Your Ultimate Guide to Semi Truck Insurance for Operators

Strong Tie Insurance March 8, 2021 Our Blog

Part of getting started as a truck driver is finding the right insurance policy for your needs. It’s one of the things every new driver has to learn about. There are as many types of insurance policies as there are types of drivers, so with a little research, you’re sure to find what you need and a reasonable affordable commercial trucking insurance policy can be gotten with just a bit more research.

Here’s a guide to the most important things you need to know about semi truck insurance as a driver.

Why Do You Need Truck Insurance?

Truck insurance is a necessary part of driving a truck. In most cases, you’ll need to get insured before you can formally get your license. Every person who transports property for money needs to meet a minimum insurance coverage legal requirement.

Semi trucks fall into the category of vehicles over 10,000 pounds, and they need a minimum of $750,000 liability coverage. This is higher than the insurance requirements for most other vehicles, and that’s because these trucks are so large. They’re able to cause far more damage than other automobiles, and insurance companies take that into account.

 Insurance becomes even more important when you’re carrying goods on behalf of another company and driving such a big vehicle. 

What’s the Best Coverage for Different Truck Drivers?

Every driver needs commercial truck insurance, because it’s required by law. However, there are many options out there for commercial insurance coverage, and we have policies catered to all of them.

No matter what kind of driver you are, primary insurance is a legal and practical requirement. This kind of insurance policy has you covered if your truck causes damage to someone else’s property or vehicle, or if it injures someone. This is standard commercial insurance.

Some drivers will also want general liability in their insurance plans. If you are an owner-operator, this is a good way to protect your company. General liability insurance is important for businesses, because it includes risks involved with owning a business that are unrelated to trucking. 

This form of insurance protects you from certain insurance claims related to injury, property damage, product delivery, and damage to a rented location. Its focus is on physical risks, not abstract ones like intellectual property. 

What Types of Insurance Are There?

Beyond basic primary insurance for your truck, there are plenty of options that can expand your coverage and protect you from various scenarios. Here are some of the most popular insurance options for truckers.

Bobtail trucking insurance will make sure that you have insurance coverage during the times when there is no trailer attached to your truck. Throughout your trucking career, there will be plenty of times when you have just dropped off a trailer full of goods and are driving over to pick up another.

Physical damage insurance is divided into two categories: comprehensive insurance and collision insurance. Comprehensive insurance is more inclusive, and it applies to any physical damage that happens to your truck that is outside of your control, whether it’s caused by nature or humans.

Collision insurance applies to instances when your truck collides with a vehicle or truck. Most importantly, the driver is behind the wheel during these situations.

Excess liability helps extend your existing insurance policy. If your insurance policy doesn’t cover enough of the cost to repair your truck after an accident, this policy would cover the remaining cost. This type of insurance makes sure that the entire cost of repairs is covered by insurance, even if it ordinarily wouldn’t be.

Cargo insurance is important for most truck drivers since the goods you’re carrying belong to a company. Your insurance policy makes sure that you aren’t responsible for any damage, loss, or theft of these items. Instead, the insurance company will cover the payment for them.

Crucially, cargo insurance also covers your trailer itself. The cost of coverage depends on the specific item you’re carrying, so expect to pay higher fees on something high-value or potentially dangerous. 

What Affects Your Insurance Costs?

If you’re looking for cheap commercial insurance, remember that there are plenty of factors that will affect our insurance costs. Many of them have to do with your driver profile. The type of insurance you need and how much it costs will also be affected in part by the industry your transport on your truck.

Age will partially determine the cost of insurance. Young, less experienced drivers under 25 are both considered a risk since they may be less skilled. Older people over 60 may also be considered risky and those people may end up with higher premiums.

Pricing also varies according to cargo types. Insurance coverage for expensive cargo will cost more than average cargo. Hazardous materials and liquid fuel will also cost more to cover.

If your travel route includes dangerous paths, like winding mountain roads, you might face higher insurance premiums because you could face more hazards and obstacles in that situation.

Insurance companies will also take a look at your history as a driver and policy holder. Your accident history is important information for these companies, because they want to know how risky it is to cover you. A history of lots of accidents and other citations can mean a higher insurance cost.

If you have had other insurance policies in the past, they’ll also look into why you cancelled your policy, and check on whether or not you made your payments consistently and on time.

How Do You Find the Best Truck Insurance Prices?

When it comes to insurance pricing, you may need to do some research before settling on one plan. You can get an idea of how much insurance will cost by looking up the price in your state, but personal factors will affect the final price, as mentioned above.

Getting a quote is an important part of finding an insurance policy that works for you. Before you settle on one policy, try shopping around with other companies. Most companies are happy to provide you with a quote that will let you know roughly how much it will cost you to get a policy with them.

Strong Tie Insurance offers affordable commercial trucking insurance for truckers of all kinds. We understand the challenges that truck drivers face every day, and we want to help. Contact us today for a free quote on commercial truck insurance.