You’re probably here because you want to know more about how to make more money in the trucking industry. You may have heard that truck drivers make a national average pay of $40,000 to $70,000 per year. While this might be true in some cases, the reality is that there’s not an easy answer for how much you can make as a truck driver.
The truth is that truck driver salaries depend on many factors, including demand for truck drivers, your experience level, and the type of trucking job you have. In this post, we’ll cover some of the things that affect truck driver salaries and give you the inside scoop on what will impact your pay as a professional truck driver.
By understanding these, you’ll be able to maximize your take-home pay and achieve your financial goals as CDL drivers!
What’s Included in Truck Driver Pay
Truck driver’s pay is different from other jobs, and as a truck driver, you may find that your pay per week changes for many different reasons. Many truckers are paid cents per mile or CPM. This can be tempting as it gives the appearance of high-paying jobs with good miles. The reality is that CPM is very unreliable as various factors can interfere with your pay.
Factors
Other factors that impact how much drivers earn include the type of cargo they’re hauling, the route they’re driving, and the demands of the job. For example, hauling hazardous materials or driving dangerous routes like ice road trucking, may pay more than hauling general cargo or driving shorter distances.
A hazmat driver earns a hazmat endorsement to be able to haul hazardous loads. This is worthwhile, as the hazmat drivers earn good money for delivering hazardous materials.
Ice road truckers, on the other hand, deal with higher risks on their route, which is why they have a higher income.
To find the highest-paying trucking jobs, it’s important to do your research and compare pay rates and benefits at different companies. Keep in mind that while a higher-paying job may seem appealing at first, other factors such as home time, support from the company, and quality of equipment should also be taken into consideration when deciding on a trucking job.
How much truck drivers make is also dependent on whether they are company drivers or owner-operator truck drivers. We have created these resources to better understand owner-operator jobs and pay.
No matter which company you choose to drive for, you will be required to have a commercial driver’s license and CDL training. This license qualifies you to be an OTR driver.
Base Pay
Base pay is the starting amount of money that you’ll see on your paycheck as a truck driver. There are different types of trucking pay structures, and the base pay you receive can vary depending on the company you work for.
Some companies operate on CPM pay or pay per mile, which means that you’ll be paid based on the miles you drive. While this type of pay structure may seem appealing at first, it’s important to note that it doesn’t always lead to higher earnings.
Miles
The number of miles you drive can vary from week to week, so your payments may fluctuate as a result. In contrast, other companies pay a trucker salary that doesn’t change, regardless of the number of miles you drive. In these cases, your base pay may be a fixed amount that you receive per week or month.
Your trucking company might also make you drive a certain number of miles every week as part of your base pay. For example, you may be required to drive a minimum of 2,000 miles per week to receive your base pay.
This type of pay structure can be good for drivers who want a guaranteed income, but it can also be challenging if you’re unable to reach the required number of miles. This can often be confused for a “true salary”, but it is not as it is still dependent on the miles you run.
Base Pay Negotiation
Pay attention to your base pay, as it is the only money that is constant and that you can rely on. It’s important to negotiate fair base pay with your employer, as it will serve as the foundation for your overall earnings as a truck driver.
To find the best-paying trucking jobs with the best base pay, it’s important to do your research and compare pay rates and benefits at different companies. Small companies and large companies may have different pay structures, so it’s important to consider all of your options when looking for a trucking job.
Bonuses
Bonuses are a common perk in the trucking industry, and many company drivers earn them as incentives. The size of the bonus can vary with smaller bonuses for a new driver or a larger bonus for experienced truck drivers. These can be a great goal to work towards, as they can significantly increase your take-home pay.
Incentives
So, why do trucking companies give bonuses? In many cases, it’s to incentivize drivers and keep them in the trucking business. With the current high demand for truck drivers, many companies are looking for ways to attract and retain talented drivers, and bonuses are one way to do this.
Comparing rates
To find the companies with the most generous bonuses, it’s important to compare pay rates and bonus options at different companies. Most companies have set rates, so job seekers need to find a company that is willing to offer what they need at their experience level.
