Truck Driver Insurance Cost and Coverage: Why it’s Important to Get Your Trucker Insured?

Strong Tie Insurance November 22, 2021 Our Blog

Truck drivers cover over 450 billion miles per year. So much time on the road means a higher risk of road accidents and death. Acquiring the correct semi-truck insurance plan is vital to protect truck drivers from insurmountable financial burdens and unpredictable work circumstances.

Learn about the costs, coverages, and importance of truck driver’s insurance by reading the information below.

Average Truck Driver Insurance Cost

As of 2020, the average basic truck driver insurance in the USA costs around $1000 to $2000 in accumulated premiums per year.

Though each truck driver will have different needs, which dictates how much they have to pay in insurance, this cost includes commercial auto insurance which should have primary liability coverage, physical damage, collision coverage, medical fees coverage, and uninsured or underinsured motorists coverage.

Common Truck Driver Insurance Coverages

  • Trucking Liability – A primary liability insurance that pays for injuries to others and damages to property caused by you while on the job. This is a basic requirement for any commercial truck to operate.
  • Non-trucking Liability – A primary liability insurance that pays for injuries to others and damages to property while not on the job. Depending on the state you are in, this coverage may include trips home after a drop-off or leaving a motor carrier. 
  • General Liability – A general liability insurance for trucking businesses. It pays for injuries and property damages that are not directly related to operating a truck.
  • Bobtail Insurance – A coverage for trucks while not being used to deliver or transport freight. For example, you’ve dropped off your delivery, and you encounter an incident on the way back to your motor carrier. That incident will be covered by this type of insurance coverage.
  • Physical Damage Insurance – A coverage that pays for road and non-road accident-related damages to trucks. This includes fires, theft, vandalism, and natural calamities
  • Motor Truck Cargo Insurance – A coverage that pays for losses or damages to the truck’s freight while the truck is in transit, loading, or unloading
  • Uninsured or Underinsured Motorists Coverage – A coverage that pays for your medical fees and damage repairs when the other party involved is unable to shoulder the costs
  • Occupational Accident – A coverage that pays for any medical fees, downtime compensation and benefits, and other expenses related to injuries caused by the job. 
  • Trailer Interchange – A coverage that protects businesses that transport freight in trailers they do not own from potential damages to the trailer. This is applicable for third-party transportation companies that haul trailers for business.

Reasons to Get Your Trucker Insured

When it comes to insuring your truck, the price you pay today saves you bigger bucks and precious time later and helps prevent inconvenience.

Though certainly not cheap, insurance is an investment that keeps businesses running even when unforeseen incidents happen and medical fees and reparation costs pile up.

As a business, you want to always prepare for the worst. Learn more about how insurance does that and more below!

  • You want to operate your trucking business legally

First and foremost, you want your trucker insured because insurance is a legal requirement for you to operate a trucking business.

Whether it’s one truck or a fleet of trucks, as long as you plan to drive it on the roads, you will need insurance. 

  • Commercial trucks have a high risk of accidents and injuries

More than any other vehicle, commercial trucks are more prone to accidents and injuries. Truckers spend so much time on the road, and they drive really massive vehicles, which makes them highly susceptible to road accidents.

Besides contracting injuries from road accidents, commercial truck drivers are also often around large equipment and are exposed to various weather conditions, which can lead to injury or health issues.

With such hazards in place, truckers should prepare by having an insurance policy that will take care of them should these happen.

  • You want to avoid hefty financial fees 

Every business faces certain risks and hazards. As a trucking business, your trucking insurance protects you from having to pay large amounts of money out of pocket.

Damages to property and medical fees for injuries can set a business back a few hundred to thousands of dollars. 

Such financial setbacks can severely impact business operations. For some, it may even cause bankruptcy and ruin a business. Having insurance makes sure you avoid any of these worst-case scenarios.

  • Insurance gives your customers more confidence in your services

When customers hire you, they are taking a risk. By having trucking insurance, you are giving them assurance that the risk they are taking is not as big because you have measures in place to compensate them, should something go wrong.

This added reassurance makes you more reliable as a service provider. Not to mention, the more comprehensive your insurance or the more coverage your insurance policy includes, the more legitimate you make your business out to be.

Both reasons can increase attract more customers and help grow your business.

  • Save yourself time, money, and the hassle when incidents occur

The last thing any business wants is disrupted operations. Accidents do happen, and they will inevitably delay shipment or delivery. But with the appropriate insurance in place, you can easily get back to your day-to-day operations and have your policy cover the fees you need to settle. 

Should this prevent you from working, there is downtime coverage. if you need to get your truck repaired, there’s physical damage coverage. When your driver needs to be admitted to the hospital, there’s medical fees coverage—these are just some examples.

With trucking insurance, you save your truck business a lot of time having to get things back into working order. A lot of money to pay for reparations and the worthless hassle of having to negotiate and make arrangements to settle with other parties involved in your incident.

Get Your Trucker Insurance 

There are many reasons to get your trucker insured. Don’t catch yourself in a bind, and get your truck or semi-truck insurance today!

Have one of our agents advise you on the best insurance policy for your business. With over 20 years of helping truckers drive safely, we are the best choice for making sure you and your business are always well protected.

To get a free quote, contact us at Strong Tie Insurance today!