Semi Truck Insurance

Semi Truck InsuranceCheap Semi Truck Insurance Commercial Trucking 

If a truck driver is found to be at fault in an accident, the legal and financial costs associated with the injuries and damages caused by the accident are covered by the semi-truck insurance policy. Semi-truck insurance costs owner-operators an average of $2,000 to $18,000 a year, despite the fact that the term "insurance" is simply a catch-all phrase for a collection of different products.

It is important to understand the filing requirements, factors that can raise or lower its cost, and the top companies that offer this type of insurance in your area in order to have a complete understanding of the value of semi-truck insurance and how it operates. In addition, it is important to understand the factors that can raise or lower its cost.

 

What Kinds of Damages Are Covered by Semi-Truck Insurance

Both bodily injury liability and property damage liability are essential components of semi-truck insurance. These are the two primary types of liability coverage. In most cases, the price associated with standard semi-truck insurance will cover this.

 

In most cases, the legal settlement fees and medical expenses incurred by third parties as a result of an accident are covered by bodily injury liability. It is a good idea to have high coverage limits to account for the fact that both medical costs and legal fees can quickly add up to a significant amount of money.

 

On the other hand, property damage liability covers the costs of damage connected to third-party property such as another vehicle, fences, signs, and other items that may be damaged in a truck accident. This type of liability coverage is required in most states.

 

On the other hand, additional types of coverage, such as cargo insurance, physical damage insurance, and bobtail liability coverage, can be purchased to provide an additional layer of protection. Depending on what you require, it may also be a good idea to make an investment in these things.

 

How Insurance for Semi-Trucks Operates

It takes a lot of work to run a commercial trucking business or fleet, and if you are an owner-operator, you are aware that getting trucking insurance is one of the first things you need to do. If you are not an owner-operator, you may not be aware of this requirement. You should investigate semi commercial trucking insurance as one of the specialist types of coverage that are available to you.

 

To that end, how does insurance for semi-commercial transportation work? Trucks that also pull trailers are known as semi-trailers, and semi-trucks are tractors that combine the two types of vehicles. They are typically employed for the purpose of transporting freight in the course of business activities.

 

If you are an owner-operator who leases a vehicle to a motor carrier, the motor carrier's liability insurance may have provided you with coverage. If this is the case, you can consider yourself lucky. On the other hand, this normally takes effect when you are in the dispatching position. You will be provided with protection against liabilities in the event that any injuries or property damage is sustained by a third party.

 

General liability insurance is one of the other types of plans pertaining to semi commercial trucking insurance that you should investigate. This particular type of coverage is required by law in the event that an accident occurs and damages another person's property. In the event that a third party sustains an injury, having primary liability will keep your fleet protected.

 

There is also a form of liability insurance that is not exclusive to trucking called non-trucking liability insurance. This type of insurance ensures that you will continue to be protected even if you use your work vehicle for personal reasons. You can be protected from any potential damages or losses that may be incurred as a result of an accident by purchasing physical damage insurance. Both owner-operators and motor carriers stand to benefit from this development.

 

In addition to purchasing physical damage insurance, you might also consider purchasing equipment coverage for the other items used in your company.

 

If you are driving for a motor carrier that is leasing you the vehicle, your rates for commercial trucking insurance will probably be significantly lower. When you are operating under your own authority, the sum of money that you are responsible for paying is significantly more.

 

The Typical Price of an Insurance Policy for a Semi-Truck

How much does insurance cost for a semi-truck? Because the monthly average cost of semi-truck insurance can vary depending on a variety of criteria such as driving histories, location, size of your fleet, and the insurance company you choose to partner with, this can be a difficult issue to answer.

 

In most cases, the costs of semi-truck insurance on a monthly basis run anywhere from $750 to $1000.

 

The following is a breakdown of the average annual cost for many other types of policies:

 

Cost of Each Type of Policy on an Annual Basis
Between $750 and $7,000 for General Liability
Non-Trucking Liability
$450 to $5000
Physical Damage equaling between 2.5 and 5% of the total value of the truck
$500 to $1,000 Worth of Cargo Transported by Truck
Liability for Bobtail Ranging from $350 to $450
Costs of insuring a semi-truck can be affected by a number of different factors.

Keep in mind that the costs of semi-truck insurance can vary greatly depending on a number of different aspects if you are considering purchasing insurance for semi-truck vehicles.

 

Driving Record:

Drivers who have a history of committing traffic offenses, such as receiving fines for speeding or being arrested for driving under the influence, may find that their semi-insurance premiums are significantly higher. Because of this, it is a smart move to recruit drivers who have a wealth of expertise and a track record of behaving responsibly in the past.

Years of Operation:

Insurance companies are more likely to see this as a risk as compared to more established enterprises, which results in your semi-insurance rates being higher if your company has been operating for a relatively short period of time.

Type of Cargo:

If you are traveling exceptionally valuable hazardous goods, you should anticipate paying higher truck insurance rates than those who are transporting lower-risk products because your cargo poses a greater danger to the trucking company.

Safety Measures on Vehicles Insurance companies are more likely to want to do business with companies who have well-maintained trucks that are equipped with safety features to help prevent accidents and are in compliance with all relevant safety regulations. Trucks that are not maintained properly may result in higher insurance premiums.

