We Make Truck Driver Insurance Easier
State and federal filings are required for commercial truckers. Only when you have adequate coverage for your vehicle can you hit the road. The FMCSA specifies the insurance requirements and recommended minimum coverage for commercial trucking.
Cost of Coverage
Several factors come together to determine the cost of a trucker’s insurance coverage. Some coverages are mandatory while you can select the rest from a pile of options depending on your budget, the nature of the goods being hauled, the vehicle, the radius of operation and your driving record. The FMCSA also recommends minimum levels of financial responsibility that you may want to consider as a commercial trucker.
When you are working on a lease, the contract may also require you to have other added protection such as physical damage insurance, trailer interchange insurance and others, which would raise your overall premium cost.
Heavy duty vehicles attract greater coverage costs than smaller commercial trucks. For instance, a huge semi would have a higher premium cost than a small pickup truck carrying similar goods since it can cause greater damage in an accident. Getting a lower coverage may appear more economical, but in the case of an accident lower coverage means you would be spending a much higher amount from your own pocket as compensation and suffer greater financial losses.
Newer vehicles have a higher rating than older used ones. This is because they are more difficult to repair and costlier to replace.
It is also important to specify the states where you operate since mandatory insurance rates vary across the country.
A commercial trucker needs to have a clean driving record. The FMCSA specifies numerous guidelines for enhanced safety on the roads since a heavy vehicle like a truck can cause much more damage to people and property in the event of an accident. History of accidents or any offense or violations influence your commercial truck insurance policy costs. For instance, even a small speeding ticket could raise your minimum coverage requirements by a huge amount.
You can also adjust your coverage costs by opting for specific deductibles. While you select your insurance plan it is also important to consider and select the mode and frequency of payment installments since this could affect your overall amount.
