What Is the Cheapest Truck Insurance?

It would probably surprise most people to learn that the concept of insurance is an ancient one. Even as far back as 4000-3000 BCE, ancient Babylonian merchants could insure their goods to protect their investment should they be lost at sea.

Nowadays, insurance is an inescapable part of modern society. People are often looking for the best deals on the market — especially for auto insurance. Even the federal government has found that millions of Americans live in areas where auto insurance is completely unaffordable.

If you drive a commercial truck and are looking into the cheapest truck insurance out there, take a look at the guide below. 

Commercial Truck Insurance Requirements

Commercial vehicles have different legal requirements than personal vehicles. Commercial truck insurance can be the steepest of all types of auto insurance due to these requirements. There are both federal and state requirements that commercial drivers must fulfill. 

The Federal Motor Carrier Safety Administration dictates the requirements that need to be met before a commercial truck can be legally operated. The requirements vary greatly depending on the type of cargo being transported. 

For example, non-hazardous cargo for trucks under 10,000 pounds requires a minimum of $300,000 in insurance coverage. You can probably guess that hazardous cargo is higher. The only thing all truck drivers must have in common is primary liability insurance. 

Shop Around for the Cheapest Truck Insurance

The only way to find the cheapest truck insurance is to get out there and shop around. The wisest method is to contact several companies and collect quotes. You can collect these quotes easily online at websites like truckinsurancequotes.com.

When collecting quotes, make sure to ask about the insurance discounts available to commercial truck drivers. These discounts include:

  • CDL discount
  • Prior insurance discount
  • Business experience discount
  • Paid in full discount

Although lower coverage and higher deductibles are cheaper, they may not be the smartest idea. It’s best to shop for the coverage you need, even if it is a little more expensive. 

Move to a Cheaper State 

As previously stated, commercial truck drivers must fulfill both federal and state requirements. Although the federal requirements are the same throughout the country, the state ones vary. This means it’s cheaper to insure a commercial vehicle and its cargo in certain states. 

The cheapest states for truck insurance include Wyoming, Idaho, Iowa, Nebraska, and Mississippi. However, these cheap rates depend on if the USDOT filings are up to date. 

More Ways to Save

The cheapest truck insurance is reserved for good drivers with a proven record of excellent driving. Even the quality of your credit score can affect your insurance rate. It may be too late to change the past, but once you start a new policy, take every precaution to keep your driving record and credit score in good standing. 

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