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What State Has The Cheapest Commercial Truck Insurance 2023

We went digging to figure out what state has the cheapest commercial truck insurance in 2023 and noticed a few things:

Each state sets its minimum commercial truck insurance law requirements based on different factors affecting the insurance rates offered per state.

Insurance providers use different criteria to determine their truck insurance premiums. But there are a few steps you can take to find an insurance provider with the cheapest commercial truck insurance rates.

Read on for our findings on the state with the most affordable truck insurance. We’ll also share how to find cheap truck insurance to help you save money.

What State Has The Cheapest Commercial Truck Insurance

From our findings, the state with the cheapest commercial truck insurance is Mississippi.
In Mississippi, commercial truck insurance costs about $3,552 per year for local commercial truck drivers or owner-operators. If you operate across states, Mississippi’s average insurance cost increases to nearly $4,664 per year.

Still, it’s cheaper than in other states. Local trucking entrepreneurs in California pay around $11,834 per year, while interstate owner-operators pay approximately $14,041.

Meaning local and interstate owner-operators in Mississippi save about $8282 and $9377 in premium costs per year, respectively, compared to their counterparts in California.

This shows you can save tens of thousands of dollars in insurance premium costs by operating from states with affordable insurance costs.

Here is a summary of the top 5 states with the cheapest commercial truck insurance rates and the most expensive states for you to see the cost difference.

Top 5 States With The Cheapest Commercial Truck Insurance Costs

1. Mississippi

Average local truck insurance rates: $3, 552
Average national truck insurance rates: $4,664

2. Wyoming

Average local truck insurance rates: $4.927
Average national truck insurance rates: $7,149

3. Massachusetts

Average local truck insurance: $5,447
Average national truck insurance rates: $17,017

4. Iowa

Average local truck insurance: $5,615
Average national truck insurance rates: $8,866

5. Arizona

Average local truck insurance: $6,102
Average national truck insurance rates: $11,797

Top 5 States with the Most Expensive Commercial Truck Insurance Costs

1. New Jersey

Average local truck insurance rates: $20,763
Average national truck insurance rates: $20,255

2. Louisiana

Average local truck insurance rates: $19,736
Average national truck insurance rates: $23,453

3. Delaware

Average local truck insurance rates: $17,351
Average national truck insurance rates: $19,670

4. New York

Average local truck insurance rates: $16,949
Average national truck insurance rates: $17,585

5. Connecticut

Average local truck insurance rates: $16,946
Average national truck insurance rates: $17,004

From these comparisons, you can quickly tell the states to avoid, especially if you’re a new commercial truck driver looking to start your trucking business. Remember that these are the average insurance costs.

In Mississippi, the top state with the lowest insurance rates, the amount you’ll pay depends on two major factors:

State minimum requirements
How much coverage you get

What are the State Requirements of Commercial Truck Insurance in Mississippi?

Mississippi state law requires owner-operators to get minimum liability insurance premiums based on the type of freight they carry and where they carry it.

For example, owner-operators working within the state, that carry household goods must have a minimum of $300,000 commercial trucking insurance. While there is a $1,000,000 minimum for oil transport.

The requirements might be more extensive if you’re an owner-operator working interstate. You’ll have to meet the above and comply with other commercial auto insurance requirements by the federal government.

Check out the Federal Motor Carrier Safety Administration (FMCSA)’s insurance policy requirements for commercial trucks to understand which commercial truck insurance applies to you.

Mississippi State Minimums Amounts Payable by Insurers

Mississippi state law sets the minimum amount insurance companies must pay as compensation when trucking accidents occur. All auto insurance policies in the state must have a 25/50/25 minimum liability coverage limit. This means paying a minimum of:

$25,000 bodily injury liability for each person injured during trucking accidents involving your commercial trucks
$50,000 in bodily injury liability per trucking accident, and
$25,000 property damage liability

For adequate protection, it’s advisable to go for an insurance policy with higher coverage limits. Also, consider going for different types of truck insurance coverage suitable to your trucking business to cushion yourself from various costly claims.

What Insurance Coverage Options Does Mississippi Offer?

Primary Liability Insurance Coverage

Primary liability coverage is the most basic commercial trucking insurance required by all federal and state laws. It combines two different types of commercial trucking insurance into one – property damage liability and bodily injury liability.

Physical Damage Insurance

Physical damage insurance is comprehensive. It includes collision coverage, which pays for commercial truck repairs in case of collision damage, and coverage for damages from other incidents, such as vandalism. It’s essential liability insurance to have, although it’s not legally required, like primary liability coverage.

