In today’s fast-paced logistics and transportation world, truckers face increasing risks—and rising insurance costs. Whether you’re an owner-operator or managing a fleet, understanding the landscape of commercial truck insurance is key to protecting your business and staying profitable.
Why Are Trucking Insurance Costs Rising?
According to a 2024 report by BDI Insurance, trucking insurance premiums have increased by 12.5% from the previous year. This jump is primarily due to factors such as:
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Nuclear verdicts: Massive legal settlements against trucking companies.
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Increased cargo theft.
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Higher repair and medical costs.
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Regulatory changes requiring more coverage.
The average cost for commercial truck insurance now ranges from $650 to $1,000 per month, depending on factors like driving history, truck type, location, and coverage options.
Workers’ Compensation: A Must-Have
Truck driving remains one of the most dangerous occupations. In 2025, the average workers’ compensation rate for truckers is $6.33 per $100 of payroll, equating to about $296 per month for a single driver.
Having workers’ compensation not only complies with state regulations but also protects your business from legal and medical expenses if an employee is injured on the job.
How Technology Can Reduce Premiums
Telematics and GPS tracking systems are more than just route optimizers—they can help lower insurance costs. Studies show that carriers who use these tools can receive 7–10% discounts on their premiums.
Telematics track driver behavior such as speed, braking, and hours of service. Safer drivers mean fewer accidents—and fewer claims.
The Real Cost of an Accident
The average cost of a trucking accident with injuries is $148,279. If the accident is fatal, the costs can reach $7 million or more. Without proper insurance coverage, these incidents can bankrupt small trucking companies.
Having the right liability, cargo, and physical damage coverage can be the difference between recovering from an accident or closing your business.
Coverage Types You Should Know
The global commercial truck insurance market is divided into two main categories:
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Compulsory insurance makes up 59.8% of the market and includes liability coverage required by law.
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Optional insurance accounts for 40.2%, offering protections such as collision, cargo, downtime, and uninsured motorist coverage.
Final Thoughts
As the transportation industry continues to evolve, truckers need comprehensive and affordable insurance more than ever. Monreal Insurance Solutions specializes in helping truckers understand and choose the right coverage for their business.
For more info, text or call Monreal Insurance Solutions at (909) 757-1311.