Semi-truck insurance is an important part of being a semi-truck driver, and it’s important to understand all the factors that go into this type of insurance. Semi-truck insurance is different from regular car insurance, and it’s important to know what you need to be covered, as well as the different types of coverage available. In this blog post, we’ll explore the ins and outs of semi-truck insurance and how it can help protect you and your business.
Do I Need Semi Semi Truck Insurance?
The semi-truck industry is the heart of commerce in the United States. Because of the importance of the trucking industry in our economy, there are strict rules within the goods transportation industry including insurance. The Federal Motor Carrier Safety Administration (FMCSA) requires all commercial vehicles to be insured in order to do business. Without proof of insurance, the FMCSA will not authorize the proper permits to conduct business. Furthermore, many states require that semi-trucks have more insurance coverage than other vehicles, as they are more likely to cause major damage in the event of an accident. As such, it is essential that all semi-trucks have the proper insurance coverage in order to stay compliant with the law and protect the business from costly fines and lawsuits. Whether you are a private carrier, owner-operator, or fleet manager, you need to have all of your trucks insured.
Semi Truck Insurance for Private Carriers
As a private carrier, you are responsible for transporting cargo using your own truck for another company or employer. This means that you are responsible for knowing commercial truck insurance requirements as well as purchasing your own insurance for your truck. Most insurance companies are flexible and allow you to choose a specialized plan for your truck. You should consider the following coverages when choosing commercial truck insurance as a private carrier:
- Liability: This coverage option is mandatory. It pays for any damage that you may cause to other people and their property. There are two different types of liability coverage including bodily injury liability and property damage liability.
- Physical Damage: This type of coverage helps pay for any repairs to your truck in case that is damaged in an accident or non-trucking related circumstances such as hail or other unforeseen accidents. The common tops of physical damage coverage include collision coverage, comprehensive insurance, and fire and theft combined with additional coverages.
- Medical Payments: This coverage is not available in all states and would be considered an addition to the basic coverages, but covers any medical payments for you and any passengers in your truck if any parties are injured in a car accident.
Overall, it is important to understand the different parts of semi truck insurance coverage and to make the decision, as a private carrier, what coverage options will protect you and be the most important when choosing your insurance.
Semi Truck Insurance for Owner-Operators
As an owner-operator, you are in control of every aspect of your business including finding loads, financing, and maintenance of your trucks. One of the most important factors in running your trucking business is by making sure that your trucks are properly insured. All commercial motor vehicles are required to be insured on the interstate so it is important to know your insurance coverage options.
The same coverage options listed above such as liability coverage, physical damage, and medical payments are important for owner-operators as well, but there are additional insurance coverages you may want to consider including non-trucking liability coverage and trailer interchange coverage. Non-trucking liability coverage protects owner-operators from any claims that may occur while the truck is not being used for business purposes. Trailer interchange coverage is a physical damage insurance that covers non-owned trailers being used in a trailer interchange agreement. These two types of coverage are especially important to consider as an owner-operator trucker.
How to Find Semi Truck Insurance
There are a few different ways to find semi-truck insurance. Regardless if you are a fleet owner, owner-operator, or a private carrier there are different avenues to get insured and find the right insurance coverage for your needs. To find competitive pricing you should look around online at different semi-truck insurance providers. By doing so you may be able to find discounts provided by some companies. There are independent companies that specialize in truck driver insurance and there are well-known insurance companies such as Progressive and Geico that offer semi-truck insurance as well.
This article breaks down the top commercial truck insurance providers in 2023 to give you a better idea of what are the most popular insurance companies used in the semi-truck industry. Within most instances, you will get connected with an insurance broker to help navigate the different types of insurance and which combination of coverages will work best for your personal needs. These brokers are very experienced and knowledgeable about the commercial truck insurance requirements and will be able to answer any questions you may have about insurance within the trucking industry.