Non-trucking Liability Coverage

Non-trucking liability coverage protects your commercial truck if it causes injuries or damages property when out on personal or non-work-related errands. It’s different from personal auto insurance, which is insurance coverage for personal or non-commercial vehicles.

Cargo Insurance

Cargo insurance coverage compensates when the goods you haul get lost or damaged in transit. FMCSA does not require a motor carrier to have this type of semi-truck insurance. However, most for-hire interstate commercial trucking companies require autonomous truck drivers to purchase cargo insurance before hiring trucks.

Overall, each commercial trucking insurance option comes with its cost, and how much coverage you choose affects your total insurance cost. A trucker who gets a commercial truck insurance policy offering primary liability coverage will pay less than another who chooses more coverage options.

How To Find Cheap Truck Insurance

It’s unlikely that two trucking companies will pay the exact insurance costs even if they both operate in the same state and choose the same coverage options.

Different insurance companies consider various factors when setting their rates. A trucking business with high credit scores and experienced drivers with clean driving records will qualify for cheap trucking insurance from multiple insurance companies. In contrast, a similar trucking business with inexperienced truck drivers and low credit won’t.

To find cheap truck insurance, compare quotes from different insurance companies. Get help from a licensed insurance agent. Qualified insurance agents can help you identify the best insurance providers following your business needs and the type of contracts you plan to get.

Most licensed insurance agents are also aware of ongoing offers and discounts and can help you get the lowest insurance costs possible.

You can find the best commercial truck insurance agents close to you by doing a quick Google search and typing in your state and city. You’ll get a list of recommendations to start with. Ensure you read reviews of insurance agents that stand out to settle on the best one.

Conclusion

Commercial truck insurance takes different forms in different states, but if too costly it might affect your profit margins.

We’ve answered the question: What state has the cheapest commercial truck insurance? We’ve also shown you how to find the most affordable trucking insurance provider.

But remember, the cheapest state may not always be the best state for truckers. There’s a difference between the two. To learn more about this, head over to the Mission Financial Services blog.

Is Cheap Semi-Truck Insurance Worth It?

Looking to get cheap semi-truck insurance but unsure whether it’s worth it? The answer depends on the value the commercial truck policy offers and how well it suits your trucking insurance needs.

Cheap commercial truck insurance might be worthwhile if it provides all the protection your trucking business requires and remains reasonably priced.

To find affordable commercial truck insurance for your trucking business, examine the following:

Average commercial truck insurance cost
Type of coverage required
Rating factors for determining commercial trucking insurance cost

Also, there are a few things you can do to get high-quality trucking insurance at reduced rates.

How Much Truck Does Commercial Insurance Cost?

Commercial truck insurance costs about $736 monthly for specialty truckers and around $1,125 monthly for transport truckers. That’s approximately $8,832 and $13,500 annually for top commercial insurance companies.

Other insurance companies set their national average monthly cost lower–between $250 and $450. If you’re a leased owner-operator, expect to pay around $3000 to $5000 annually to insure your tractor-trailer and about $1600 for your truck driver.

If you’re an owner-operator with your own authority, you’ll pay more (about $9000 and $12,000 annually). For owner-operators who are a new authority, insurance cost increases further to nearly $16,000 annually.

Cheap semi-truck insurance falls on the lower end of the estimated average prices. However, the exact amount you’ll pay varies based on the type of coverage you need and the rating factors for different insurance companies.

What Type Of Commercial Trucking Insurance Coverage Do You Need?

Commercial truck insurance covers costs of injury, property damage, and other losses from accidents involving your truck. There are different types of trucking insurance coverage options to help pay for these costs and more, including:

Primary Liability

Primary liability coverage pays for an injured party’s medical bills resulting from an accident caused by one of your truck drivers.

The insurance company also covers all the repair costs for damages incurred on the injured party’s vehicle. But it won’t cover your driver’s medical bills or your truck’s damages. For this, you’ll require additional coverage, like physical damage.

Insurance cost for primary liability coverage ranges from $5000 to $7000 annually.

Physical Damage Coverage

Unlike primary liability coverage, physical damage coverage pays for all the damage and losses your commercial vehicle might face while on the road. This includes collision and non-collision damages. That is damages and losses from crashes, theft, vandalism, and harsh weather.

Physical damage coverage costs between $1000 and $3000 annually.

