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What Is Truck Insurance?

Many people who have a business, and use a commercial truck for it on a regular basis, often don’t know how they should insure that truck. Even if the truck is a passenger truck, the business owner should look to a truck insurance policy rather than a personal auto insurance policy. The most important reason is for the limit of liability coverage available with heavy truck insurance versus personal auto insurance.

Most personal auto insurance policies will offer a maximum limit of $300,000 to $500,000 which falls short of offering you the best protection. A Heavy Goods Vehicle (HGV) insurance policy will normally offer limits of $1 million to $2 million dollars which is what you will need if you are in an at-fault accident.

Types of Truck Insurance Coverage

Knowing what commercial trucking insurance coverages you absolutely require and what you can do away with or what would only be an added bonus in special circumstances can save you from spending excessively on your truck insurance. Ask for your policy to be customized for your needs particularly and try to get maximum benefits for your business.

The following liabilities are necessary for most trucking companies:

  • Liability Insurance: All owner operators with authority are required to have coverage for property damage as well as for bodily harm up to a minimum of $750,000.
  • Cargo InsuranceAll shippers require their drivers and owners to insure the fleet of vehicles used for shipments. It means that without this coverage you will not be able to find work.
  • Physical Damage Insurance: Costing about 2%-3% of your vehicle’s value, this coverage pays for damage to your trailer/rig.

Although it can be a tedious task to go over your insurance policy multiple times, reading the fine print and negotiating the best prices for the coverages you need, it will ensure that your business runs smoothly in the long run.

How Much Does Truck Insurance Cost?

When looking for the best ways to insure your 18 wheeler, one of the most important parts of your research is the cost. While different trucking insurance companies offer different quotes, the average monthly cost for commercial for-hire truck insurance ranged from $640 for specialty truckers to $982 for other transportation truckers.

However, truck insurance quotes will depend on various factors, such as:

  • Driving history
  • Operating radius
  • Vehicle type
  • Cargo
  • Coverage requirements
  • USDOT authority

Use our commercial truck financing calculator to calculate your monthly payments for your truck insurance.

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