1. Light Commercial Vehicles (LCVs): For light commercial vehicles such as vans, pickups, and small trucks, the average annual premium can range from $1000 to $2500.
2. Medium-Duty Trucks: Medium-duty trucks used for hauling or construction purposes can cost between $2500 and $5000 per year to insure.
3. Heavy-Duty Trucks: Heavy-duty trucks, including tractor-trailers and semi-trucks, can have annual insurance premiums ranging from $5000 to $15000 or more.
4. Specialized Vehicles: Specialized vehicles such as tow trucks, dump trucks, and cement mixers may have higher insurance costs due to their unique risks.
5. Public Transportation: Buses and other public transportation vehicles can have annual insurance premiums exceeding $10000, depending on the seating capacity and route coverage.
It's important to compare quotes from multiple insurance companies and consider additional factors that can affect the cost, such as deductibles, coverage limits, and the claims history of the business. Additionally, some states have mandatory minimum levels of commercial vehicle insurance, so it's crucial to check the local regulations to ensure adequate coverage.
