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A Complete Guide to the Requirements for Semi-Truck Insurance

A Complete Guide to the Requirements for Semi-Truck Insurance

Do you have enough insurance to cover your semi-trucking business? Commercial truck drivers need the best insurance coverage to shield themselves and their businesses. It is so important to have the right type of coverage that can protect you financially if something goes wrong while you are driving.

There are many different types of semi-truck insurance available, and it is important to understand the difference. Here’s a comprehensive guide to understanding semi-truck insurance. We will explain what this type of coverage covers and how to get it set up for your business.

What Is Semi-Truck Insurance?

Semi-truck insurance is a type of policy that businesses can purchase to protect themselves from liability in the event that one of their trucks is involved in an accident. The policy will typically cover damage to the truck itself, as well as any injuries or property damage that may happen because of the accident.

In addition, commercial truck insurance will also provide coverage for legal expenses incurred as a result of the accident.

Why Do You Need Commercial Truck Insurance?

Trucking insurance is a vital piece of protection for business owners who rely on trucks to transport goods and equipment. It is a group of insurance that covers different aspects of the trucking business. The type of insurance you need will depend on the size and scope of your operations.

If you use your truck to transport goods or materials, you will need liability coverage to protect yourself in the event that something you are transporting causes damage or injury. If you lease or finance your truck, you will also need physical damage coverage to protect your investment.

There are many different types of commercial truck insurance. The best way to find the right policy for your business is to speak with an experienced agent who can help you understand your options and choose the coverage that meets your needs.

Whether you own a small fleet of trucks or just one, commercial truck insurance can help protect you from financial losses in the event of an accident.

Commercial truck insurance typically covers a wide range of risks, including:

  • Collisions with other vehicles
  • Rollovers
  • Cargo theft
  • Damage to the truck itself

By having trucking insurance, you can rest assured that you will have protection in the event of an accident, no matter what happens. This can help you avoid costly repairs or replacement costs, and allow you to continue running your business with minimal disruption.

Types of Commercial Truck Insurance Policies

The type of insurance you get will depend on the nature of your trucking business, meaning whether you own and operate your trucks or lease them to a company to operate. There are several categories of semi-truck insurance including:

General Liability

Commercial truckers need general liability insurance to protect themselves from third-party lawsuits. This type of policy covers damages and injuries that are not related to the cargo that you carry. It is important for truckers to have this coverage in case they get in an accident or someone receives injuries while on their property.

Primary Liability

Most states require this type of liability insurance for commercial truckers. It covers damages that are caused by the trucker to another vehicle or property. This coverage is important because it protects the trucker from having to pay out of pocket for damages that they cause.

Non-Trucking Liability

If you’re a trucker leasing your vehicle from a motor carrier, this type of liability insurance covers damages not related to the trucking business. Given how important it is to protect oneself from lawsuits, this coverage is vital for anyone in this occupation.

Physical Damage

This insurance protects the truck from damage. If an accident should happen, this coverage would repair or replace the truck.

Cargo Insurance

This type of insurance protects your cargo. Truckers need this coverage in case their cargo is lost or damaged while it’s being transported.

Bobtail Insurance

Insurance for truckers who do not have trailers attached to their trucks, this type covers damages the truck causes while it is not in use for business purposes. Having this coverage is important for those who want to protect themselves from lawsuits.

Non-Owned Trailer Interchange

This insurance protects you from damages the trailer incurs while in use for non-business purposes. This is similar to bobtail insurance but for those who use trailers that they do not own.

Workers Compensation

Workers’ compensation insurance covers truckers who get hurt on the job. It covers the medical expenses and lost wages that are incurred by the trucker. This coverage is important for truckers who want to protect themselves from having to pay out of pocket for these expenses.

Truck Liability Insurance

Truck liability insurance protects trucking businesses from claims arising out of accidents and other incidents involving their trucks. This type of insurance is essential for any company that owns and operates trucks, as it can help to cover the costs of damages and injuries sustained in an accident. Truck liability insurance can also help to cover the cost of repairs to a truck.

Truck Cargo Insurance

For truckers who are transporting cargo, this type of insurance is very necessary. It covers the repairs and medical expenses that are incurred by the victim.

Uninsured/Underinsurance Motorists Coverage

Uninsured/underinsured motorists (UM/UIM) coverage protects you if you’re involved in an accident with another driver who doesn’t have insurance or doesn’t have enough insurance to cover the full extent of your damages. It may also be referred to as “hit-and-run” coverage.

UM/UIM coverage is optional in some states and required in others. Even if it’s not required, it’s generally a good idea to purchase this coverage since about one in eight drivers doesn’t have insurance, according to the Insurance Research Council.

UM/UIM coverage can help pay for:

  • Medical expenses (including rehabilitation)
  • Lost wages
  • Pain and suffering
  • Property damage

Your UM/UIM coverage kicks in if you’re hit by an uninsured driver or a hit-and-run driver, or if you’re the victim of a hit-and-run accident. It also covers you if you’re injured as a pedestrian by an uninsured or hit-and-run driver.

In some states, UM/UIM coverage also protects you and your passengers if you’re involved in an accident with an underinsured driver. This means that the other driver has insurance, but it isn’t enough to cover all of your damages.

What Do You Need To Get Commercial Truck Insurance?

There are a few things you need in order to get commercial truck insurance. First, you need to have a valid driver’s license and be at least 21 years old. You also need to have a clean driving record with no accidents or moving violations within the past three years. Finally, you’ll need to provide proof of insurance for any other vehicles you own.

If you’re looking to get commercial truck insurance, then you’ll need to meet the above requirements. In addition, you’ll also need to provide some basic information about your trucking business.

This includes your company name, contact information, and the types of goods or services you transport. Once you have all of this information, you can then start shopping around for commercial truck insurance.

What Affects the Price of Semi-Truck Insurance?

The commercial truck insurance cost depends on a number of factors, including the type of truck, how old the driver is and their experience, the size of the company, and the coverage it needs. In addition, insurance companies take into account the claims history of both the truck and the driver.

Type of Truck

One of the most important factors affecting the cost of commercial truck insurance is the type of truck. Some trucks are more expensive to insure than others because they are more likely to be involved in an accident or to cause damage. For example, a smaller delivery truck may cost less to insure than a large dump truck.

Age and Experience

Another factor that affects commercial truck insurance rates is the age and experience of the driver. Insurance companies charge younger, less experienced drivers more than older, more seasoned drivers. Also, firms typically provide discounts to individuals who have completed a defensive driving program.

Size of Company

The size of the company also affects commercial truck insurance rates. Smaller companies generally pay higher rates than larger companies because they present a greater risk. Insurance companies also take into account the claims history of both the truck and the driver when setting rates.

State Requirements

Certain states mandate specific types of coverage. Most states require that all trucks carry liability insurance. This type of coverage protects the trucking company in the event that its driver causes an accident that injures someone or damages property.

Some states also require that all trucks carry collision and comprehensive insurance, which covers the cost of repairs to the truck if it receives damage in an accident.

The best way to get an accurate estimate of commercial truck insurance costs is to request quotes from several companies. By comparing rates, you can be sure that you are getting the best possible deal on your coverage.

Protect Yourself with Semi-truck Insurance

If you are a truck driver, it is important to have semi-truck insurance in case of an accident. The Federal Motor Carrier Safety Administration insists that all truck drivers have this type of coverage. 

The Ohara Law Firm in Houston Texas is a personal injury law firm with experience dealing with semi-truck accidents. If you’ve been in an accident involving a semi-truck, contact us now for a case evaluation.