Medical Payments

Medical payments truck insurance covers the medical expenses of all parties injured in an accident caused by your truck. This includes you, your drivers, and your passengers.

Non-Trucking Liability Coverage

Non-trucking liability insurance covers you when using your truck for non-business purposes. Say you got into an accident while driving your truck for grocery shopping: A non-trucking liability will cover the medical and property damage expenses. It costs about $400 annually.

Motor Truck Cargo Coverage

Insurance companies offer truck cargo insurance policies to cover the freight for-hire truckers’ transport during transit. Most fleet managers require transport truckers to insure their freight in transit. Truck cargo insurance offers protection in case of an incident, like a fire or spilled cargo.

The cost of cargo insurance for several commercial insurance companies ranges from $400 to $1800 annually.

Bobtail Insurance

Driving your semi-truck without its trailer is known as deadheading or bobtailing. Motor carriers require Semi-truck owner-operators who make such trips to have bobtail insurance coverage. It often costs around $350 to $400 annually.

General Liability

General liability coverage pays for injuries or property damages that are work-related but not directly connected to driving your truck. These might include accidents that happen on your business premises or on a motor carrier or for-hire trucker causes away from your physical location.

A few scenarios general liability insurance covers include:

Property damage and bodily injury liability coverage: Liability protection when an incident at work (covered in the policy) causes property damage or physical injuries to someone. For example, a customer getting injured in a slip-and-fall accident on your premises
Personal and advertising injury liability: Coverage for non-physical injury due to a motor carrier’s negligence
Products/ completed operations: Covers property damage or bodily injury resulting from erroneously delivering another person’s goods.

General liability insurance costs between $500 and $600 annually.

Commercial Truck Insurance Rating Factors To Consider

Commercial trucking insurance companies calculate your commercial truck insurance rates based on the following factors:

Government Requirements

The Federal Motor Carrier Safety Administration (FMCSA) sets a minimum coverage all truckers must meet, depending on a vehicle’s weight and the freight hauled.

If your vehicle weighs over 10,001 pounds and you transport non-hazardous freight across state lines, FMCSA requires $750,000 combined single limit (CSL) coverage. This means your commercial truck insurance should be able to pay up to $750,000 in combined bodily injury and property damages in an accident.

Private carriers and other for-hire truckers moving hazardous materials must meet $5,000,000 minimum CSL coverage.

USDOT Authority

If you operate under your authority, your USDOT operating history will affect your commercial truck insurance rates. A high crash history might increase your rates.

Operating Radius

Commercial truck drivers who travel across states pay higher rates than those who operate locally.

Cargo

Transporting some cargo is riskier than others, and insurance providers consider this when calculating commercial insurance rates. For instance, insuring a semi-truck moving heavy farm equipment or more dangerous cargo will likely cost more than insuring another truck moving consumer products, like shoes. The higher the risk, the higher your rates will be.

Location

Commercial auto insurance rates vary from state to state. Owner-operators in Mississippi enjoy the lowest rates ($3,552 annually), while their counterparts in New Jersey pay the highest rates (about $20,763).

Vehicle Type

It costs more to insure heavy trucks like tractor-trailers compared to lighter ones. That’s because a semi-truck weighs more and will likely cause more severe damage in an accident than a light box truck carrying similar cargo.

Driving Record

Your driving record and the driving records of all your truck drivers affect your commercial truck insurance cost. A speeding ticket on your driving record can increase your semi-truck insurance cost by thousands.

How To Get High-Quality Commercial Truck Insurance At Affordable Rates

You can find affordable commercial truck insurance coverage that offers the highest value for your specific business by:

Requesting truck insurance quotes from multiple companies: First, identify your business insurance needs. Then, ask for several quotes and go through each to find insurance that will meet all your needs at a reasonable price.
Asking about discounts: You can get several discounts to reduce the cost of a truck insurance policy you’ve identified as the best for your business. Some common discounts to help you save money include:
Business experience discount: You qualify for this if your business is three years or older
Commercial driving license (CDL) discount: You can receive this discount if you’ve had a valid CDL for a minimum of two years
Paid-in-full discount: This helps you save up to 15% of your truck insurance policy’s total cost.
Choosing higher deductibles: Higher deductibles will help you get cheaper monthly premiums
Keeping a clean driving record: This will ensure your insurance costs remain low in the future.

