Commercial truck insurance is an important type of coverage to protect you from costly bills should any of your trucks become involved in an accident. If you drive a personal truck or car, you already know you require auto insurance to stay legal on the road.
Commercial trucking insurance covers circumstances where you use your truck to transport products, animals, customers, and materials. If you use your vehicle both professionally and personally, a commercial insurance truck policy will fill in the gaps your personal auto insurance leaves behind. But, this isn’t typically the case with larger commercial trucking companies.
Trucking insurance policies start with primary liability and then build on that with several other coverage’s. You’re required to have primary liability coverage as part of a trucking license to protect property and people from damage your trucks cause.
Commercial truck insurance is a specific grouping of insurance auto policies developed to cover trucking needs. The trucking policies start with primary liability and build upon that foundation with various additional coverage’s. Primary liability truck insurance is often required as part of a trucking license — it protects people and property from damage caused by your truck.
If you are a driver and want to drive on your own authority, then you will need primary liability insurance. If you are an owner-operator of a trucking company, then you’ll expand your trucking insurance to include general liability, as well.
As with all insurance policies, there are ways to save some money. However, please remember that in the insurance world, cheaper may not be better; it may not have the needed coverage you’re required to have to hit the road. If you are after a specific policy, here are some ways you can get the premiums down:
When it comes to discounts, you can get a commercial driver’s license (CDL) discount if you have had your commercial driver’s license for over two years and you can get another discount if you’ve been in business for three years or more.
Commercial trucking insurance can be expensive. For example, owner-operators with their own authority can expect to pay around $8,000 to $14,000 a year in premiums for primary liability coverage. An owner-operator who has a permanent lease with a motor carrier will pay less – around $2,000 to $5,000 a year – because the trucking company pays for some coverage. In addition, owner-operators with their own authority and trucking companies spend an average of $450 to $1,000 a year for $1 million on general liability coverage in addition to primary liability coverage.
With our multiple policy discounts, you can save a lot by going with CompareAQuote insurance, and this can make a difference in your policy cost. In general, your cost will depend on a number of factors including your driving radius, your vehicle, your location, Your driving history, and your business type, but the most important factor will be your ability to access hundreds of insurance companies through our CompareAquote network of authorized, licensed agents.
Additional discounts and savings for bundling your home and auto. I can not promise a number.
Additional discounts and savings for bundling you home and auto. I can not promise a number.