Truck Insurance

October 13th, 2007 by Shenron

Just like most states require every car that drives on the road to have car insurance, truck insurance is also legally mandated. Truck insurance usually comes in two main types- one for owner operators and one for truck fleets.

Owner Operator Insurance

Owner operator insurance is for specific individuals that own and operate their own tractor and trailer. Owner operator insurance usually covers a specific towing vehicle with or without a trailer. Since most towing vehicles can carry many types of trailers, the insurance covers a set type of trailer such as a semi trailer.

Truck Fleet Insurance

This type of insurance is for commercial businesses that own more than one towing vehicle. Fleet insurance usually covers from two trucks to thousands of trucks depending on the company and their trailers.

Types of Coverage

There are a few types of coverage including primary liability coverage, physical damage coverage, uninsured motorist (UM) coverage, personal injury protection (PIP) and cargo coverage. In most cases, you will require all types of coverage; however most insurance companies package these types of coverage under one convenient group- sometimes called umbrella coverage. Other types of coverage which in most cases are optional include occupational health and accident insurance, general liability and garage liability.

Laws Vary by Locality

If you are an owner operator or would like to buy fleet coverage for your trucking business, each locality usually has specific requirements for truck insurance. However, keep in mind that practically all localities require some form of insurance to safely and legally operate your vehicle on the road. For instance, the USDOT (US Department of Transportation) requires every truck to be covered by liability insurance and most states also require physical damage coverage, UM, PIP and cargo insurance.

Cost of Trucking Insurance

Truck insurance varies by a number of factors, but for most owner operators expect yearly insurance premiums to cost from $2,500 to $10,000. Some of the factors involved in the price of your yearly premium are your driving record, type of truck, type of loads, your age, etc

Get a Free Estimate

It should be noted that most insurance companies that offer truck insurance will be happy to quote you a free estimate.

This means that you should shop around for truck insurance that fits your business best at a price that you can afford.