Conclusion

Whether cheap semi-truck insurance is worthwhile depends on how well a commercial truck insurance policy meets your business’s insurance needs. If it covers all aspects of your business, it’s worth it. If it doesn’t, it’s not worth it because you might spend more settling claims and other uncovered costs out-of-pocket.

Check out our add-on coverage offers to find affordable truck insurance alternatives for different types of coverage.

The Commercial Trucking Insurance Requirements You Need To Know About

Commercial trucking is a vital industry that keeps goods moving across cities, states, and countries. Grocery stores would go out of stock in three days if the trucking industry suddenly stopped operating.

Before reaping the rewards of owning trucking companies as the operating authority, you must meet the commercial trucking insurance requirements. With the right knowledge, you can ensure the best protection for your business, comply with legal regulations, and mitigate potential risks.

We’ll explore the types of insurance coverage, discuss their purposes, coverage specifics, and the importance of obtaining adequate coverage limits. So, let’s dive in and explore the essential insurance requirements that every commercial trucking professional should know.

Top Commercial Trucking Insurance Requirements

As a commercial trucking professional, understanding and meeting the insurance requirements is vital for the success and security of your business. Let’s unravel the key insurance requirements crucial for a thriving and protected commercial trucking operation.

Liability Insurance

Commercial auto liability insurance is a crucial requirement for commercial trucking operations. It covers damages or injuries caused by your truck while on public roads. There are two parts to public liability insurance, namely the following:

Bodily injury: This coverage pays for medical expenses, lost wages, pain and suffering, and other costs associated with injuries to other parties involved in an accident caused by your truck. It helps protect you financially if you’re found responsible for causing bodily harm to others.
Property damage: Your commercial truck insurance pays for repairing or replacing other people’s property damaged by your truck. It includes vehicles, structures, or any other property that may have been affected.

There are certain commercial trucking insurance requirements that you need to follow when running a trucking company. Let’s look at a few:

Minimum coverage: The minimum liability insurance requirements can vary depending on the jurisdiction and the type of cargo you transport. Each jurisdiction typically sets its minimum limits for liability coverage. For example, it may require a certain minimum amount of coverage per accident, as well as a minimum coverage amount for property damage and bodily injury.
Proof of insurance: It’s important to carry proof of liability insurance with you while operating your commercial truck. In most jurisdictions, you need to carry proof of insurance documents. This proof can be an insurance certificate or a card showing you have the required coverage.
Additional considerations: Some requirements can also be influenced by the size and weight of your small-scale semi-truck and the cargo you’re transporting. Some jurisdictions may have specific insurance requirements for specialized trucking operations like hazardous materials transportation.

Liability insurance protects your business and personal assets in an accident. It’s essential to understand the specific commercial trucking insurance requirements and consult with insurance professionals to ensure you have the proper insurance coverage for your trucking company.

Cargo Insurance

Motor truck cargo insurance is a specific type of insurance coverage crucial for commercial trucking operations involving the transportation of goods.

This physical damage coverage protects the cargo that you’re hauling in your truck. It provides coverage if the shipment is damaged, lost, or stolen during transit.

Let’s look at how cargo insurance works:

Coverage: Cargo insurance typically covers a range of risks that can affect the cargo in transit. It includes damages caused by accidents, theft, vandalism, fire, natural disasters, and other unforeseen events.
Types of cargo: Cargo insurance can be tailored to the specific goods you’re transporting. Whether it’s general merchandise, perishable goods, hazardous materials, valuable items, or specialized cargo, insurance options are available to suit different cargo types.
Coverage limits: The coverage limits for cargo insurance depend on the value of the cargo being transported. It’s essential to accurately estimate the value of the goods and ensure that your coverage adequately protects their worth.

The coverage limits for cargo insurance depend on the cargo’s value. It’s essential to accurately estimate the value of the goods and ensure that your coverage adequately protects their worth.

Bobtail Insurance

Bobtail insurance, or non-trucking liability insurance, is a type of insurance coverage designed for commercial truck drivers who operate their vehicles without a trailer or while not under dispatch.

Coverage: Bobtail insurance covers bodily injury and property damage liability. If you cause an accident while bobtailing, this insurance helps cover medical expenses, property repairs, legal fees, and other associated costs.
Difference from liability insurance: Primary liability insurance covers your truck while you are under dispatch. Bobtail insurance extends coverage to your vehicle during non-business or off-duty situations.
Employer coverage: If you are a leased driver, your motor carrier may provide primary liability coverage while you’re under dispatch. However, once you’re off-duty or bobtailing, that coverage may not apply. Bobtail insurance helps fill that gap and provides coverage during non-business use.

