How Much Is Semi Truck Insurance in Florida?
Like many other states, to start or continue a trucking business in Florida, you are required to have trucking insurance. The semi truck insurance costs depend on what you need coverage for. Variables that can drive the insurance costs are your driving history, what you are hauling, or how long you have been in the trucking business. Click URL to read more.
What Does Semi Truck Insurance Cost?
While it is impossible to provide a definitive answer to this question, on average, the prices are as follows:
- Between $3,000 to $5,000 per year if you lease a semi-truck
- Between $9,000 to $12,000 per year if you operate a semi-truck under your authority
- Close to $16,000 per year if you are a new authority
Commercial truck insurance costs vary greatly depending on different factors, including how large your hauling radius is and what you haul. In Florida, the average cost for commercial truck insurance is $15,500, but most premiums can range from $12,650 to $17,850. Lately, truck insurance costs have steadily increased due to a higher number of truck accidents, DOT violations, and claims.
Some of the insurance coverage types you need and their average costs can be seen below:
- Cargo Insurance: between $400 to $1,800
- Auto Liability: $5,000+
- Non-Trucking: $400
- Physical damage: between $1,000 to $3,000
- Pollution/Hazmat: $2,500+
- Occupational Accident: $1,600 to $2,000
- Workers’ Compensation: $3,000 to $5,000
- Truckers General Liability: $600
What Can Affect The Cost of Semi Truck Insurance?
As a commercial truck driver, you are responsible for ensuring that your truck is secure and safe while on the road. Due to the considerable damage semi trucks and large trucks can cause to individuals and properties, owning appropriate insurance coverage is vital.
However, it would be best if you considered that a wide range of factors could impact the costs of your trucking insurance, including the following:
- Your claims history
- How long have you been in the trucking business
- Your hauling radius and what you haul
- The age and experience of your truck drivers
- The year, model, and make of your semi trucks
- How many semi-trucks do you own
- Your location
If you want to operate a non-hazmat trucking company in multiple states, you must have a minimum liability limit of $750,000 — and a limit of $1,000,000 for hazmat trucking companies. Separately, Florida law states that trucking businesses working only in Florida must have a minimum liability limit of $300,000.
Commercial trucking insurance is mandatory in Florida. While insurance costs may seem expensive, don’t let this discourage you. By working with the right insurance company, you can get a lower price while ensuring you are compliant and ready for anything that may come your way.
Because different types of trucks have different insurance requirements in the state of Florida, it is vital to speak with an insurance agent who understands them and can ensure that you have the appropriate coverage.
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