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Commercial Truck Insurance

Table of Contents


Having a transportation business is quite risky.

You open yourself to a number of risks only by being on the road. And if you have a trucking business or you operate logistics, then the number of risks keep increasing.

Anything can happen while you are on the road. In case of the absence of insurance, very small issues like break downs or minor accidents can lead to huge costs. Hence, it is important to get commercial truck insurance as it takes care of incidents like collisions and covers for the repairs of your vehicles. Also, there are insurance plans which cover not only the vehicle damages but also the injury of people, damage to property, and even the cargo present in the truck.

This guide covers things you must know about commercial truck insurance in Florida.

The Average Cost of Commercial Truck Insurance

A number of factors decide the cost of commercial truck insurance. These include:

  • Number of vehicles you want to insure
  • Company’s driving history
  • Location of your business
  • Safety record

The average cost for truck insurance rangesbetween $8,000 to $14,000 per year. But if the trucking business is small and operates locally only, then the cost of insurance will be different.
The type of trucks, such as dump trucks or construction vehicles, also affects the cost of insurance.
In any case, it’s for the best to get insurance quotes from multiple insurance companies in Florida before deciding on an insurance policy.

Types of Commercial Truck Insurance

Some of the types of commercial trucks you can get insured include:

  • Local, intermediate, and long-haul commercial trucks
  • Dump trucks and freight trucks
  • Tow trucks and automobile haulers
  • Hazardous material haulers
  • Container vehicles, lumber haulers

In most cases, an insurance plan covers multiple things. But, it is always a good idea to maintain minimum liability coverage, so that you can be covered if the accident is caused by company vehicles or drivers.
This includes property damage coverage and personal injury coverage.
Some other forms of commercial truck insurance are:

– Truck Cargo Coverage

If you have a freight business where you deal with transportation of valuable products, then it is highly recommended to have truck cargo coverage. A small mishap can lead to huge losses of the cargo and also cause shipping delays.
Truck cargo insurance covers other mishaps, such as damages caused by fire, mishandling, and general wear and tear. This is to ensure that you don’t have to bear the cost of damages done to luggage for which you were responsible.
In case your client decides to take legal action against you, you can get coverage for legal expenses too.

– Physical Damage Coverage

This plan covers damages to the vehicles. In case of an accident, the cost of vehicle repairs will be covered by the insurance company.

– General Coverage

Truck Insurance in Florida provides general coverage for commercial trucks. Florida requires commercial truck businesses to acquire general insurance in order to operate. This provides coverage for medical bills and personal injury, property damage, and other types of liability.

– Excess Liability Coverage

If the industry in which commercial truck is operating is a high risk, then businesses should acquire excess liability coverage. This type of coverage protects your business from getting on its feet again after a catastrophic loss.

– Workers’ Compensation Coverage

Operating commercial truck business sometimes demands you to employ drivers.This calls for workers’ compensation coverage. Truck insurance companies in Florida offer this coverage plan to avoid legal consequences such as fines, imprisonment, etc.
This coverage also covers employees’ medical expenses and lost wages if they are injured or become sick at work.

How Does Commercial Truck Insurance Work?

Just like other types of insurance, you can acquirecommercial truck insurance from any truck insurance company in Florida.
Monthly premiums will be paid to maintain your coverage. The coverage plan can be deductible. In case of an accident, the deductible will be paid from your pocket. Once you hit the deductible, your coverage plan will kick in to cover the associated costs.
There are truck insurance companies in Florida that make commercial trucks let go of extra coverage,such as excess liability insurance.
It is recommended to do a risk assessment of your business before opting out of such coverage. In the absence of such insurance, abad incident or a serious lawsuit could make your business hit rock bottom.
If you feel, all of this information is overwhelming and picking an ideal insurance plan for commercial truck is still difficult, feel free to contact our representative at CompareAQuote. Being an independent insurance broker, we deal withcommercial truck insurance companies in Florida. Tell CompareAQuote Company your insurance needs, and you will be given options based on those requirements.


What is the average cost of commercial truck insurance?

The average cost for truck insurance ranges between $8,000 to $14,000 per year. But if the trucking business is small and operates locally only, then the cost of insurance will be different.

Who has the best commercial truck insurance?

The ideal insurance policy for commercial trucks varies from scenario to scenario, based on the specific needs of customers. You can find out the best commercial truck insurance at CompareAQuote. It can help you find out the best truck coverage plan for you according to your requirements by comparing prices from truck insurance companies in Florida.

How much do commercial trucks cost?

Essentially, be mentally prepared to pay over $100,000 for your first commercial truck. Normally, a brand-new day commercial truck costs around $113,000.

How do you insure a commercial vehicle?

The most convenient way to insure your commercial truck is through CompareAQuote. It is an independent insurance broker with all truck insurance companies in Florida on its penal.

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