How much is a $1 million liability policy?

A commercial truck insurance policy with $1 million liability typically costs $10,000 to $16,000 per year for Ontario owner-operators. Final rates depend heavily on your CVOR record, years of commercial driving experience, and whether you operate locally or long-haul.

Liability Limits and Cost Factors

• Industry Standards: While $1 million is the legal minimum, most freight brokers and shippers mandate $2 million liability coverage to secure load contracts.
• Cost of Upgrading: Increasing your coverage from $1 million to $2 million typically raises annual premiums by only $800 to $1,200, offering significantly better protection.
• US Operations: If you haul goods across the border, federal regulations often require higher limits, pushing total policy costs to $18,000+ annually.

Review your freight contracts before purchasing a policy, as saving money on a $1 million limit may disqualify you from high-paying loads that require $2 million coverage.