How Much Does Insurance Cost For A Semi Truck


The trucking industry has grown tremendously over the years, therefore, the demand for trucking companies is also expanding. Owning or managing a semi-trailer like other big investments is a wise decision and getting insurance on a semi-trailer is wiser.

Semi-trailers are one of the most commonly used trucks in the trucking industry.

If you have a fleet of tractor-trailers and are thinking of starting your own trucking business, you will need insurance because driving a tractor-trailer is dangerous and accidents can be quite costly if your trucks are not Covered. .

When it comes to choosing the best plan for your semi-trailer business, there are a few factors to consider. You will need to determine which form of semi-trailer insurance is right for you, as well as how much it will cost.

In this article, we’ll explain what semi-trailer insurance is, how it works, and how you can purchase insurance on a semi-trailer.

What is trailer insurance?

Semi-trailer insurance is insurance that provides liability coverage for injury or damage caused by semi-trailer drivers to third parties. Although semi-trailer premiums are higher than vehicle premiums, it is important to note that the risks associated with operating it are also greater.

If you own, rent or operate a semi-trailer on public roads, you must purchase insurance for the semi-trailer.

Why buy semi-trailer insurance?

To drive on public roads in the United States, you must have appropriate auto insurance. The main thing is to have a well-organized compensation system in the event of an accident.

Here are some reasons to purchase semi-trailer insurance:

Since any pause in your trading operations can lead to losses, which you should avoid at all costs. The most effective way to do this is to get a fair insurance quote that will ensure your business continues to operate even in the event of an accident.

A semi-trailer insurance policy will protect you against a multitude of lawsuits arising from accidents caused by an uninsured vehicle.

Because a growing number of trucking companies have it to protect themselves from disputes with third parties. Semi-trailer insurance will protect you from bodily injury and property damage caused by your commercial semi-trailer or trucking activities.

Semi-trailer truck insurance covers the cost of repairing your truck in the event of fire, theft, vandalism or glass breakage. This coverage protects your most valuable asset, the truck.

Whether you are transporting dangerous goods like chemicals, fertilizers or fuels, insurance on a tractor-trailer will protect the cargo you are transporting in the event of damage or loss. Therefore, taking out semi-trailer insurance can be a good idea.

Finally, all 50 states have truck insurance laws. This coverage is required if you drive a truck or own a trucking business. Thus, taking out semi-trailer insurance is a must if your business is in the United States.

What are the factors that determine the cost of insurance on semi-trailers?

Since insurers take into account several criteria when setting premiums, the cost of insurance on a tractor-trailer can vary considerably. Here are the factors that determine the cost of semi-trailer insurance:

Ownership status: If you are an owner-operator with a permanent lease, the motor carrier will cover your liability, which will significantly reduce your overall insurance costs.

Credit history: Insurers look at your credit score and history to see if you are a good risk. If they see a poor credit history, they’ll take it as proof that you’ll be costing them more, and they’ll adjust your rate accordingly.

Driving experience: The number of years you’ve had your CDL and the number of accident-free years can influence how much you pay for tractor-trailer insurance.

Type of damage coverage: Although insuring the actual cash value of your truck carries a higher premium, the amount of coverage shown will be based on your estimated value.

Policy limits: Policy limits are the amounts the insurer will pay for claims. High limits mean higher rates since the semi-trailer suppliers’ insurance wants to cover the potential cost to them.

Number of trucks you have: The more trucks you have, the higher your trailer insurance premiums will be. When there are a lot of trucks on the road, there is a higher chance of more accidents happening.

Value of your trucks: Semi-trailers are expensive, and the more valuable your equipment, the more insurance you will have to pay. Therefore, the cost of insuring a higher value semi-trailer is higher.

Goods you transport: What you haul will also affect your trailer insurance rates. If you are transporting hazardous materials like fuel, chemicals, fertilizers or explosives, you will pay more for insurance.

Driving distance: The further you travel, the higher the risk of an accident, and this affects your semi-insurance premium, so distance will always impact your insurance premium, for a variety of reasons.

The longer you stay on the road, the more likely you are to be involved in an accident. The more time you spend behind the wheel, the more tired and preoccupied the driver becomes, increasing the risk.

Company location: Since each state has its own rules and regulations regarding insurance on semi-trailers, insurance prices also differ.

All of these factors have the potential to increase or decrease your insurance premiums.

What are the types of insurance on semi-trailers?

There are many types of semi truck insurance you can buy and the type will always decide the price of each offer. Here are the different types of semi-trailer insurance that are available:

General liability insurance

It covers bodily injury to third parties and material damage that is not related to transport by truck. General liability, for example, covers injuries caused by a customer if they slip in your garage, but not those sustained if you hit them with your contraption.

Bobtail Insurance

Bobtail insurance protects you and your trailer when you’re driving for business but not hauling a load. If someone sues you after an accident, the coverage will cover your legal costs. Bobtail insurance is frequently required of drivers hired by motor carriers.

Primary liability insurance

It compensates you for any injury or property damage you cause to others while using your truck. The majority of trucking liability plans require each truck to be programmed or named on the policy. If the truck is not scheduled, insurance companies will not pay claims.

workers compensation insurance

Workers’ compensation insurance is a state-mandated policy that covers medical expenses and missed wages for employees who are injured or sick on the job.

Workers’ compensation is generally only required for motor carriers and owner-operators with employees, but some states may require coverage for business owners in high-risk industries.

Personal injury insurance

Accidents, natural disasters, theft and vandalism are all perils covered by personal injury insurance, which pays for damages and repairs to your truck. Personal injury insurance is not legally required, but is strongly recommended for all drivers.

All of these semi-trailer insurances are often required by owner-operators working under their authority.

Now that you know why you need semi-trailer insurance, the factors that affect it, and the different types of semi-trailer insurance, let’s take a look at the cost of semi-trailer insurance. .

How much does semi-trailer insurance cost?

Generally, the cost of your insurance will be determined by the type of policy you need and the type of truck you drive. Here are the insurance costs on semi-trailer:

General liability

Liability insurance covers the whole business, not just the trucks. The cost of general liability insurance ranges from $490 to $595.

Bobtail Insurance

When a driver and truck aren’t hauling goods, bobtail insurance helps pay for their expenses, especially when traveling between jobs. The cost of bobtail insurance is between $300 and $400.

Main responsibility

This covers property damage and other types of accidents that occur as a result of your driving. The cost of primary liability insurance ranges from $4,900 to $7,000.

workers compensation insurance

This type of tractor-trailer insurance compensates for work-related injuries and also provides income benefits and medical payment. Workers’ compensation insurance costs about $1,600 to $2,000.

Physical damage

This includes coverage for acts of God, collision, vandalism, and theft that cause actual physical damage to the truck and the cost of purchasing physical damage coverage is between $1,000 and $2,900.


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