Semi trucks, or commercial motor vehicles, are typically used to transport goods and services across the country. As such, they require specialized types of insurance coverage to protect the truck and its cargo in case of an accident or other unexpected event. The cost of insurance for a semi truck is determined by a variety of factors, including the type and size of the vehicle, its age and condition, the driver’s experience level, and the type of coverage being purchased.
The most common type of insurance for a semi truck is liability coverage, which covers bodily injury and property damage caused by the driver. Liability insurance usually costs between $2,000 and $5,000 per year depending on the size and weight of the truck. It’s important to note that this type of coverage does not cover any damage to the truck itself; it only covers damages done to someone else’s property or goods.
Collision and comprehensive coverage are also available for semi trucks if desired. Collision coverage pays out if there is any damage to your truck as a result of an accident that is your fault. Comprehensive coverage, on the other hand, will cover damages resulting from non-accident events such as theft or weather-related incidents. These types of policies tend to cost between $1,000-$3,000 per year depending on the details mentioned previously.
In addition to these basic policies, there are also specialized types of coverage that can be purchased for semi trucks including cargo insurance, uninsured motorist protection (UMP), bobtail liability insurance (BLI),and medical payments (MedPay). Cargo insurance protects goods being transported in case they are damaged or stolen; UMP provides protection from drivers who do not carry their own liability insurance; BLI covers damages incurred when a driver is using their own vehicle for business purposes; MedPay pays for medical expenses incurred due to an accident while driving a semi truck. These policies typically cost an additional $500-$2,500 per year depending on what kind of coverage is purchased.
Conclusion:
Overall, what does insurance cost on a semi-truck? The answer depends largely on factors such as size and weight of the truck, age and condition of vehicle, level of experience with driving commercial vehicles and what kind of coverage is required/desired. Liability insurance typically costs between $2,000-$5,000 per year while collision/comprehensive policies can range from $1k-3k annually with specialized policies costing an additional $500-$2k+ depending on what kind you choose.
