Trucking insurance for an owner operator with their own authority generally runs anywhere from $8,000 to $14,000. But on the surface, that number means nothing.

Because you might end up paying a whole lot more later.

You should understand how to properly compare the price of insurance. Insurers may throw out a quote that sounds great, and far cheaper than competitors.

But you should keep the old saying in mind: if something sounds too good to be true, it probably is.

With insurance, some money saved upfront can easily turn into a lot more money spent later on. It’s important to consider your total potential costs when deciding which policy really gives you the best value for your money.

For example, be sure to understand what the deductibles will be on your policy. The deductible is what you will have to pay after a loss before your insurance kicks in to pick up the rest. So, if you have a $1,000 deductible and suffer a $5,000 loss, you will pay the first $1,000 and the insurance company pays the remaining $4,000.

Company A may have separate $1,000 deductibles each for the tractor, trailer, and cargo, meaning that if you are involved in an accident, you might be shelling out $3,000 before your insurance policy kicks in.

Company B may have a $1,000 deductible total, meaning that, for the same accident, coverage will kick in for the tractor, trailer, and cargo after you pay $1,000 toward the loss.

• Even if Company A’s policy is $500 cheaper than Company B’s, it’s easy to see how Company B offers you better value.