Whether you’re a trucking company or a truck driver a semi truck insurance is something you need to consider. The insurance will give you multiple benefits. Find out more here typestrucks.com.
A semi truck insurance is the most vital thing to consider if you’re owning, or maybe operate a commercial truck. This liability insurance will provide protections you need when drivers are involved in severe accidents or minor collisions. According to the FMCSA, specific insurance documents or files are needed for those who wish to apply as a motor carrier.
Nowadays, there is plenty of commercial truck insurance choose from. You’ll need to find the right coverage for your truck, cargo matter, and semi truck. If you own a company or work as an operator for a semi truck, it’s your job to find an insurance on semi truck. We’ve compiled the best recommendations to find the best semi truck insurance policy for you, including useful tips to find the perfect policy to match your business needs.
What’s In Semi Truck Insurance
Finding the perfect semi truck insurance might be tough if you have no idea what to look for. The most important thing is, you’ll need to be sure that the insurance policy of your pick covers everything required by the law. You might also wonder about the cost of semi truck insurance. However, it’s just a tip of the iceberg. Below are the most important thing you’ll need to look for in an insurance on semi truck:
Commercial Vehicle Insurance
The most important thing when it comes to finding the perfect semi truck insurance is to ensure it is a commercial vehicle insurance. Be sure that you’re not mistaken it with a personal insurance policy, as both policies are made for different purpose. Commercial vehicle insurance offer coverage for trucking business owners to protect them from various business risks.
Coverage Particularly for Trailer and Cargo
Your semi-truck insurance should be able to provide protection for all of your assets. Included in this is the combined value of your truck, trailer, and its contents. All of the equipment you have inside the vehicle, including electronic logging devices or cooling supply, should be covered by your insurance coverage. To adequately protect all of your assets, you need a lot of liability insurance. In the absence of this, you risk having to cover damages out of your own wallet if your driver is involved in an accident. In fact, the cost of semi truck insurance might feel cheaper than the damage fee.
Overweight and Over-Dimension Permits
You require a special permission to lawfully operate your semi-truck if the load is overweight and exceeds the federal maximums. For weights up to 200,000 pounds, 16 feet wide, 18 feet high, and 150 long, you can self-issue a permit online. Without this permit policy, transporting an overweight load might incur fines and affect insurance coverage.
State-Required Minimum Amounts
Every state has their own minimum requirements for their insurance products. For example, the minimum cost of insurance for semi trucks in Florida range about $10,000 for personal injuries and property liability. You might have to obtain obtain policies with substantially higher coverage limits in order to protect all of your assets. Whether your fleet need unique coverage for overweight cars or the transportation of dangerous products, you can tailor your business insurance to provide it. How much for semi truck insurance will usually depends on the insurance type of your choice.
The Best Semi Truck Insurance Companies 2022
Our guide above shall help in discovering the perfect semi truck insurance for your company. Now, you’ll only need to find the perfect insurance policy company that provide the semi-truck insurance of your need. Below are our recommendations for the best semi truck insurance companies to choose from:
If you’re looking for the best insurance company for your semi-truck insurance, Progressive is your best bet. Progressive is one of the best insurance company providing the best service for semi-truck insurance policy. The company stated that policyholders for transportation truckers paid a monthly premium of $982 in 2020 compared to $640 for specialist truckers. With the support of its’ newest programs, Smart Haul® and Snapshot Proview®, you can track your drivers’ driving habit digitally.
You can also pick various standard auto insurance options include comprehensive, collision, and uninsured motorists’ coverage. There are also options for specialized coverage, including motor cargo, nontrucking liability, and trailer interchange. If your vehicle is incapacitated due to a loss, Progressive provides additional rental reimbursement with downtime, allowing you to continue receiving business support.
Insurance policy from Nationwide is your best choice if you need an insurance dedicated for small fleet trucking companies. It is specifically insuring short, long-haul, short, and intermediate trucks. However, you do have to contact its independent agent to assist you with its online quote procedures. Commercial auto is offered through Nationwide’s excess line. There are numerous options available, including auto, general, cargo, and bobtail liability coverages. The level of customization for the coverage is really high. If you’re renting a truck, gap coverage is an option. For both physical damage and cargo loss, you can choose a single deductible.
Lancer sits on the 3rd position for the best semi-truck insurance provider for a reason. The company provide garage keeper’s liability combined with commercial auto options, that makes the company is the best insurance provider if you own an auto-shop with an in-house tow service. Customer vehicles that are damaged while in your control or custody are covered by a particular type of liability known as garage keeper’s liability.
This policy from Lancer includes a commercial vehicle and garage program to cover your tow truck and up to $1 million in coverage. It offers alternatives for first-party, third-party liability, and medical coverage for your tow truck’s commercial vehicle insurance. You can also find options for semi-truck insurance and other commercial truck insurance options. How much for semi truck insurance might depends on which insurance package you choose.
Picking the correct semi truck insurance will helps you tremendously in the long run. It is also best to invest on an insurance rather than paying hefty amount of money to cover your loss. So, be sure to choose your insurance policy wisely.