Trusted Cheap Commercial Truck Insurance Coverage

Indeed, owner-operators do require their own insurance, with the specifics dependent on their authority. For owner-operators on a permanent lease with a motor carrier, the trucking company's auto liability insurance provides protection. This coverage safeguards against third-party property damage and injuries resulting from accidents caused by the motor carrier. In addition, leasing owner-operators can engage with insurance agents for additional coverage to supplement their existing policy. Our agents provide comprehensive information and answer any questions regarding recommended products such as Non-Trucking Liability, Occupational Accident, Physical Damage Insurance, and Trailer Interchange Coverage.

For owner-operators with trucking authority, the requirement is auto liability insurance. The necessary maximum is $750,000, but this can increase to $1 million. These owner-operators should consult with our service agents who can provide vital links to products and offer advice on considering additional insurance such as general liability, property damage, and cargo insurance. Furthermore, our team also offers various tips on insurance management to aid owner-operators in effectively handling their coverage needs.

Heavy automotive and transportation industries are covered by commercial trucking insurance.

A business may require basic and additional trucking insurance coverage depending on the kind and number of trucks, the type of route frequently traveled, and the sort of product transported.

Basic Coverage

General Liability Insurance

Most states mandate this insurance, which is often known as public liability insurance.

It excludes traffic accidents and covers property damage and physical injuries coming from day-to-day operational activities.

Workers’ Compensation Insurance

The states also require worker's compensation. In the event of a work-related injury, it compensates employees' medical expenditures and missed earnings. It can be employed if a worker is hurt or sick while loading freight or if he or she is exposed to a dangerous substance.

Trucking Liability Insurance 

Physical injuries and property damage caused by truck driving or operation are covered by trucking liability insurance. Each state mandates a certain level of coverage for trucking companies, such as

• Those transporting non-hazardous material with a gross weight of 10,000 pounds or more are required by federal law to carry a minimum of $750,000 in truck liability insurance coverage.
• A commercial truck transporting hazardous material, excluding explosives, with a gross weight of 10,000 pounds or over is obliged to carry $1,000,000.00 in liability insurance.
• Trucking liability coverage of $5,000,000 is required for those transporting explosives with a gross weight of 10,000 pounds or more.
• Trucks carrying non-hazardous cargo with a gross weight of less than 10,000 pounds should be insured for $300,000.
• A truck transporting hazardous material with a gross weight of less than 10,000 pounds must be insured for $5,000,000.

Motor Truck Cargo Insurance

This kind of trucking insurance protects the contents of a truck in the event that they are damaged, lost, or delivered incorrectly.

Physical Damage Insurance

Accidents, natural disasters, theft, and vandalism are all covered, as are damages and repairs to the truck. There are two types of it:

• Comprehensive coverage - this insures damages caused by theft and fire.
• Collision coverage - this insures damages from accidents.

Added Coverage

Non-Trucking Liability Insurance

Trucking liability insurance is complemented by non-trucking liability insurance. It covers bodily injuries and damages to others, such as medical expenses, replacements, and repairs, that occur when a truck is being used for non-business purposes.

Drivers who lease trucks from a motor carrier are covered by this sort of trucking insurance.

Bobtail Insurance

This is a sort of liability insurance that protects the driver and the vehicle when they are on the job but not moving freight, such as when they are out of the fetching and delivering shipment window. This sort of insurance is required by several motor carriers for leased drivers.

The cost of trucking insurance is usually quite high. The following are the most common factors that influence their rates:

Trucks Are Expensive

When a truck is involved in an accident and needs to be replaced, insurance companies are frequently required to pay more than they would if the vehicle was a car. Accidents are just one of the numerous reasons why insurance is more expensive.

They Are Accident Prone

Trucks can be damaged when driving in low-clearance regions, and because they are more difficult to maneuver, they are more likely to collide with something than a regular passenger car.

Truck Accidents May Lead to Severe Injuries

Trucks can be damaged when driving in low-clearance regions, and because they are more difficult to maneuver, they are more likely to collide with something than a regular passenger car.

Trucks May Cause Serious Property Damage

Due to its massive size and weight, a normal pickup truck can do a lot of damage in an accident.

In the event of an unfortunate incident, the damage could result in significant property damage claims.

Trucks May Get Damaged While Driving on a Rough Terrain

Trucks frequently travel off-road. This may result in damage to them, which your commercial insurance company will have to compensate at some point.

Experienced owner-operators are usually offered reduced truck insurance policy pricing due to perceived lower risk. Similarly, knowledge of your trucking routes can offer more security and influence policy cost.

Your truck's data, including price, condition, and age, impacts insurance costs. Using newer models often leads to savings. Adjusting your policy terms, like opting for a higher deductible, can also influence premiums. However, it's crucial to review your auto coverage carefully, as changes can potentially increase long-term costs.

Our team of experts and wealth of articles are available to support members in understanding these complexities. Remember, insurance requirements can vary by country, reinforcing the importance of a trusted insurance agent in guiding your decisions.