Owner Operator Insurance 101: Intermodal Insurance and Who Needs It
Ditching the monotonous driver’s lifestyle to start a fleet of your own can be a liberating experience for drivers with an ownership mindset. However, traveling the commercial freight landscape alone presents its own set of challenges and complexities, including how to find cheap truck insurance.
Being in charge of your own commercial trucking business can be overwhelming for individuals who are unsure where to begin, particularly when it comes to finding truck insurance. Do you transport containers and need intermodal trucking insurance or commercial truck insurance California?
In this article, we will discuss all of the fundamentals involved with finding intermodal insurance and everything you should know before choosing a provider. Continue reading below to learn more, and contact SoCal Truck Insurance today to speak with a commercial truck insurance expert and get a free quote for your commercial fleet.
What is Intermodal Truck Insurance?
Truckers hauling containers are covered by intermodal truck insurance. Intermodal trucking is the transportation of containerized freight, typically from ports. Intermodal transportation refers to the use of two or more modes of transportation, such as when freight is transported by cargo ship or rail and then transported by truck to its final destination.
Intermodal trucking comes with its own set of dangers. Intermodal truckers must inspect their chassis for road worthiness and ensure that the lock pins are engaged. You’ve undoubtedly seen a chassis or two that shouldn’t have been in service in the first place. Overall, however, container hauling can be a profitable industry segment.
UIIA (Uniform Intermodal Interchange and Facilities Access Agreement) is often necessary for motor carriers who transport containers. A motor carrier will be unable to access a port or rail yard if this is not purchased. Because they frequently lease the chassis, carriers must also obtain hired and non-owned insurance. Trailer interchange coverage is also required to safeguard the containers being transported from physical damage.
UIIA Insurance Requirements For Intermodal Trucking
Intermodal truckers are subject to additional insurance requirements under the UIIA (Uniform Intermodal Interchange and Facilities Access Agreement). The UIIA is a contractual agreement between the International Association of North American Trucking (IANA) and trucking corporations (or individual intermodal truckers), maritime carriers, and rail carriers. The UIAA ensures that everyone follows the same set of rules. In the United States, nearly every intermodal equipment exchange has a UIIA accreditation and follows the UIIA guidelines.
To transport intermodal freight, a trucker must meet all of the UIIA’s insurance requirements:
- Liability coverage of $1,000,000
- General liability coverage of $1,000,000
- Cargo insurance depending on the equipment provider
- Trailer Interchange Insurance
- Comprehensive, Collision, Fire and Theft coverage
- Truckers Uniform Intermodal Interchange Endorsement
Different Types of Intermodal Insurance
With so many different types of trucks, drivers, companies, destinations, and cargo, the trucking industry is vast and multi-faceted. As a result, there are many different types of insurance, ranging from trucking programs to freight broker insurance and commercial insurance.
Here is a look at some of the various types of intermodal insurance:
Trucking insurance companies provide a variety of insurance plans to cover a variety of risk profiles, including high-risk, new-venture, and owner-operator insurance. Bulk transporters, box trucks, container haulers, dump operations, hazardous carriers, couriers, tow-truck operations, LTL trucking businesses, and warehousing operations are just a few of the specialist insurance plans available.
Freight Broker Insurance
Freight brokerages can choose from a variety of car liability insurance options. Freight brokerages should perform their own due diligence to ensure they fully understand the contractual duties and any inherent risk connected with them, from primary auto liability to freight broker liability and contingent car liability.
Finding the cheapest business insurance isn’t the most important thing; you also want to choose a comprehensive plan that fulfills all of your company’s needs and covers all of the risks and exposures it confronts. Most insurance companies will provide you with a free quote so you can figure out which of their policies, if any, are best for you, how much they cost, and if they fit into your budget.
How Much Does Intermodal Trucking Insurance Cost?
A number of factors determine the cost of your coverage. A typical intermodal shipping insurance policy typically costs between $8,000 and $12,500 per year.
When establishing your premium, your intermodal insurance provider will consider factors such as your age, driving record, credit score, and location. While some aspects of your price are beyond your control, there are steps you can take to reduce your costs.
- Combine your coverage with a single intermodal insurance provider.
- Pay your premium in advance.
- Choose a deductible that is higher.
- Compare and contrast quotes.
Many insurance brokers are unfamiliar with intermodal truck drivers’ unique requirements. Premiums also differ significantly from one company to the next. Frequently, you do not receive all of the coverages you require.
If you haul containers for a living, we can help you save money on insurance. We can connect you with agents who are familiar with intermodal freight hauler insurance and will provide you with their best quotations so you can compare and pick the best bargain.
Experts in Commercial Truck Insurance
Before choosing a commercial truck insurance provider for your business, it’s vital that you do all of the necessary research to ensure you make the best decision. Be sure to remember that it’s never a bad idea to get a quote from potential truck insurance providers and see how much money you may be able to save when comparing all of your options.
SoCal Truck Insurance is here to help you with your commercial truck insurance needs.
At SoCal Truck Insurance, we understand that the truck driving safety needs of your commercial trucking firm are unique, making the purchase of specific insurance to protect your business incredibly important. With our team of experts and 25 years of experience, we can assist your commercial trucking company in finding affordable commercial truck insurance.
Contact SoCal Truck Insurance today to get a free commercial truck insurance quote and discover why we are the best commercial truck insurance company in California.