Trucking insurance is a type of insurance that protects truck drivers and trucking organizations against financial losses caused by accidents, theft, and other unanticipated incidents. All commercial trucks that are in use in the US must comply with this legal requirement.
Types of Trucking Insurance
There are many different types of trucking insurance available, but the most common include:
- Trucking Liability Insurance: Covers the cost of bodily injury and property damage to others if you are at fault for an accident.
- Trucking Physical Damage Insurance: Covers the cost of repairing or replacing your truck if it is damaged or stolen.
- Trucking Cargo Insurance: Covers the cost of replacing any lost or damaged cargo while in your possession.
Other types of insurance may include:
- Non-Trucking Liability Insurance: Covers you for accidents that occur while your truck is not used for business purposes.
- Medical Payments Coverage: Covers the cost of medical expenses for you and your passengers if you are injured in an accident.
- Uninsured/Underinsured Motorist Coverage: Protects you from financial losses if you are involved in an accident with a driver who does not have enough insurance to cover your damages.
How Much Does Trucking Insurance Cost?
The cost is determined by several criteria, including the size and kind of truck you drive, the amount of cargo you move, and your driving record. However, you should budget between $8,000 and $14,000 per year.
How to Get the Best Insurance Rates
There are a few things you can do to get the best rates:
- Shop around and compare quotes from multiple insurers.
- Maintain a good driving record.
- Take advantage of discounts, such as safe driver discounts and multi-policy discounts.
- Consider raising your deductibles.
Safety Guidelines for Truck Drivers
Commercial truck drivers are responsible for operating their vehicles safely and responsibly. Here are a few safety guidelines that commercial truck drivers should follow:
- Always obey the speed limit and traffic laws.
- Be aware of your surroundings and be prepared to react to unexpected events.
- Use your turn signals and check your mirrors before changing lanes or merging.
- Leave plenty of space between you and the vehicle in front of you.
- Avoid distractions, such as cell phones and texting, while driving.
- Take breaks every two hours or so to avoid fatigue.
Example of How Trucking Insurance Works
A commercial truck driver collides with a passenger vehicle. The passenger vehicle driver suffered severe injuries in the collision, which was the truck driver’s fault. The passenger vehicle driver filed a lawsuit against the truck driver for medical expenses and lost pay.
The truck driver’s trucking liability insurance will pay the cost of the passenger vehicle driver’s medical expenses and missed wages up to the policy limitations. The truck driver will cover None of these expenses out of pocket.
Trucking insurance is essential for truck drivers and trucking companies because it can protect them financially in the case of an accident or other unanticipated incident.
To protect yourself from financial damages in case of an accident or other unforeseen event, truck drivers and owners of trucking companies must have the proper trucking insurance. Top Insured Agency, a market leader, can assist you in finding a competitive price. Contact us today for a free quote!
