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Commercial Trucking Insurance: What You Need To Know

Everything You Need To Know About Commercial Trucking Insurance

If you’re driving a semi-truck, you need to have commercial trucking insurance. However, getting insurance for your big rig might not be as cut and dry as you once thought. Coverage standards vary widely. Before you hit the road, Central Florida’s premier commercial trucking insurance provider, Kirby Soar Insurance, wants to make sure you have everything in order. As an owner/operator, you must know about all the ins and outs of commercial trucking insurance. This guide will help you get started.

man getting into commercial truck, commercial trucking insurance

Commercial Trucking Insurance 101

Just like there are a wide variety of truck owner-operators, there are many types of insurance. The most common types of commercial trucking insurance coverages are:

Truckers General Liability: Covers the actions of the driver that is operating on someone else’s premises (loading docks, truck stops, etc)

Primary Liability: Pays for damage done to other vehicles, instead of your own truck.

Physical Damage: Goes to repair or replace damaged equipment if your vehicles were in an accident or you were the victim of theft.

Non-Trucking Liability: Covers damages or injuries to others when you aren’t “on the job.”

Motor Truck Cargo: Covers your cargo, in the event of mishaps such as stolen goods, wet load, refrigerator breaks, debris removal, etc)

Trailer Interchange: This is for the use of a non-owned trailer during a trailer interchange agreement.

Medical Payment: Used to cover medical bills if you’re injured while driving the rig.

Uninsured/Underinsured Motorists: Simply put, this protects you from other drivers on the road who may have no or insufficient insurance. It covers replacements or whatever you need to be repaired.

Finding The Right Insurance For You

We know that the type of commercial trucking insurance you purchase is heavily influenced by cost. Remember, many variables go into determining that price. Therefore your insurance could cost anywhere from $3,000 to $12,000.

Factors involved in pricing commercial trucking insurance:

  • The type of cargo being hauled
  • The length and/or duration of your typical drive
  • Age of the driver
  • Prior CDL experience
  • Value of the truck
  • Your credit history
  • The payment plan
  • Type of coverage you choose

The average costs for commercial insurance, per type of coverage, are as follows:

  • Primary Liability: $5,000-7,000
  • General Liability: $500-600
  • Physical Damage: $1,000-3,000
  • Uninsured/Under-insured Motorist: $50-100

Choosing The Right Commercial Trucking Insurance For You

Making a purchase decision on your own can be risky. We recommend consulting the expertise of a professional insurance expert, like the ones at Kirby Soar Insurance. Trucking is a high-stakes business, and you can’t afford to drive without the proper insurance. By nature, truckers spend countless hours on the roads and encounter hundreds upon thousands of vehicles. It is a billion-dollar business in the United States. Contact Kirby Soar Insurance today for a free, no-obligation consultation and estimate.

If you live in Polk or Hillsborough County, FL, including Plant City, Valrico, Lakeland, Mango, Brandon, and Mulberry, let Kirby Soar Insurance find you the perfect commercial trucking insurance today. (813) 752-1680