drivers are prone to risk factors when hauling goods with 18 wheeler trucks. Some of these risks could expose them to damage and injury from accidents and collisions. Some of these risks are fatigue, bad weather, and road, the momentum of the heavy trucks.

Drivers have changing sleep schedules. Drivers can end up being deprived of sleep for driving for long distances. This can lead to loss of focus causing collisions or accidents. This is sometimes not the drivers’ fault.

Also, most drivers do not heed to caution about bad weather. They will keep on working even in bad weather. This is because if they stop transporting, the stop making money.  This can lead to increased accidents

Finally, drivers are at risk due to the big and heavy aspect of 18 Wheeler which could cause damage and even injury.

How To get Cheap 18 Wheeler Truck Insurance

cheap 18 Wheeler Insurance

Finding the cheapest coverages has been proven to be a very difficult task. However, there are several strategies and options that when implemented will ensure that you lower the cost of the coverage. This is regardless of the coverage chosen. Ways to lower cost are:

Asking for discounts

Whenever you are speaking with an agent about the coverage option, ensure you ask about the discount options available for them. Companies are willing to offer discounts especially when you have a clean driving record.

Use the 3 Agent Strategy

Allow yourself to explore several options before deciding on the company that will offer you coverage. The 3 agent strategy allows three agents from different companies to pitch their packages to you. From there, you will be able to choose the best and affordable coverage for your 18 wheeler.

Low premium

You can ask to get a low premium by asking the insurer to give you higher deductibles. However, this is the last option since it will cost you a higher out-of-pocket in case of an incident.

FAQ about 18 Wheeler Truck Insurance

1. How much is insurance for an 18 wheeler truck?

The average cost of an 18 wheeler truck insurance is $8,000 and $12,000

2. Will, it cost me less if I lease my 18 wheeler to another company?

Yes, it will cost less because when leased you only need bobtail coverage and physical damage.

3. What determines the cost of a policy?

The cost of a policy is determined by the value of a truck as well as other factors such as the value of goods hauled, the radius of operation and the drivers’ record and experience

4. Is it possible to find cheaper 18 wheeler truck insurance?

Yes, by exploring different companies which have varied prices

5. Does the value of the 18 wheeler truck affect the cost of insurance coverage?

Yes, it is the most important factor that determines the cost of the coverage.

Bottom line

18 Wheeler are the best in terms of hauling more goods for long distances. It is therefore very important for hauling companies to ensure that they get insurance coverage. There are several coverage options available. Companies that own 18 Wheeler should choose the coverage that best suits their business needs.

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