Implementing safety regulations, hiring drivers who have a clean driving record, and doing pre-trip vehicle inspections are some of the ways that you may be able to reduce the cost of your truck insurance premiums. Also keep in mind that the premiums for insurance for smaller trucking companies tend to be higher.

 

The Significance of Purchasing Semi-Truck Insurance

It is easy to understand why purchasing semi-truck insurance in the first place might provide you greater peace of mind in the long run when you compare the cost of the policy to the benefits it offers when taking a look at how much semi-truck insurance costs.

 

If you do not have semi-truck insurance, you will have to pay for any legal fees, medical fees, and repair fees out of your own personal funds in the event that they occur. Accidents, natural disasters, theft, and vandalism may all take place when you least expect them to, which is especially true for newly established trucking companies. These charges, when added up over time, can quickly build up and have a detrimental influence on your company.

 

In conclusion, obtaining semi-truck insurance can assist your company in maintaining its reputation and reassuring your customers that the goods they entrust to you will be safeguarded to the greatest extent feasible.

 

Semi-Truck Insurance Requirements

You can review the FMCSA guidelines in order to determine how much semi-truck insurance you need for your particular circumstance. Before the FMCSA will give you permission to function as a motor carrier or freight forwarder, you are going to need to have certain coverage limitations in place, and you are going to have to register for them. These limits will vary based on the sort of cargo you transport.

 

Insurance policies for semi-truck owners should contain public liability insurance that covers physical injury, property damage, and environmental restoration, with coverage amounts ranging from a minimum of $750,000 up to $5,000,000, depending on the commodities that are transported.

 

If you are transporting non-hazardous freight in vehicles weighing less than 10,001 pounds, you are required to buy insurance with a minimum coverage amount of $300,000.

 

In addition, if you are operating as either a Household Goods Motor Carrier or a Household Goods Freight Forwarder, you are required to maintain a level of cargo insurance that is at least equal to or greater than $5,000 per vehicle or $10,000 per incident.

How Do You Get Quotes for Semi Truck Insurance?

Now that you have acquainted yourself with the basics of semi truck insurance, it's now on to the nitty-gritty—getting an insurance quote for your policy. At this stage, dealing with only the best truck insurance experts will make a huge difference.

Here's how it works:

  • Contact an insurance expert - after you have done your research and chosen potential insurance teams or an insurance agency for your policy, you need to get in touch with them as soon as possible. Fortunately, this is very easy since you can do so by phone, email, chat, or filling out an online quote form. A commercial truck insurance agent will get in touch with you real quick after you get in touch.
  • Give necessary information - the agent will have to ask some essential questions to get the information needed for your semi truck insurance quote.
  • Compare quotes - after you've done the bit with several insurance providers, it's time to compare the quotes you got in order to find out which is the perfect fit for you.

It's in Your Best Interest to Get Semi Truck Insurance

So make sure that you go through each quote you have to get the tailored semi truck insurance plan with all the right coverage. Let SoCal Truck Insurance help you choose the right insurance plan for you. We offer quality commercial truck insurance that helps your trucking business operate in confidence.

Get a Free Commercial Truck Insurance Quote Today

As you shop around for commercial trucking insurance, you may want to consult with multiple companies and get free quotes from them.

When you compare commercial truck insurance rates, you can find the lowest one and go with the commercial truck insurance company that meets your needs at a low price.

This strategy will help you find the cheapest insurance rate in California and our team at SoCal Truck Insurance can help!

Our Company

SoCal Truck Insurance has been protecting people, their possessions, and their businesses for 20 years. Since then we have insured hundreds of thousands with hundreds of plan rates and specials.

We stand out from other insurance companies thanks to the unique commercial auto insurance packages we put together for our clients. We'll protect your company from disastrous expenses and provide the lowest insurance costs possible.

For a free quote for semi truck insurance from a company that specializes in working with commercial trucks, send us an email at [email protected] or contact us at 562-372-2433 at SoCal Truck Insurance today!

FAQs

What is commercial semi trucking insurance?

Insuring your big rig may appear complicated, but once you understand the basic requirements and options, you'll be well on your way to protecting your trucking company, whether large or small - or just getting started.

With approximately 500,000 truck accidents on American highways each year, driving your semi, whether short or long haul, can appear to be a risky business. Fortunately, the commercial truck insurance specialists at SocalTruckIns can walk you through the process and get you insured quickly and affordably.

 

Insurance requirements differ depending on whether your truck is part of a fleet or an independent owner-operator. If you're dispatched by a motor carrier, the motor carrier's primary liability trucking insurance protects you against liability but may leave other gaps in coverage. The trusted agents at SocalTruckIns can assist you in locating the coverage package you require to get rolling safely.

What is the average cost of commercial semi truck insurance?

The following is a breakdown of the average annual cost for many other types of policies:

 

Cost of Each Type of Policy on an Annual Basis
Between $750 and $7,000 for General Liability
Non-Trucking Liability
$450 to $5000
Physical Damage equaling between 2.5 and 5% of the total value of the truck
$500 to $1,000 Worth of Cargo Transported by Truck
Liability for Bobtail Ranging from $350 to $450
Costs of insuring a semi-truck can be affected by a number of different factors.

Keep in mind that the costs of semi-truck insurance can vary greatly depending on a number of different aspects if you are considering purchasing insurance for semi-truck vehicles.