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Truckers Insurance

Automotive technologies are catching up with the trucking industry. Grand plans to have self-driving fully electric semis will materialize soon, which will attract a new generation of drivers. With this evolution, some things will remain constant, like truckers insurance. Commercial trucking insurance remains the go-to policy for those in the trucking business. 

What Is commercial truck insurance?

Commercial truck insurance is a product offered to cover your trucks in case of an accident. It is different from commercial auto insurance, which serves cars, vans, and smaller trucks used in business. It offers a broader coverage and is designed explicitly for tractor-trailers.

What Is Primary Liability?

Primary liability coverage is the leading feature of commercial truck insurance, and it covers any damage or injury caused by your trucks. It is required by law, and the Federal Motor Carrier Safety Administration (FMCSA) will not grant operating permission without it. However, as primary liability only provides basic cover, buyers are encouraged to get general liability cover.

What Is General Liability?

A general liability policy covers third-party injuries such as customer injuries, property damage, advertising injuries, and other damages not directly caused by operating your truck. These can include injuries experienced by persons on your business premises. While it is a product on its own, many commercial truck and trailer insurance companies offer it as part of their trucker’s insurance packages. 

Can you get your coverage?

Owner-operator truckers insurance is a policy designed for owners who operate under their authority. When it is a permanent lease arrangement, the motor carrier can offer coverage for the truck under their policy. 

How much does it cost?

Truckers insurance is expensive. FMSCA guidelines indicate that primary liability coverage should be above $750,000. This figure can change depending on the type of truck and cargo being covered. It is not unusual for covers to exceed $1m, especially now when electronic shipments are at an all-time high. As far as payments go, the average semi has an annual cost of around $12000.

What are filings?

Filings are testaments of sufficient liability coverage. They are grouped into federal and state, depending on the expansiveness of the region covered. Insurance companies file for these authorities on behalf of their clients from the ICC.

How much insurance do you need?

Getting a comprehensive policy is recommended. At the very least, there should be physical damage coverage to protect your truck against collision, fire, and theft. Non-trucking or bobtail insurance is similarly essential to protect your truck when it is between hauling assignments.

As commercial truck insurance companies will try to sell you many policies, it is crucial to establish the coverage you need. Start by getting the legally mandated cover, then discuss additional options with an insurance agent. It will ensure there is no overlapping coverage. You can further reduce costs by having drivers with impeccable driving records and necessary licenses.

Should I consider an insurer’s ratings?

A.M Best rates different insurance providers based on their policy payment history. The rating starts from A++ to S. Those With A++, A+, and A ratings have the best records and are worth considering as you shortlist your desired insurance providers. 

Please contact TWFG Insurance at 713-388-6681 to receive a free quote today.