Semi Truck Insurance 101

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Insuring your big rig can seem complicated, but once you understand the basic requirements and options, you'll be well on your way to protecting your trucking business, whether big or small - or just starting out.

With about half a million accidents involving trucks on American roadways each year, running your semi, whether short haul or long haul, can seem like a risky business. Fortunately, CoverWallet’s team of commercial truck insurance specialists can walk you through the process and get you insured quickly and affordably.

Insurance needs can vary depending on whether your truck is part of a fleet or if you’re an independent owner-operator. If you're dispatched by motor carrier, the motor carrier’s primary liability trucking insurance covers you for liability but can leave other gaps in coverage. CoverWallet’s trusted agents can help you find the coverage package you need to get rolling safely.

What’s Covered by Semi Truck Insurance?

Liability coverage is at the heart of every commercial truck insurance policy, protecting fleet owners or owner-operators from one of the most expensive risks their trucking businesses can face. Liability coverage covers two primary risks: bodily injury liability and personal property damage liability.

Bodily injury liability pays for legal defense expenses, medical expenses, and settlement costs due to a truck accident in which someone else was injured. This key coverage is one of the most important coverages for any semi truck insurance policy because medical expenses or settlements due to injuries can be large.

Property damage liability pays for damage to the property of others, including other vehicles involved in an accident, buildings, light posts or signs, or other items commonly damaged in truck accidents.

Several other coverages are available depending on your needs, including medical payments or personal injury protection, physical damage insurance, cargo insurance, and more.

Do I Need Semi Truck Insurance?

Every state requires trucks to be insured, with each state assigning minimum coverage limits for bodily injury liability and property damage liability. If you still have a loan on your semi truck, your lender will require physical damage insurance as well, which pays for damage to your commercial vehicle if it’s damaged in an accident or damaged due to another covered risk.

In some cases, you’ll have liability coverage through your motor carrier. In other cases, you’ll need to purchase your liability coverage as well as any other coverages you may need to keep your trucking business fully protected.

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What is the Cost for Semi Truck Insurance?

The cost of insuring your semi truck can vary based on several factors, with some of the largest considerations being your coverage limits, the types of coverage you’ve selected, your claims history, and your driving record.

CoverWallet’s truck insurance specialists can assist you in finding the right policy and options to help your trucking business be compliant with state minimum insurance regulations, adjusting coverage limits and coverage options to meet your specific needs. Take the guesswork out of commercial auto insurance. CoverWallet makes you getting coverage for your rig quick and easy.

Have a candid conversation with your CoverWallet agent about the details of your business, including whether you’re a long haul or short haul, how many miles you travel, other vehicles that need to be insured, and other considerations that can affect your coverage. In particular, review your liability coverage limits with your agent. The state minimum required limits are generally considered to be below the limits a growing trucking business should carry to be protected against lawsuits, legal expenses, and settlement costs.

What Other Types of Insurance do I Need?

To fully protect your trucking business, you can build out your coverage to include more than basic liability protection. Options like motor truck cargo insurance, bobtail insurance, occupational accident insurance, non-trucking liability insurance, general liability, and workers compensation can help protect your trucking and transportation business from costly losses due to several types of industry-specific risks.

Business Insurance

Running a business is challenging enough without having to worry about lawsuits, employee injuries or property damage. Having the right insurance gives you the peace of mind to focus on what matters - running your business.

The coverage you need depends on the type of business you run. A restaurant owner needs to be covered against customers possibly getting food poisoning while an accountant needs to be covered against calculation errors. CoverWallet's intelligent assessment system will identify the insurance you need based on your specific business, get you a policy that fits your budget, and do it all in less time than you think.

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