Be sure to ask about available bonuses when applying for a truck driver position. Remember that the right company for you values your skills and experience as a driver and offers competitive pay and benefits.
Sign-on bonus for Company drivers
Many companies offer a sign-on bonus to new drivers as an incentive to join the company. This bonus is typically paid out in a lump sum, and the amount may vary depending on the company and your experience level.
Safety/ Compliance Bonus
Many companies offer bonuses for safe driving, as it helps reduce the risk of accidents and injuries on the road. This type of bonus may be based on the number of miles you drive without any accidents or violations, or it may be a flat amount paid out periodically. This type of bonus is often called a compliance bonus as well.
Your compliance bonus may be based on your overall compliance record or specific tasks that you complete. Smaller companies may not be able to provide this type of bonus, so it is good to ask when seeking a job. At ShipEX our drivers can earn a safety/compliance bonus every month!
Fuel efficiency Bonus
If you consistently drive in a fuel-efficient manner, you may be eligible for a bonus. This type of bonus may be based on the number of miles you drive per gallon of fuel, or it may be a flat amount paid out based on your fuel efficiency performance.
Monthly mileage bonus
A monthly mileage bonus is often offered as an incentive to go above the mileage quota each month. At ShipEX this performance bonus is offered monthly to all drivers who go above and beyond in this manner. This can be a way to increase what you earn above your base pay.
Benefits
Benefits are an important consideration when it is time to find jobs, as they can greatly impact your overall quality of life as a driver. While benefits aren’t necessarily reflected on your paycheck, they can be a valuable addition to your overall compensation package, as they can save you money on things like healthcare and other expenses.
When deciding on a trucking job, it’s important to review the benefits that your trucking company will offer you. This is important for both you and your family, as the right benefits can help improve your road life and provide financial security.
Solo Drivers vs Team Drivers
Being on the road alone means that you will not have the companionship of a team driver and depending on the company you may not be able to have a pet or passenger. By finding a trucking job with comprehensive benefits, you can ensure that you and your family are taken care of while you’re on the road.
Overall, it’s important to consider the benefits that are offered by a trucking company when deciding on a job, as they can greatly impact your quality of life on the road. As a solo driver, it’s especially important to focus on the quality of your road life.
Here are some common benefits that a trucking company may offer you:
Health Insurance
Health insurance is a crucial benefit for drivers, as it can save you money on medical expenses and help ensure that you have access to quality healthcare. At ShipEX you get the unique benefit of us paying 100% of your monthly premium!
Life Insurance
Life insurance can provide financial security for your family in the event of your death. If you have a family depending on you for income, this may be a wise investment.
Dental Insurance
Dental insurance can help cover the costs of dental care, including check-ups, cleanings, and other treatments. It is very important to maintain your dental care, and this benefit can make that more affordable.
401K
A 401(k) is a retirement savings plan that allows you to save for the future and potentially receive employer contributions. Some trucking companies offer 401(k) plans to their drivers, which can be a valuable benefit for planning for your financial future.
Additional Truck Driver Pay
In addition to base pay and bonuses, other factors can play into your truck driver pay. These factors can include your position, the company you work for, your schedule, and more. Trucking companies may offer additional types of pay that can increase your take-home pay, such as:
Stop Pay
Stop pay is money that you receive for making deliveries or pickups at various locations. This type of pay can be a good way to increase your earnings, as it is based on the number of stops you make.
Detention Pay
Detention pay is money that you receive when you are held up at a loading or unloading location due to circumstances beyond your control. This type of pay can be a good way to compensate you for lost driving time, but it may be limited by federal regulations.
Per Diem Paysurf
Per diem pay is a daily allowance that you receive to cover your expenses while on the road. This type of pay can be a good way to offset the costs of food, lodging, and other expenses while you’re away from home.
Key Takeaway on Truck Driver Salary
Overall, many factors impact truck driver salaries. This can include truck driver demand, bonuses, and additional pay. Negotiation can ensure a fair base pay, and benefits can save you money on other costs, such as insurance.
By considering as these factors, you can find the perfect truck driving job for you!