Insurance requirements: Some motor carriers or contracts may require you to carry bobtail insurance as a condition of employment. It ensures adequate coverage when operating the truck outside of business-related activities.
Cost and coverage limits: The cost of bobtail insurance can vary based on factors such as your driving record, the value of your truck, and the coverage limits you choose. The coverage limits should be sufficient to protect you in case of an accident.

This is an essential insurance for owner-operators or leased drivers who use their trucks for personal use or when returning to their base after completing a delivery. It offers protection when the truck is not actively engaged in business-related activities.

Final Thoughts

Understanding commercial truck insurance requirements is essential for anyone involved in the trucking industry. Whether you’re an owner-operator or a leased driver, these requirements help ensure compliance, protect your business, and minimize potential risks.

Commercial trucking Insurance requirements can vary by jurisdiction, cargo type, and the nature of your trucking operation. By following these commercial trucking insurance requirements, you can confidently choose the right insurance company and operate while protecting your assets.

At Mission Financial Services, we can help you get started in the exciting world of operating trucking companies. We can also point you in the right direction for commercial truck insurance for small businesses. No matter your credit score, get in touch to find out how.

What Does a Semi-Truck Accident Lawyer Do?

If you’ve been in a truck accident, getting the right semi-truck accident lawyer on board is one of the first things you’ll need to do.

A truck accident attorney represents the truck driver or trucking company after an accident. They help trucking companies and drivers access fair settlements from insurance companies. They also make the process of commercial truck insurance claims and possible lawsuits easy to navigate.

This guide explores exactly what a truck accident lawyer does, and what you need to consider when choosing one.

Semi-Truck Accident Lawyers: Overview

A semi-truck accident lawyer works in tort law, which means they work to fix private or civil wrongs or injuries. This is remedied through compensation of damages.

The injured or affected parties in truck accidents can seek compensation from the negligent party for their losses. This is where truck accident lawyers come into play.

Truck accident lawyers typically work on compensating their clients for damages that relate to:

Lost income from their trucking business
Medical expenses
Damage to the vehicle
A loss of earning capacity
Emotional distress
Wrongful death or physical pain or suffering

You also get personal injury lawyers, who work on a wider range of cases, such as a car accident or an accident in the workplace. Truck accident lawyers are types of personal injury lawyers, but they focus specifically on truck accidents.

So, if you ever end up in a truck accident, one of the first things to do is to get in contact with an experienced truck accident attorney. They can help to fix the situation and get the deserved compensation to the truck driver.

What Does a Semi-Truck Accident Lawyer Do?

Depending on the case and truck crash, truck accident attorneys can perform quite a wide range of tasks. This includes the following.

Investigate Truck Accident Cases

The first thing any truck accident lawyer does is investigate the details of the truck crash to establish whether there is a viable case.

Truck drivers will approach a lawyer, and the lawyer will figure out just how strong and valid their case is. Lawyers will usually only take on a truck accident case if they can see that the case has a high chance of winning.

Gather Evidence for Truck Accident Claims

When a lawyer decides to take on a truck accident case, they will need to start investigating the case and gathering all of the required evidence.

This typically involves investigating the scene of the accident, reviewing any pictures or camera footage of the accident, and gathering statements about the trucking accident from any possible witnesses. The lawyer will also evaluate the damage to the vehicle and get familiar with the expenses and medical reports of the client.

Once the evidence has been gathered, the lawyer will start building a case around it. This is why it’s so important for truck drivers to take photos and take down all the details straight after truck accidents happen.

Send a Demand Letter

Depending on the truck accident and the case, a truck accident lawyer might need to send a demand letter to the insurance company of the at-fault driver. This letter outlines the details of the truck accident and demands specified compensation.

Negotiate With Insurance Companies

One of the most important reasons to work with an experienced truck accident lawyer is to access their insurance negotiation skills. Insurance companies are very good at finding ways to pay the least possible amount on a settlement. With a truck accident attorney, you get the best chance at maximizing your truck accident claim.

Lawyers know how to negotiate with insurance companies about trucking accidents. They understand their client’s legal rights, and the details of insurance policies, and always communicate with the insurance company. This can help any truck driver or trucking company get the settlement they deserve after a trucking accident.

