If you own any commercial truck for your work, it is important to know about truck insurance. It is (in fact) essential to know about truck insurance coverage.
Before that, you may need to spend on commercial truck insurance. The costs may vary depending on where you live and some other factors.
So, in this writing, we are going to know how much is commercial truck insurance cost in Alberta. Keep reading till the end…
What Does Commercial Truck Insurance Cost?
Before explaining the cost of commercial truck insurance, you need to know certain things first. First and foremost, there are different types of insurance coverage. And different insurance coverage costs your additional amount of money.
If you want to do primary liability insurance, you may have to spend $5000 to $7000. This primary liability insurance will only cover the damages that cause during driving.
The next type of insurance coverage is called physical damages, which will cost you $1000 to $3000. The insurance covers any damages caused by collisions, vandalism, or bad weather.
Now we have another type of truck insurance known as occupational coverage. This is cost you more or less $1500 to $2000. And it will provide you compensation for any work-related injuries (i.e. income replacement)
General Liability Insurance Explained:
In some locations, you may require to have general liability insurance. Every truck owner should have general liability insurance. This insurance may cost you more or less $500-$600. Compared to other types of insurance, this is quite cheap.
But the benefits from that insurance are mention-worthy. This insurance will cover the injuries and damages not included in the primary liabilities and physical injuries coverage.
The general liability insurance will include the following things:
- The primary liabilities and physical injury insurance do not cover additional damages or injuries.
- Any types of property damages that occurred in the accident.
- Sometimes it also covers the cargo coverage of the truck.
- In some cases, it also offers the trailer interchange policy.
Why Do You Need Truck Insurance?
If you are trying to get truck insurance, you may wonder why you are spending so much money on truck insurance? Is the money worth the coverage?
Well, you are not the only one who is confused with these questions. There is a ruling by the Federal Motor Carrier Safety Administration (FMCSA).
The FMCSA states that if you want to drive your truck on the public road, you may require adequate truck insurance. You also may need a motor carrier number to drive on the public road.
And most importantly, if you want to run a trucking business, you must have a certificate for insurance.
If you somehow fail to have adequate insurance, the consequences can be very undesirable. Sometimes you may have multiple drivers to drive your trucks.
In that case, it is better to have drivers with clean driving records. Because when you have drivers with clean driving records, it will enhance the reputation. Afterward, it will help you to get the truck insurance easily.
If you need any help from a truck accident lawyer then contact our experienced lawyers team.
What are the Average Costs for Truck Insurance?
It is quite normal to get confused with different types of insurance and their costs. That is why you may wonder what the average cost for truck insurance is.
If you want to do truck insurance for owning a truck, you may need to spend $9000 to $12,000 per year. This cost will include all the insurance factors.
The driving history will also play a big role in the insurance costs. If you or your driver have a bad driving history, you may need to spend more than the regular amount.
Sometimes, it can go up to $30,000 every year. However, this cost will depend on the coverage you want and your driving history.
Read Also: Insurance Claim Process for Car Accidents
What Determines the Costs of the Truck Insurance?
There are plenty of factors that primarily determines the costs of truck insurance. The insurance company will review your business activities and other factors to determine what coverage you want. Then you will get an idea of how much you need to pay for the truck insurance.
The first and foremost factor is the type and the size of your truck. For example, if your truck is more powerful and heavy, you need to spend more on that truck. Because the heavier your vehicle is, the more it will cause damages during the accident. And the repair cost will also be higher.
The next factor is the cargo. It usually means what types of freight your truck will carry. The type of cargo will affect the risk factor of your insurance. The heavier load your truck is carrying, the more damage it will cause during the accident.
Another factor that plays a fatal role in the cost of truck insurance is the driver’s driving history. If you or your driver has a clean and good driving history, it will be easier for you to get truck insurance. Also, you can save some money when you have a clean driving history.
How Can You Save Money on Your Truck Insurance?
There are several ways to save money on your truck insurance. But one of the easiest ways to save money is to have a clean driving history. If you have additional drivers to drive your car, you can train them properly. Then, they can easily avoid accidents and any unfortunate incidents.
Likewise, another thing that can help you to save money is the CDL experience. If you have CDL experience, you can easily save a significant amount of money on your truck insurance. If you can pay the full annual amount for the insurance, you can also save some money in that case.
Read More: How Many Accidents are Caused by Semi Trucks?
Bottom Line:
Owning or operating with trucks will require you to have truck insurance. If something bad happens, that insurance will cover those damages and injuries in the incident. But dealing with the truck insurance costs can be stressful sometimes.
That is why, if you can determine your truck insurance costs beforehand, you will get a precise idea. And thus, it will be much easier for you to deal with insurance issues. Hopefully, from this writing, you have got your answer to the question “How Much Is Commercial Truck Insurance cost in Alberta.”
Frequently Asked Questions:
How much do trucks cost to insure?
The cost of truck insurance varies depending on the coverage you want. But on average, you may need to spend like $8000-$13,000 every year. And this insurance cost will include all the necessary elements of insurance. But if you can have a good driving record, you may save a good amount on your insurance cost.
Which insurance is best for trucks?
If you are okay with the cost, it is recommended to do the physical damage insurance and the primary liability insurance. These two types of insurance are primarily the best types of insurance for trucks. But additionally, you can also do occupational insurance, which will cover the income replacement.
Do trucks cost more for insurance?
The answer is Yes. Trucks do cost more than normal cars for insurance. Several factors determine the costs, such as the heaviness of the car, the size of the truck, and the loads of the trucks.
Are 4×4 more expensive to insure?
If your truck is a 4×4 or four-wheel-drive truck, it will usually cost more than the regular truck because of the power of the truck. The general rule is that the more powerful the engine is, the more expensive the insurance.
Why is my truck insurance so high?
As we have discussed earlier that the truck insurance depends on certain factors. For example, the size or types of the trucks, the heaviness of the trucks, the engine size, etc. When your truck is heavier and a four-wheel-drive truck, it will cost more than the regular truck.
