Motor Truck Cargo Insurance

For-hire truck drivers are highly encouraged, and at times required, to carry this type of insurance. This is because a for-hire truck driver typically owns his or her truck, and provides services to a trucking company or another company that requires freight.

Many for-hire truck drivers operate their own vehicles, while some own a small fleet of trucks operated by other drivers. In the case where a trucking company owns the vehicles, Motor Truck Cargo Insurance is still necessary. However, the company may choose to purchase this insurance for its entire fleet. The owner of the company is then responsible for the policy on every truck in the fleet.

Any trucker or trucking company that carries products, goods, or materials for others should consider owning this type of insurance. Given the high value of most freight, choosing not to purchase this type of insurance is extremely risky, especially during the winter. Long-haul freight also increases the risk of an accident happening to the cargo during transport.

Those who transport hazardous materials of various kinds may be required to purchase this type of insurance. That requirement will come from federal government regulations and some state-level regulations.

This type of insurance covers most, but not all types of freight. At a basic level, this insurance protects trucking companies from having to directly pay the owners of the cargo if that cargo is lost or stolen in transit. However, there are other concerns related to the transportation of products and goods that make this insurance a necessity.

If a truck overturns and spills its cargo on the road, the for-hire truck driver, or trucking company, may be responsible for paying the cost of cleanup. The costs for this can get extremely high if there is an environmental impact due to the materials that were held in the cargo.

Some add-ons exist for Motor Truck Cargo Insurance. Truck drivers who carry dangerous or hazardous materials can purchase additional liability coverage. Truckers that operate refrigerated trailers and perishable transport goods may also need additional coverage options.

How much it costs to insure freight that is moved by truck depends on things like the cargo's value, how long it has been insured, and any previous claims a company or driver has made. Generally, though, for dry vans, the annual premium for $100,000 limits is about $1,000 per truck.

Transporting refrigerated goods may cost an average of $1,200 to $1,600 per year per operator. Risk-prone companies can expect to spend $2,000 or more per operator.

The typical cost for flatbed and overweight/oversize carriers is $1,200–$1,800 per truck with load limitations of $250,000 per vehicle. Auto transport companies charge some of the highest freight fees in the business. Cargo restrictions of $250,000 are required for operators transporting five or more automobiles at once.

This averages out to a cost of $5,000 per year per truck. A high-risk fleet operator's annual costs exceed $6,000 on average. You can learn more here about commercial truck insurance costs.

Cargo transporters are required by law to have carrier liability insurance. In most cases, the carrier's obligation extends solely to the passengers and their belongings and not to the cargo. However, motor truck cargo insurance provides more extensive protection for cargo goods.

Trucking cargo insurance is a type of land cargo insurance. In most cases, land cargo insurance will cover legitimate problems that arise during land-based transportation. Most companies won't do business with carriers that don't have motor truck cargo insurance.

In the event that products are lost or destroyed while in transit due to things like fires, wrecks, or collisions, the responsibility for such losses or damages is covered by the insurance policy for the motor truck carrying the cargo.

Cargo insurance in the amounts of $5,000 per vehicle along with $10,000 per incident is required by the Federal Motor Carrier Safety Administration (FMCSA) in the United States for drivers transporting household goods.

The best way to get truck cargo insurance is to speak with a cargo insurance specialist. Numerous factors determine which type of cargo insurance will best suit your needs.

When you work in the trucking industry, knowing you have protection will give you peace of mind and reduce your financial risk. Get trucking cargo insurance quotes from CoverWallet online or over the phone now.

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