Owner Operator Truck Insurance. For Less
"“I needed to call in a claim, thanks to their policies I was able to get my entire truck paid in full. My old company would of given me only half the amount needed."
Carl S | Baltimore, MD
Keep Your trucking business Safe with the Best Owner Operator Truck Insurance
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.
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Keep Your Truck Safe with the Best Coverage
Irrespective of the trucking vehicles you possess, the federal regulations have made it mandatory for an independent operator to purchase liability insurance with
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 affect your trucking insurance policy cost this includes:
- The number of trucks you need to
- 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 owner operator’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
Owner Operators with Authority – It’s no secret. owner operator 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.
MOTOR TRUCK CARGO
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Motor Truck Cargo Insurance. For Less.
"They’re always going above and beyond."
Jeff| Baltimore, MD
We Make Motor Truck Cargo Insurance EasierCargo insurance will provide coverage for your cargo against all external damages caused naturally or by accident. Your trucking business will benefit greatly by purchasing cargo insurance so that you can make up for losses that may have occurred to your goods. It will protect against damage to different types of goods such as merchandise, property, wares and so on.
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What You Need to Know about Motor Truck Cargo I
nsurance for New Authorities
Motor truck cargo insurance provides coverage in case of physical loss or theft, destruction of goods and physical damage to goods.
Situations in which you will need cargo insurance include:
- Water leaks in the trailer that can damage goods
- Breakdown of the refrigeration unit that will lead to spoilage
- Damage to the cargo while loading and unloading
- Coverage for a temporary truck if your own truck goes out of commission
- Debris removal coverage in the case that your cargo has strewn all over the highway, especially with substances like paints, foods or hazardous material
What to Ask about Cargo Insurance
While applying for motor truck cargo insurance, ask yourself the following questions to make sure you have all your grounds covered.
- What Goods Are Covered Under My Cargo Insurance?
Don’t assume that all types of goods may be covered under your insurance policy. Some policies don’t cover prime lucrative items such as jewelry, liquor
- Am I under Covering or over Covering My Goods?
Sometimes it is possible that you overpay for insurance that you may not even need. On the other hand, you may not have coverages that you hadn’t anticipated before. For instance, if your truck breaks down then will your insurance cover for a temporary truck that will complete the shipment?
- In the Case of a Claim, How Fast Are the Services?
In the unfortunate circumstance that your goods are damaged, lost or stolen and you make a claim, is your insurance company efficient with its services so you don’t have to wait too long to recover?
- Will Your Insurance Broker Assure Coverage for a New Load?
Suppose you get a rare but profitable shipment of goods that aren’t normally covered in your insurance policy, will your agent or company be able to get insurance for the new goods without much hassle?
A specific part of motor truck cargo insurance that deals with perishable items and that may not necessarily be covered in your general insurance policy is refrigerated freight insurance or reefer breakdown coverage.
Reefer Breakdown Coverage and All You Need to Know about It
By now you must have realized that if your trucking business deals with refrigerated items like meat, foods, ice creams and some medicines you won’t find insurance easily. A liability known as reefer breakdown coverage offers protection from goods which become spoiled, lost or unusable. This type of insurance is also more expensive than others because of the high cost of maintenance — it requires a semi truck and trailer with a reefer.
However, if you do have shipments with one or more of these products that require refrigeration, then buying reefer breakdown coverage can prove to be very useful. In the case of a reefer breakdown, your expenses will be reimbursed by this coverage. Sometimes, it may not even be necessary that the reefer breaks down; a lot of companies may give a shipment of goods that
Reefer Breakdown Coverage Costs
Unfortunately, the price of reefer breakdown insurance is generally high and has risen even higher over the years because of the FDA’s Food Safety Modernization Act which requires food to be of good quality. Nevertheless, shipments involving the transport of fruits, vegetables, meats, ice cream/chocolates
Do note that even under reefer breakdown coverage some items like tobacco, pharmaceuticals and some meats may not be covered. Be sure to ask your insurance agent for the specific items which are covered and which are not.
How to Reduce Rates on Cargo Insurance
Rates on motor truck cargo insurance policy can vary according to the type of items you are hauling. Typically, regular cargo insurance costs can vary but will offer limits between $10,000-$100,000 depending on the type of cargo being hauled.
Clearly, if you are hauling foods or refrigerated items the cost will be much higher. If you are hauling hazardous items such as chemicals or fertilizers, you will need hazmat insurance which can cost up to $12,000 a year. Similarly, if you are transporting livestock from one place to another, a special coverage known as livestock cargo insurance will cost you between $6,000-$12,000. Although these coverages cost more, their average coverage limits are also very high.
East Insurance Group is the perfect solution to all your insurance requirements. We have a broad range of insurance policies to cover various aspects of your business that you would be looking to insure. Call us today for a free quote!
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Our expert insurance agents are ready to help you save on your Motor Truck Cargo Insurance