Truck Insurance Florida Rates
Like many other states, truckers are legally required to
have trucking insurance in order to continue or start their business operations
in Florida. According to Florida law, every motorist who wants to run their
business only in Florida must have liability insurance with a minimum limit of
$300,000. However, to run your non-hazmat trucking business in all 48 states,
the laws requires a minimum liability limit of $750,000 and requires a minimum
liability limit of $1,000,000 for hazmat trucking businesses. The rates of trucking
insurance vary depending on the city and state that the business is primarily
located; hence the rates of trucking insurance in Florida are different from
other states. In this article, we’re going to look at the trucking insurance
rates for business located in Florida and the types of coverages available for
truckers. We’ll also list some of the best insurance companies that provide
trucking insurance in Florida.
How much Does Trucking Insurance Cost in Florida?
According to the Insurance agencies’ surveys and research,
the average cost of trucking insurance in Florida is $15,354 per year. It’s
an average cost of trucking insurance, including standard liability, physical
damage, and cargo coverages provided to a Trucking Company with one truck
operation. The average premiums you may need to pay in exchange for getting
average trucking insurance coverages can range from $10,200 to $22,340.
However, you must keep in mind that there’s a wide range of
factors that can hugely impact the overall cost of Trucking Insurance. Let’s
briefly discuss the factors affecting the Trucking Insurance rates in Florida.
Factors Affecting Trucking Insurance Rates in Florida
- The type of Trucking Equipment
Not only can this define your business, but it also defines
what type of insurance you need and it plays a huge role in what price you’re
going to pay. For example, new trucks
can bring down your liability premium because it is less risky on the road, but
it may increase your physical damage premium since a newer truck costs more
than an older truck. Also, some trucks are bigger than others and some can haul
more things than others.
- Type of Cargo
The type of cargo your trucks are hauling can also impact the
overall trucking insurance rates. A truck that transports hazardous materials,
dirt, sand, autos, etc. clearly pose more of a safety risk, thus is more expensive
to insure than one that hauls general freight, whether dry or refrigerated
goods. Auto haulers, for example, pose a great risk; therefore, their insurance
rates are much higher than other types of truckers.
- The volume of Your Business
The different aspects of your business can impact the rates
of your premiums. For example, if your company has multiple trucks and drivers
to be insured, you’ll most likely pay a lower premium per truck. This is not
always the case, but our agency works to get as many discounts as possible for all
- Level of Coverage
Like mentioned before, Florida law states that trucking
companies working only in the state of Florida must have minimum liability limit
of $300,000. To run a non-hazmat trucking business in all 48 states, the laws require
a minimum liability limit of $750,000 and requires a minimum liability limit of
$1,000,000 for hazmat trucking businesses. Besides these factors, the truck
driving experience of your drivers, the age of your trucking equipment, and the
driving area can also impact Trucking Insurance rates. The higher your limit,
the high your premium, but don’t let this discourage you because our agency can
find you a lower price with a great insurance company with the coverages you
What are Trucking Insurance coverages available in Florida?
By collaborating with the FMCSA (Federal Motor Carrier
Safety Administration), Florida has defined specific insurance requirements for
Truckers. The trucking insurance coverages you’re required to get depend on
whether or not you have your own authority (MC Number). If you have your own
authority, you’ll be required to have your own primary liability. However, if
you don’t have your own authority, then bobtail/non-trucking liability
insurance would cover you while you work under someone else’s authority.
The different trucking insurance coverages include:
- Primary Liability.
- Motor Truck Cargo.
- Trailer Interchange.
- Uninsured Motorist Coverage.
Insurance Companies we represent in Florida.
- Wesco InsuranceCompany.
- Insurance Company.
- Progressive Express
- Berkshire Hathaway.
- Trisura Specialty Insurance Company.
- Knight Specialty Insurance Company.
- Sutton Specialty Insurance Company.
- Accredited Surety and Casualty Company.
- Clear Blue Insurance Company.
- Granada Insurance Company (inside FL only).
- Northland Insurance Company.
- Occidental Fire & Casualty Company o N.C.
- Canal Insurance Company.
- County Hall Insurance Company.
- Brooklyn Specialty Insurance Company.
- And many more call for more details.