Prepare Complaints

In many cases, the trucking accident lawyer’s job ends after negotiating with the insurance company. However, if the insurance company fails to settle at the right amount, the lawyer may need to send a complaint to the at-fault party. This is one of the first documents sent out in truck accident lawsuits.

Prepare Cases for Trial

If a truck accident case goes to trial, the lawyer will start preparing the case. While many cases settle before going to trial, truck accident lawyers need to prepare the case for the worst.

This process focuses on gathering the right evidence, understanding relevant case law, speaking to witnesses, drafting statements, and so on.

Provide Representation at Trial

Finally, if truck accidents do go to court, truck accident lawyers will provide legal representation to the truck driver throughout the trial.

How to Find the Right Semi-Truck Accident Lawyer

Finding the right semi-truck accident lawyer requires careful consideration, as these lawyers play such a crucial role in resolving truck accidents.

Start by researching lawyers with expertise in trucking accidents and personal injury law. Look for experience, reputation, and track record of successful case outcomes.

Ideally, look for recommendations from trusted sources, like other truck drivers, friends, family, or legal professionals. Schedule consultations with potential truck accident attorneys to discuss your case and understand their communication skills and responsiveness.

Consider the fee structure of each truck accident attorney and ensure it aligns with your budget. Finally, trust your instincts and choose a lawyer who makes you feel comfortable and confident in their abilities to represent your interests.

Conclusion

With a good lawyer on your side, any trucking company or driver will be in a far better position after a crash.

You must use an experienced semi-truck accident lawyer to get a fair settlement and compensation after a truck crash. As trucking crashes can have such a major impact on any truck driver’s health and business, ensuring you get this right is essential.

This is why having the right semi-truck accident attorney available is one of the most valuable things you need to prepare if any commercial truck accidents take place.

If you’re looking to finance a semi-truck, make sure to swing by Mission Financial Services for competitive pricing and top-tier advice.

Everything To Know About Used Semi Trucks For Sale By Owner

Buying a semi-truck can be a complicated process – especially if you buy semi-trucks directly from the owner.

You need to make sure that the truck is suitable for your needs, in good condition, and that the price is right. You also need to ensure all documentation and legalities are sorted before proceeding with the purchase.

To help you buy a semi-truck for sale by owner, this guide outlines all the steps and considerations you need to make.

Used Semi Trucks For Sale By Owner: The Guide

Research and Budgeting

Before you start searching for used semi trucks for sale, determine your budget and the type of truck you need. This should depend on the type of semi-truck business you run, the type of cargo you plan to haul, and the length of the routes you plan to run.

If you plan to do long routes, then look for semi-trucks that have all the required features for sleeping, eating, and driving. If you plan to haul goods over short distances, then you may need a more simple truck.

Of course, you’ll need to consider factors like the truck’s age, mileage, make, model, and any specific features you require. All of this should be planned. Otherwise, you will face a wide selection of trucks that don’t fit your requirements.

When researching for semi-trucks for sale by owner, be sure to also consider the insurance costs and add this to your budget. Planning this will help you establish a clear budget. Now, you can start saving for a down payment on this – usually around 10%.

Finding Trucks for Sale

Now that you know what you want, you can start to search for semi-trucks for sale by owner.

There are many different places that truckers can look when buying used vehicles. Look for used semi trucks being sold by owners through various channels, such as online classified ads, trucking forums, social media groups, and local newspapers. Websites like Craigslist, Truck Paper, and Commercial Truck Trader are also great resources.

Finding the right truck should be relatively straightforward if you have put enough planning in because you can simply look for a vehicle that matches your specific requirements and price within your location.

Ideally, you’ll look for manufacturers and models that you are familiar with.

Once you have found a few suitable semi-trucks, get in touch with the owner and arrange to check the truck out.

Request a Vehicle History Report

Once you’ve found a truck and seller that looks good, you need to make sure that the vehicle is trustworthy.

Always request a vehicle history report for any truck you’re interested in. This report will provide vital information about the truck’s accident history, title status, and odometer readings. Services like Carfax or AutoCheck can help you obtain these reports.

It’s also important to ask the owner for maintenance records and service history. Regular maintenance is crucial for the longevity of a truck, and well-documented records indicate a well-cared-for vehicle.

When you search for semi-trucks for sale by owner, there’s a lot more risk involved compared to purchasing from a reputable company. As this is such an expensive investment, you need to make sure that you carefully research any vehicle you find before you buy it.

Inspect and Test Drive the Truck

Arrange to inspect the truck in person before making any commitments.

