Insurance for Owner Operators
Coverage that will keep your trucks safe in any disaster
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Here’s what we do for your owner operator business
Tailored Coverage For Owner Operators
Plans built from the ground up for mobile businesses
Direct access to your agent
Get a plan that grows with your business
Owner Operator Coverage Includes:
As an owner-operator trucker, you have several other coverage options that you can provide to supplement the liability insurance required by law. It’s confusing to figure out what you need, so understanding how much you need to pay and how much you will get back in return will help you choose the right coverage.
Coverage that helps cover additional equipment, such as chains, tarps and any electronic equipment added to your truck
Motor truck cargo
Coverage that gives you additional coverage for any of the cargo in you’re hauling
This coverage protects your commercial tractor when no trailer is in tow including when it’s being driven for personal use
Coverage that provides liability coverage when you are driving your rig for non-commercial reasons.
Coverage For You & Your Truck
Setting up an independent trucking business is an expensive venture. But, when there is a good return on investment, it is worth every penny spent. You can be your own boss and work at your convenience. The trucking business guarantees great earning potential. Besides, you can choose to become an independent carrier or lease your trucks and services further.
Being an Owner Operator has it’s risks
Irrespective of the trucking vehicles you possess, the federal regulations have made it mandatory for an independent operator to purchase liability insurance with the minimum value of $750,000. Accidents involving heavy-duty vehicles such as trailer trucks are usually major ones and expenses can run into a millions of dollars. In fact, financial consultants recommend purchasing liability coverage of at least $5 million.
For trucking companies renting out vehicles to truckers, it is the responsibility of the trucker to arrange for liability insurance coverage. However, the lessee might not have enough coverage in case of excessive liability because of which you will have to bear the costs out of your pocket. Hence, you should also purchase your own coverage independently.
Owner Operator Truck Insurance Cost
There are several factors that effect your trucking insurance policy cost this includes:
- The number of trucks you need to insure
- Your trucks size, age, model and condition
- The experience and driving-record of anyone who will be operating the vehicle
- Your annual coverage and routes you will cover
- The types of loads you will haul
- The types of coverage options you select
- The amount of your deductible
How much does owner operator insurance cost
Leased Owner Operators – Most O/O’s under a lease agreement just need Bobtail, Non Trucking Liability and Physical Damage. The biggest factor in how much your policy will cost here is the value of your truck and trailer. If you drive an older truck the average cost might be $1,500-$2,000 per year for Bobtail, NTL, and PD. A nice new Peterbilt will be more. We’ll bring you 3 brokers that understand owner operators to compete for your business. It’s quick and easy to comparison shop and get the best deal.
Owner Operators with Authority – It’s no secret. Truck insurance is not cheap. The average cost for owner operators’ insurance varies widely. If you have your own authority, a 1 truck owner operator may pay $8,000/year for their insurance, while another pays $12,500/year. It really does pay to shop around and find the insurance company that is most competitive with your type of trucking operation.
What our Clients say
Don’t take our word for it, see what some of our clients have to say
“The team at East Insurance Group saved me well over $5,000 on my premiums, there’s no way I would go back to those 1800 insurance agencies.”Anthony | New Jersey
“I needed to call in a claim, thanks to their policies I was able to get my entire truck paid in full. My old compnay would of given me only half the amount needed.”Carl | Baltimore, MD
Get a Personalized Quote for your trucking business
Our policies meet the strict standards of your vendors.
We also work with you to find all the available discounts that can help to lower your owner operator business’ insurance costs. And when it comes time to file a claim after a loss, we’ll be with you the entire time, so you can recover as quickly as possible.