Owner operator truck insurance costOwner operator truck insurance cost

When you become an owner operator, you have a lot to do to get started. That includes finding freight, dispatching, and more. Depending on the option you choose, your owner operator truck insurance cost will vary.

The physical damage portion of your policy will be based on the value of your truck. Make sure to shop around with trucking-specific insurance retailers.


Liability coverage for owner-operators covers damage to another person’s property caused by your truck or your driver. It also provides protection if you or your driver is injured by an uninsured or under-insured motorist. The cost of liability insurance can be a big chunk of your owner operator trucking business costs, but it’s an essential part of any small trucking company.

How much you pay for owner-operator truck insurance will largely depend on whether you lease on with a motor carrier or operate under your own authority. Owner-operators who lease on with a motor carrier typically have their liability, non-trucking liability and bobtail insurance covered by the carrier. This typically saves the owner-operator 50 to 75 percent a year in insurance costs.

If you are an independent for-hire owner-operator, you’ll likely need all three of these types of insurance as well as cargo and physical damage coverage. The average owner-operator can expect to spend between $8,000 and $14,000. This is a very general figure, however. The actual amount you pay will vary depending on several factors, such as your driving record, the type and value of your truck, the number of safety protocols you have in place and the location where you run your business.

You can reduce your owner-operator truck insurance costs by taking steps to improve your driving record, such as avoiding speeding tickets and other traffic violations. Having more safety protocol in place and investing in driver training can also help you to lower your cost. Additionally, you may qualify for a paid-in-full discount, which can save you money. The best way to find out how much your policy will cost is to speak with an experienced insurance agent.

Physical Damage

If your truck is damaged while hauling cargo or on non-business driving, physical damage coverage protects you. This is a separate policy that’s often required by trucking industry regulations or by your equipment finance company, but it can help you avoid costly repairs to your vehicle or other property. The cost of this policy depends on a variety of factors, including the value of your truck and the type of coverage you choose. The higher the deductible you select, the lower your premium will be.

Owner operators who lease on to motor carriers typically need bobtail, non-trucking liability, and physical damage insurance as part of their contract. Those who drive on their own authority need a commercial auto liability policy, a physical damage policy, and sometimes cargo insurance, depending on the kind of freight they carry.

When you’re shopping for a trucking insurance policy, make sure you get quotes from several different companies. This will give you a good idea of what to expect, as prices can vary significantly. You’ll also want to work with an insurance agent that specializes in trucking. This will ensure that you’re getting the best policies at a competitive price.

Another way to reduce your trucking insurance cost is to maintain a clean driving record and keep your trucks in top shape. Trucking insurers view drivers with clean records as a low-risk investment, and they offer cheaper rates as incentives. One at-fault accident can quickly cause your insurance premiums to skyrocket and tank your SAFER score, so be sure to avoid them.


Owner operator truck insurance can help you afford the costs of lawsuits over property damage and injuries that you cause to others. Many states have requirements for auto liability coverage, and your client contracts might also require you to carry certain types of owner operator truck insurance. Our licensed agents can find you policies that meet the insurance requirements of your business and your financial situation.

Your operating radius and truck type can affect your insurance rates. A larger, heavier truck is more expensive to repair and can cause more damage if it’s involved in an accident with other vehicles or structures. Long-haul trucking can cause you to be behind the wheel for longer periods, and this can lead to tiredness that increases your risk of an accident.

The type of load you’re hauling can impact your rates as well. Generally, cargo is insured by the shipper or freight broker, but you might want to consider adding your own coverage for peace of mind. You can also add a policy to protect yourself against theft or a loss of your equipment, such as a QualCom system or a heating unit. These are typically added to your trucking physical damage insurance, which is sometimes called Phys Dam or Comp and Collision.

Whether you’re an independent owner operator leased to a motor carrier or an owner-operator with your own authority, we have the knowledge and resources to provide you with the right owner operator truck insurance packages. Typical coverage includes primary commercial auto liability (often called Bodily Injury and Property Damage), Physical Damage, Bobtail Insurance (when you’re not carrying a load and your truck is traveling empty), Non-Trucking Liability, and Occupational Accident Coverage.


If you are an owner-operator who is leased on with a motor carrier, then it’s likely that your trucking company will get this insurance for you. However, if you operate on your own authority then you will need comprehensive coverage to ensure that your equipment is protected in the event of an accident or theft. This type of insurance will cover the items in your cab, as well as any cargo that you haul. This coverage can be expensive, and it will often come with a high deductible.

The amount that you pay for your owner-operator truck insurance will depend on a number of different factors. These include: your operating radius, your driving record (accidents and violations), the age of your truck and its value, safety records and compliance, your credit history and your payment terms.

There are a few things that you can do to reduce your trucking insurance costs. The first thing is to maintain a clean driving record. Even small speeding tickets can add up over time and increase your premium. Taking safety training and driving classes can also help to lower your rates. Lastly, paying your policy yearly instead of monthly can save you 10, even 20% on the total cost.

Other factors that influence the price of your trucking insurance include the type of cargo you transport and whether or not it’s intrastate or interstate. The cost of the cargo will influence the amount of liability coverage you need, as well as any physical damage or collision coverage. The cost of your insurance will also be impacted by what the market is doing. Large legal settlements in accident cases will drive up everyone’s rates, including owner-operators.

Other Coverage

In addition to deductibles and insurance costs, owner-operators need to consider the cost of any additional coverages they may need. These can include bobtail, physical damage and non-trucking liability. This last is necessary for owner-operators who lease on to a motor carrier, but drive their own authority off the carrier’s time. The cost of these policies varies based on the value of the truck and trailer. It can also vary depending on whether the trucker hauls freight that needs refrigeration, which adds to the policy.

Other factors that affect the owner operator truck insurance cost are safety protocols and maintenance. Insurance companies are especially interested in trucks that are well-maintained and have safety features like antilock brakes, airbags and electronic stability control. These features can help owners avoid accidents that could lead to claims and lower their premiums. Additionally, it’s important for owner-operators to follow all safety protocols and maintain their trucks according to the manufacturer’s recommended specifications.

Another way to save on owner-operator truck insurance is to shop around and find the best deal. Many insurance companies offer discounts and special offers for truckers, including a paid-in-full discount. While it’s tempting to take the first company that offers a low-rate quote, it’s worth the time and effort to look at other options.

Taking the time to compare options and pricing will result in the most affordable owner operator truck insurance available for your business. Getting the best rates on trucking insurance will help you keep your costs down and focus on growing your business. While the cost of owner-operator truck insurance can seem high, it’s an essential part of running a successful transportation company.