Look for signs of wear, rust, mechanical issues, and damage. Check the engine, transmission, brakes, tires, fuel filters, and other critical components. This could help you pick up on potentially expensive issues – like bad shocks.

If you’re not knowledgeable about trucks, consider hiring a professional mechanic to inspect them. This could end up saving you a lot of money and headaches.

Take the truck for a test drive. Evaluate how it handles, accelerates, and brakes. Pay attention to any strange noises or vibrations during the drive. Pay attention to how clean the truck is too, as this could be a signal for how well-cared for the truck is. Make sure you have a complete understanding of the model before you choose to buy it.

Consider all the Ownership Costs

As mentioned earlier, your budget must include all the costs of owning a truck. These extend beyond the truck itself and include things like cargo handling equipment, insurance, and semi-truck parking costs.

Consider the overall cost of ownership, including insurance, fuel, maintenance, and potential repair expenses. Factor these costs into your budgeting and decision-making process.

Prepare for the Purchase

When you find the right truck, you’ll need to get all the documents ready and prepare for purchase.

Ensure that the truck’s title is clear and that there are no outstanding legal issues with the vehicle. Verify that the necessary paperwork is for a smooth ownership transfer.

Always have a written purchase agreement that outlines the terms of the sale, including the agreed-upon price, conditions, and any warranties or guarantees.

Secure Funding

Finally, you’ll need to secure a loan for buying a semi-truck. Mission Financial makes this process easy, as any truckers can find semi-truck funding that matches their needs – even with a bad credit score.

Get in touch with us to get a quote and see how easy it is to find funding for a used semi-truck.

Insurance, Registration, and Licensing

Once you own the truck, complete the registration and licensing process in your state or country as required. You’ll also need to make sure your truck is properly insured from day one.

Once this has been done, the semi-truck is ready for you to drive away.

Conclusion

Buying used semi-trucks is a great way to save money. When you follow the right process and properly research and inspect the vehicle, finding the perfect truck is easier than you think.

Be sure to follow the steps outlined above, and take your time looking for a used semi-truck. With a careful buying process in place, you should be able to find a truck that matches all of your requirements. Reach out to Mission Financial Services if you have any questions!

What Commercial Vehicle Insurance Cost Should You Expect? (+ FAQs)

If you’re looking to know all you can about commercial vehicle insurance cost, read on.

If your company owns and uses vehicles for business operations, you most likely need commercial auto insurance coverage. It’s legally required in most states.

On average, commercial vehicle insurance costs around $147 per month for each vehicle. You could pay more or less, depending on your type of vehicle, and coverage limits, among other factors.

Learn more about commercial vehicle insurance and its costs below. We’ll also share practical tips to help you save money when getting insurance coverage for your company vehicles.

What Is Commercial Vehicle Insurance

Commercial car insurance is a form of auto insurance designed for vehicles conducting business operations. You and your insurer get into an agreement outlining how the insurance company will compensate you for any financial losses related to an accident.

It’s different from personal auto insurance, although both offer personal injury protection. Personal car insurance policy only covers claims related to non-business use. You can’t rely on this type of insurance coverage if you or your employee needs to pay for any damages after causing an accident.

Without commercial insurance, your business will have to cater for any legal and medical expenses out-of-pocket, which can be expensive.

How Much Does Commercial Auto Insurance Cost

The cost of commercial auto insurance ranges from $50 to $200 per month, per vehicle, averaging out at about $147, as noted earlier. That’s around $600 to $2400 annually for a standard car used for commercial purposes. Other types of commercial vehicles will require you to pay more.

Here’s what you should expect to pay annually to insure different types of business vehicles:

Box trucks/ Delivery vans: $3,300 to $6,200
Taxis/ Limousines: $4,000 to $10,000
Semi-trucks: $8,000 to $12,000
Commercial bus: $35,000+

Besides the type of business vehicles you own, six other main factors affect how much you’ll pay for commercial car insurance.

Factors Affecting The Cost Of Commercial Vehicle Insurance

Insurance providers use different aspects of your business to set commercial auto insurance rates. Some of these include:

Type Of Coverage

The type of commercial auto coverage you choose will affect your commercial vehicle insurance cost. By law, the basic coverage required in most states is auto liability.

Auto liability is the lowest-cost property damage and bodily injury liability insurance coverage. It helps pay for physical damages to another party’s vehicles or property and their medical expenses when your company vehicle causes an auto accident.

