We Make Truck Driver Insurance Easier

As a commercial trucker there are different kinds of coverages that you require. Whether you are an owner-operator with own authority or a private carrier, it is crucial for you to be covered on the road. You could have a tractor, pickup truck, trailer, flatbed, tow truck or dump truck, insurance is the most important cost that you would probably incur to keep yourself and your business protected.

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.

Operating under own authority is often a massive expenditure and many truckers prefer leasing to a company. This usually covers the primary liability while the drivers are taking a shipment. As a driver, you would need to procure non-truck or bobtail insurance to be completely covered. Your USDOT history would also be an important factor while you are operating under own authority. You could be at high risk and attract penalties in case of any violation.
 
The federal regulations make it compulsory that as a commercial trucker, the minimum coverage should be $750,000 or $1,000,000 for truckers who require federal filing. This is the cost of your CSL or combined single limit which is the maximum coverage offered by your insurance company for bodily injury and property damage for one accident. It refers to liability insurance which primarily provides coverage to the public when you are at fault in an accident.

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.

The nature of goods you are hauling in your truck is another major determinant of commercial truck insurance costs. Cargo that is hazardous and can cause greater damage to people, property and environment requires greater coverage. It is critical to completely disclose the types of cargo being hauled to get an accurate assessment of your coverage requirements.
 
As a trucker, your coverage depends on the areas where you run your commercial trucking business. A large operating radius implies a longer distance and greater drive time which exposes you to greater risks and threats. This would require a higher coverage limit than a smaller operating radius. Depending on whether you transport goods locally or regionally, the premium amount would vary.

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.

Your commercial trucking business needs to be covered well to keep you safe from financial liabilities, to ensure a robust income and to provide you with peace of mind. East Insurance Group assists you with getting the right balance of affordable costs and maximum coverage by customizing your insurance plan. Our insurance agents are experienced professionals from the industry who would guide you at every step to ensure you get the best insurance deals.