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If your business owns a fleet of tractor trailers or 18-wheeler trucks, then these large vehicles are essentially the lifeline of your business without which you will not be able to fulfill your contracts, transport goods and earn any income. Tractor trailer insurance is also known as semi-truck insurance or 18-wheeler insurance and is a very important part of the commercial vehicle insurance world.

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What Is Tractor Trailer Insurance?

Irrespective of whether your business’ tractor trailers are used for business purposes of freight delivery across the country, or you make use of them for your in-town deliveries, you require the right tractor trailer insurance that will cover all the risks and liabilities associated with your particular business.

The tractor trailer is itself quite an expensive vehicle and can be quite a drain on your resources if you have to spend for the repair of the vehicle out of your pocket. And, to this, if you add the value of the cargo the tractor trailer is carrying, then an accident can practically ruin your business financially.

Accidents involving a large tractor trailer can be quite destructive and lead to property damage, as well as personal injury suits. So, it becomes absolutely essential for you to choose the right tractor trailer insurance, which can protect you from having to pay for medical and repair bills in case of an accident and you can also protect yourself from uninsured drivers.

What Is Included in the Tractor Trailer Insurance Coverage

Tractor trailer insurance has various forms of coverage and each one of them offers protection to your business and your personal assets from damage and loss.

Physical Damage Coverage
This insurance covers the expenses for vehicle damage that may be caused due to an accident. The coverage not only involves a payout for damages due to collision but also complete coverage due to theft, vandalism and other collision damages.
Liability Insurance for Commercial Tractor Trailer
If the driver who is employed by the business or you are responsible for the accident, then the liability insurance covers all the liability risks. This also covers bodily injury liability i.e. the injured party will receive compensation for injury’s cost, medical expenses and damage to property that may have happened during the accident. The legal expenses are also usually covered if your driver or you are involved in the accident.
Coverage for Drivers Who Are Uninsured or Underinsured
This essentially covers any person involved in the accident that has caused injuries and damage, where the driver of another vehicle has caused the accident. This is applicable if the driver who has caused the accident is uninsured or not adequately insured to compensate you for injuries and property damage.
Coverage for Cargo
This insurance covers any damage or theft to the cargo that the tractor trailer is carrying. This is especially useful if the items being carried are costly to replace.

There are many other forms of tractor trailer insurance coverage and the options of insurance will vary according to the policies which are tailored as per the requirements of your business.

How Much Does Tractor Trailer Insurance Cost?

The cost of insurance for tractor trailers depends on several factors and usually differs from trucker to trucker. The only way you can determine the insurance rate for your tractor trailer is after you discuss the details with your tractor trailer insurance company. Once your insurance agent understands the coverage you require and your driving experience, he can give you a quote.

However, before you actually go out and get an insurance for your tractor trailer, check out the average costs in the industry, which will help you determine if you’re getting a good deal or not. Here are the tractor-trailer insurance average costs:

  • A tractor-trailer leased to carrier by an owner-operator can get a policy between $2500-$5000 (per year)
  • Primary Liability: $4000-$5000
  • General Liability: $200-$600
  • Physical Damage: $2000-$3000
  • Umbrella Policy: $200-$500
  • Uninsured/ Underinsured Driver: $50-$100
  • Bobtail Insurance: $350-$400
  • Cargo Insurance: Variable
  • Others: Variable

The overall cost of your tractor trailer insurance is determined by the supposed risk you pose to the insurance company, which is determined by:

  • Your driving experience and record.
  • Your area and location of operation.
  • Other criteria such as credit rating, age, MVR reports, etc.

Other factors that determine your premium are:

  • Worth of the tractor trailer.
  • Structure of your insurance policy (individual or bundled coverage).
  • Payment plan.

How Can You Save Money On Tractor Trailer Insurance?

You can get a cheap tractor trailer insurance by:

Paying Fewer Installments

If you pay yearly instalments instead of monthly payments, your yearly insurance premium can be reduced by around 30%. So, if you can make a full payment upfront, you should consider it in order to save some money on your premium.

Requesting a Higher Deductible

If you want to lower your premium, you can ask for a higher deductible. However, you should use this as a last resort as a higher deductible will mean a higher payout in the case of an accident and this can end up costing you much more in the long run.

Shopping Around

Shopping around for insurance for tractor trailers can be a great way to lower the premium without actually forfeiting the coverages. To do this, you can ask for the offers of various insurance agents before making your final decision.

Tractor Trailer Insurance Discounts

You can get your insurance company to give you discounts on your tractor trailer insurance. Usually, insurance companies offer discounts for various things such as:

  • Your drivers having a safe and clean driving record.
  • Installing airbags in the vehicles.
  • Installing GPS devices in the vehicles.

To get the right insurance coverage and the best rates for your tractor trailer, you will need the guidance of an expert, so that you can make the right decision which will benefit your business. Call us today for help on your tractor trailer insurance!

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