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Aug 05, 2023 at 04:45 PM CST
+ 3
What are you guys paying for truck/trailer/liability insurance/cargo What about work comp? We have approx 10 trucks/trailers on our policy and seems like the premiums are the fastest rising expense in operating our trucking business. We have had no collisions, I feel like our safety ratings are good. We have good drivers all in their 40s/50s with decade + experience We are running 389’s from 07-‘24. We are running 70% belts, 20% hopper, 10% end dumps I’ll double check the numbers but feel like we are paying 10k a month for 1m general liability/100k cargo and work comp. Is this comparable to what you are paying ?
Replied on Sun, Aug 06, 2023 at 09:14 AM CST

Hey Luke,

Thanks for posting. We get this question all the time.

We're seeing best in class regional trucking companies’ premiums between 3k-5k per truck for 1 million liability annually.

Long haul trucking with average safety scores are in the 5k-10k per truck liability.

Companies with less than 2 years in business and poor safety scores are in the 10k-16k range.

Cargo should be $500-$1000 per truck annually for 100,000 limit.

Physical damage in the 3% -6% of the total equipment value.

We started doing free CAB analysis for any Bulkloads member. CAB measures your safety performance and is used by underwriters to determine premium.

Shoot me an email and I'll do a CAB review for you. [email protected]

-Larry Hurt

Replied on Sun, Aug 06, 2023 at 04:58 PM CST
That’s $1k per month or $12k annual per truck. If that includes your workers comp, I think thats an excellent rate.
Replied on Mon, Aug 07, 2023 at 09:04 PM CST

My insurance went from 13K annually for 2- 2007 379's and 1 belt trailer with only me as the driver to over 24K. I have had one not at fault claim that the other drivers insurance paid, and one speeding ticket almost a year ago in my personal vehicle. My commercial trucks have never been placed out of service and have not even had a fix it ticket. I was told " thats the cost of doing business." by my insurance. My cargo insurance went from 1100 a year to over 2500. I have always felt insurance was a scam, and this seems to be proving it. it penciled out at an 84.6% increase from last years premium.