In addition to auto liability, you may purchase any of the following commercial auto insurance covers. Each additional coverage increases your commercial auto insurance costs by a different amount, which varies from one insurance provider to another.

Collision coverage: Pays for damages to your vehicle after an accident, whether you were at fault or not.
Comprehensive coverage: Protects your company vehicles against theft and other non-collision damages, like fire, vandalism, and certain weather events.
Uninsured motorist coverage: Covers vehicle damage and medical costs for victims of an accident caused by someone uninsured.
Hired and Non-owned liability coverage: Pays for property damage if you use your vehicle or rented car for business purposes.
Rental reimbursement: This covers the cost of renting a vehicle for a specific period, outlined in your commercial policy
GAP protection: This covers you if you lose your vehicle before you finish paying it off. You’ll get the difference between your vehicle’s actual cash value and your loan’s unpaid net balance. To learn more about this and other additional coverage options, check out Mission Financial Services’s add-on coverage offers.

Extent Of Coverage

Commercial auto insurance costs for small business owners with several commercial vehicles and drivers are higher than those with one business vehicle and one driver. The more vehicles or drivers you need to insure, the higher the costs will be.

Coverage Limits

When you purchase coverage, you must determine your coverage limits. Most states have a minimum amount of liability coverage you have to meet. In Illinois, for example, commercial auto insurance policy minimums include:

$25,000 bodily injury liability per person
$50,000 in bodily injury compensation per accident, and
$20,000 property damage liability

Often, state minimums are not always enough to cover insurance claims fully. You’ll almost always have to get higher coverage limits for better protection. Higher limits require higher insurance premiums.

Also, these varying state minimums mean that your location affects your commercial car insurance cost.

Deductibles

Most commercial vehicle insurance policies have deductibles – an amount you must pay out-of-pocket for any claim you face. This affects your commercial auto insurance cost. Higher deductibles reduce your insurance rates, while lower ones increase them.

Type of Business

Your primary business activities and the industry you operate in also affect your commercial auto insurance costs. You’ll pay more to insure vehicles constantly on the road and those operating in industries considered high-risk for accidents. The type of cargo you haul and the distance or miles you cover also contribute to your cost of commercial auto insurance.

For instance, commercial car insurance costs for trucks transporting hazardous materials are higher than for pick-up trucks used for delivery services occasionally.

You’ll also pay more if your company drivers make interstate trips or travel long distances.

Employee Driving Records

When calculating commercial car insurance policy rates, auto insurance companies review your employees’ driving records. Your commercial auto insurance cost might be higher if you have a history of speeding tickets, accidents, or other traffic violations.

In contrast, if all your drivers have a clean driving record, you’ll enjoy lower commercial auto policy rates.

How To Save Money When Getting Commercial Insurance

Choose high deductibles. As mentioned earlier, higher deductibles lower your commercial auto policy rates. You’ll save money on cheaper monthly premiums.
Vet your drivers and maintain a good driving record. Vetting your drivers ensures they have clean driving records, so you get cheaper commercial vehicle insurance rates. To keep these rates low, motivate your drivers to continue driving safely by offering incentives, including bonuses.
Install driving GPS trackers. You will likely qualify for huge discounts if you install trackers and observe other safety measures, like parking in a secure location. In addition to protection against theft, GPS tracking helps you monitor your drivers while on the road. Insurance providers interpret this as a safe driving practice and will offer lower rates.
Check your company vehicle safety features. As a standard practice, commercial vehicle insurance companies base their rates on the safety features of your company vehicle. These features include automatic brakes, airbags, and rearview cameras. The safer your car is, the lower your commercial car insurance costs and the more you’ll save.
Bundle your vehicles as a fleet. If your business owns several vehicles, bundle them as a fleet. Some insurance providers offer discounts for fleets.
Pay your premium upfront. Most commercial auto insurance companies offer discounts when you pay your annual dues in a lump sum.

Conclusion

Commercial car insurance is a must-have if you use your vehicles for work. It’s a safety net for your business, preventing you from spending thousands of dollars in settlement and other costs in case of an accident.

To get the best commercial auto insurance, evaluate your business needs first. You want to get the best auto insurance coverage without buying more than your business requires.

Once you understand your business needs, compare multiple commercial auto insurance quotes. Read the fine print of each quote to understand what’s covered, how much it costs, and whether it aligns with what you’re looking for.

Check out our blog to learn everything you need about commercial insurance for small businesses.