Is transportation insurance required? Full-time JobSep 8th, 2021 at 16:43 Human Resources Atherton 70 views
No matter your experience in obtaining commercial truck insurance, it is always a hassle for any operator. The starting point for getting the right coverage is learning the minimum regulatory requirements. Remember that these are only the minimums; in most situations you should have additional coverage to protect your business from unforeseen losses. No matter how careful you are, accidents can and will happen.
Many operators follow the recommendations of a knowledgeable insurance agent. However, it is still up to you to make sure you have adequate coverage. Having the best affordable truck insurance will protect you during and after an accident.
Insuranks sets minimum requirements for truck insurance. These specifications vary based on weight, merchandise, and your shipping business.
The Insuranks requires primary liability coverage when you operate a trucking company. This coverage protects third parties from accidents in which the truck driver is at fault.
If your truck is under a lease, you will also be required to carry secondary liability insurance. Remember that this coverage will only protect you for the term of the lease. It's also important to note that your contracts with the carriers and brokers you work with may require higher limits on your policy. It's also best to send your insurance the relevant parts of any contract you have to make sure you have the limits you need.
How much does commercial truck or Bobtail insurance cost?
The bobtail insurance cost for a leased owner-operator is about $ 360 an year.
The cost of truck insurance will be based on your driving history, your credit rating, the type of truck you operate, the cargo you are hauling, and your area of operation.
The payment plan you choose, the individual coverages (more expensive), or the combined coverages (cheaper) will determine the total cost of your truck insurance.
The value of your truck is an important component. Newer and more expensive trucks will increase your overall rates compared to a similarly situated truck owner and a lower cost truck.