Commercial Trucking Insurance Average Cost, Coverage and Requirement

Commercial Trucking Insurance: Average Cost, Coverage & Requirement

Strong Tie Insurance March 14, 2019 Commercial Truck Insurance

Commercial haulage is fraught with a myriad of risks. A commercial trucking insurance coverage is vital in case the unexpected happens when you are on the road. We take a look at commercial trucking insurance including the types of coverages available, the average costs you will incur per annum as well as the requirements to qualify for this type of insurance. Let us get started.

What is the Average  Commercial Truck Insurance Cost

The average commercial truck insurance cost varies depending on some factors. The costs vary depending on the State you operate in your driving record and even your previous insurance.

The average truck insurance cost for an owner-operator with their authority generally runs between $8500 to $14000. The insurance rates can go up depending on the driver’s experience. For example, startup companies can get a truck insurance quote beyond $20000  while experienced owner-operators can get an insurance quote as low as $8500 dollars.

Before you settle on particular truck insurance, you should compare quotes and check insurance rates from various companies. This will help you understand the types of coverages they offer.

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What are the Types of Commercial Truck Insurance Coverages Being Offered

Coverage is the most vital thing to consider when looking for insurance for commercial trucks. You may be referred to an insurance company by a broker, but that may not automatically mean that it offers the coverages you want. Here are some of the coverages offered by commercial trucking insurance companies:

Primary Liability Coverage: It covers all the liabilities caused by your truck such as damage to property and accidents on the road. Driving on the road without liability insurance is illegal.

Physical Damage Coverage: It covers all damages to your equipment in the event of a disaster such as an accident, theft or even flooding.

Cargo Coverage: It insures the cargo you are hauling from theft, breakdown, debris removal among other risks.

Bobtail Insurance: Covers your truck when driving on the road without a trailer.

Umbrella Insurance: It covers anything that may be left uninsured by other forms of coverages. For instance, it can clear up the balance left by liability insurance.

What are the Requirements to Qualify for Commercial Trucking Insurance

Just like any insurance, to qualify for truck insurance, you must meet specific standards set out by Insurance Laws of the State where you will be operating. These include:

• Address and Contact Information. You must submit your contacts and address for easy communication with your insurer.

• Type of Cargo You Intend Haul. You are required to disclose the kind of cargo you intend to transport to determine the risks involved and come up with the appropriate insurance cover.

• Hauling Distance. You will have to state the distance you cover while transporting your cargo.

• Claims History.You must submit your claims history for the past three years with your former insurer.

• Other requirements include Credit report and scores as well as criminal history (if the insurer insists).

Free Truck Insurance Quote

Have you  made up your mind to get commercial trucking insurance for your trucks?  Visit Strong Tie Insurance today to get an affordable yet reliable truck insurance quote that will cover all your trucks’ risks!

Steer clear of costly errors with our essential insights. Dive into our blog post to avoid common commercial truck insurance mistakes. Make informed choices and ensure your coverage aligns with the average cost, coverage, and requirements.