Insurance for Truckers

Federal regulations dictate the bare minimum insurance that commercial trucks must carry. In all cases, commercial trucks must carry public liability insurance, which pays for any damage or losses a truck causes to third parties.

The FMCSA monitors compliance with those regulations and won't issue a motor carrier number to any truck operator that doesn't comply. The specific commercial truck insurance requirements that apply will vary based on the type of cargo a truck carries as well as whether it travels between states.

The kind of truckers insurance you need can depend on the size of your trucking company, how many employees you have, where your trucks are parked after business hours and more. Some common types of truckers insurance include: Non-Trucking liability, bobtail liability, physical damage, general liability, cargo insurance, and primary liability which is required for truckers to have in all fifty states and will cover costs associated with individuals injured in accidents you cause on the road. You can select one or all of these insurances or even seek other types of truckers insurance depending on your company’s needs.

There are a variety of factors that determine the premiums for a commercial truck insurance policy. Some of the most relevant ones are:

• The driving record of the driver operating the truck that the policy covers.
• The monetary value of the truck itself at the time of the policy's issuance.
• The specific places the truck operates for the majority of the time.
• The average route lengths the truck routinely operates on.
• The value of the load the truck typically carries for the majority of its operating time.
• The presence or absence of a commercial general liability insurance policy that already covers the truck.
• The assessed risk to the truck while it's not on the road, including the potential for vandalism, theft, and other non-operational risks
• Whether the owner-operator or trucking company has multiple policies with the insurance carrier.

The cost of truckers insurance depends on a variety of factors. It is important to note that while most insurance providers do not offer truckers insurance, those that do may need to review your driving record, truck condition and age, types of freight transported, experience and previous claims history. These factors can help determine the cost of your coverage. Truckers insurance is generally quite expensive and can also fluctuate depending on how many trucks you own. For example, if you own one truck, on average you may pay $8,000 a year while someone with two trucks may pay more.

Non-trucking insurance also known as bobtail liability is a type of liability coverage for when you use your commercial vehicle for personal use. ​Non-trucking insurance provides coverage for property damage or bodily injury that may occur to a third party. Additionally, non-trucking insurance covers expenses that may arise from accidents when you are on the road but not on the clock, meaning during your personal time. However, non-trucking insurance doesn't provide liability coverage for business use or when hauling any type of equipment from your truck.

Many of the factors that influence the cost of commercial truck insurance aren't set in stone. There are steps you can take before and after you purchase a policy to keep your costs low. They include:

• Choose low-risk truck models: Some trucks aren't as risky as others, and operating one could lower your insurance costs.

• Hire drivers with plenty of experience: Experienced drivers aren't as likely to get into accidents.

• Hire drivers with clean driving records: Drivers with no accidents on their driving records cost less to insure.

• Use new trucks only: New trucks have better safety equipment and break down less often than older ones.

• Maintain excellent credit: A great credit rating will help you get a cheaper insurance quote.

• Choose safer routes: The less risk your truck poses on the road, the cheaper it is to insure.

Yes, it's possible to get commercial truck insurance as a new truck driver. However, that doesn't mean it'll be easy or inexpensive to do so. The reason for that is the fact that many insurers simply won't offer policies to drivers with less than two years of experience behind the wheel of a truck. And those that will often charge significantly more than they do for experienced drivers.

This is a reflection of the added risk the insurer takes in covering a new driver. With no driving record to examine, insurers must protect themselves from the risk of losses, too. The good news, though, is that new drivers can often reduce their trucking insurance costs soon after they get on the road and demonstrate their driving skills.

To begin with, you must make sure that your truck satisfies any mandatory minimum insurance coverage requirements. Then, you should determine how much additional financial risk you can afford to bear. It's a good idea to extend your policy to cover any risks you don't feel comfortable with. For example, if you typically carry high-value cargo, you probably want a policy that protects you against cargo losses.

If you're not exactly sure which types of coverage you need, it's a good idea to discuss your situation with a qualified commercial truck insurance specialist. They can help you to protect your truck, your business, and your finances. They can even help you get the best and cheapest insurance quote for your specific situation. Call a CoverWallet agent today at (646) 844-9933 to discuss your options and find the right policy for your needs.

You can easily retrieve your DOT number, or submit an application for a new one by visiting the FMCSA site here

If you are requesting a new DOT number ensure to have the following documents with you:

• Employer Identification Number (EIN) or Social Security Number (SSN)
• Dun and Bradstreet Number (if available)
• Company Officers with Titles