Semi truck insurance, also known as owner-operator insurance is a liability cover for injuries or damages caused to other parties when the driver is at fault. Different types of coverages may be added depending on several factors that are special to the truck driver.
On average, truck insurance costs for leased owner-operators can range from $1,500-$2,000 per year. If you are an owner-operator with your own authority, the prices range from $9,000-$12,000 for each truck you own. For new authorities, the new pricing is a bit higher in recent years and ranges from $12,000-$16,000.
To use the public roads in California, the state requires that you should adequately insure your vehicle. The main reason is to have an orderly system of compensation should an accident occur.
Additionally, as a business owner, you need to keep the trucks on the road and avoid any downtime that may be caused by accidents.
Any slight delay in your business activities can cause losses that should be avoided at all costs. The best way of doing that is by having a reasonable insurance quote. Otherwise, you’ll be open to a series of lawsuits as a result of accidents caused by an uninsured vehicle.
Besides, there are so many business advantages that come with commercial semi trucking insurance. You can get compensated should one of your trucks get involved in an accident. The compensation may include covering the medical costs of the driver and any damage to the third-party. It saves you the stress of having to handle unexpected financial surges.
Generally, the type of policy that you need and the type of truck that you drive will determine the cost you will pay.
Motor carriers bear the responsibility of providing for primary liability. If you are a trucker with your own authority, then you will cater for primary liability plus, bobtail, NTL, and any extra costs that may arise.
When shopping for the best semi trucking insurance quote, it is best to compare offers from several companies in the market.
It is always a bit hard to find one-size-fits-all insurance policies for your semi trucks since most commercial insurance companies do not explicitly write all the trucking risks. However, if you dig a little deeper, you might just find the right company to fulfill all your needs.
Primary liability ($5,000-$7,000)
This pays for the damage that happens to others as a result of your driving, such as property damages and other types of incidents. It does not necessarily cover your own semi truck.
Physical damage ($1,000-$3,000)
It offers coverage for damages caused by a natural disaster, collision, vandalism, and theft that results in actual physical damage to the truck.
General liability ($500-$600)
General liability insurance has a much broader application and pays for a majority of what is not covered by primary liability. This type of insurance coverage applies to the business itself and not the trucks.
Bobtail insurance ($350-$400)
Bobtail insurance helps pay for the driver and the truck when they are not hauling any load, especially when traveling between jobs. It applies to a semi-truck with no trailer attached.
Umbrella policy ($500-$700)
This provides protection above and beyond general liability, auto liability, and worker compensation.
Occupational accident ($1,600-$2,200)
Compensates for work-related injuries as well as provide income benefits and medical payment.
Cargo coverage
Cargo coverage varies according to the weight limits required for each type of cargo. Companies can request for additional coverage to protect their motor truck cargo.
Non-trucking
Non-trucking liability pays for the damages and injuries to third parties that are caused by a lease driver while for non-business purposes.
Underinsured Motorist coverage
In instances where your automobile experiences any hazards, perils, or unfortunate situations on the road at the hands of someone else’s driving, this motorists insurance will take care of any replacement and cover the cost of physical damage coverages. It also includes property damage expenses which the at-fault driver may not be able to pay out.
Trailer Interchange insurance
This type of insurance is necessary when you are transporting a trailer you don’t own with shipment and the company is not insured by any truck insurance company.
By doing this, the trucker doesn’t have to pull a big amount out of his pocket for repairs and damages as it would be covered by the insurance company. If your business deals in carrying freight in non-owned trucks then this insurance policy is the right choice for you.
Vehicle owners face multiple risks daily, and staying ahead of the competition means leaving nothing to chance. At Strong Tie Insurance, we know the hustle that you have to go through to keep your vehicle running throughout the year. That is why flexible semi truck insurance quotes are crucial to meeting the needs of most vehicle operators.
We offer a wide range of vehicle insurance policies that cover trucks of all types and sizes. Over the years of our operation, we’ve been able to deal with different clients who have different trucks yet want the same goal; to be insured against any damages or injuries that may result from semi-truck accidents.
Our policies were designed to meet the needs of independent owner-operators and trucking fleets so they can tackle the expenses of repair, hazardous road conditions, and the like. Ultimately, the biggest factors that establish the cost of your semi motor truck insurance, are which additional coverage options you decide to include with your insurer for more flexible coverage requirements. We also have truck-specific coverages that can better fit your company’s needs.
If you have any questions or queries regarding our coverages, feel free to get in touch with our customer service to connect you with an expert to discuss a suitable truck insurance policy. We’ll answer all your queries regarding commercial truck insurance and what coverages each policy provides for small-business truckers.
Get flexible coverage for your heavier vehicles such as motor carrier or motor truck cargo and customize your package by extending coverage limits to protect the different types of cargo your trucking business carries. Give us a phone call during our business hours or visit our office location anytime and one of our representatives will help you out.
Commercial insurance, also known as business insurance, refers to a broad type of coverage designed for a company and its employees. It helps protect an organization from claims for property damage, bodily injury, cyberattack, and data breaches.
The most common examples of commercial insurance are:
You can customize each policy by adding coverage if your business needs more protection. For instance, not all vehicle insurance policies are created the same. If you own a fleet of semi-trucks, you may need to secure an umbrella policy to cover fire damage or when you use your vehicle for non-trucking purposes.
Different types of commercial semi-truck insurance protect automotive and transport businesses. Here are the standard ones:
Also called public liability insurance, it covers property damage and injuries resulting from regular operational activities. It does not cover road incidents. This type of semi-truck insurance is usually required by law.
This type of commercial insurance is state-mandated. It covers employees’ medical bills and lost wages in case of a work-related injury. It covers accidents from loading hauls or after a truck collision and illnesses from hazardous chemical exposure.
Motor truck cargo insurance covers the cargo loaded on a truck if they get lost or damaged. A suitable application is a wrongly delivered item.
This type covers physical injuries and property damage resulting from truck driving or operation. Each state has a mandated minimum amount of coverage for trucking businesses. Federal law requires those who haul non-hazardous cargo to employ a minimum of $750,000 of truck liability insurance coverage.
It covers injuries and damages like medical bills and repairs, to other people that occur when the semi-trucks are out for non-business-related purposes. This type of commercial insurance applies to truck drivers leasing from a motor carrier.
Bobtail insurance is a type of liability insurance that covers the driver and the truck when it is out for business but not hauling cargo. Some motor carriers require leased drivers to carry this type of cover.
This covers damages and repairs to the truck caused by accidents, natural disasters, theft, and vandalism. Physical Damage Insurance has two types:
Commercial insurance protects businesses and their assets from liability and the risks of accidents, injuries, lawsuits, theft, property damage, and natural disasters.