Commercial Truck Insurance Requirements
Your insurance coverage is your safety net if you have an accident. This means it is important to understand what is required. Commercial insurance requirements are set by the federal motor carrier safety administration (FMCSA). The requirements for your commercial truck insurance depend on many things. Things such as the type of freight you transport. For example, if you transport non-hazardous freight, the minimum coverage would be $300,000. If you transport hazardous freight, the minimum coverage would is $500,000. Such requirements make it important that you choose the right insurance coverage for your needs. The requirements also depend on the weight, asset and type of transport. FMCSA also requires drivers and owners of trucking businesses to have multiple coverages. These include primary liability coverage, bodily injury insurance and property damage insurance. For a full description of the types of insurance, the FMCSA lists the requirements on their website.
The cost of commercial truck insurance:
Your commercial truck insurance cost depends mainly on your driving record. It also depends on where you will be driving and other factors like age and credit. The cost of insurance also relates to the structure of your policy. For example, whether or not you set up a payment plan. If you lease a commercial truck, your insurance could cost between $3,000 and $5,000 a year. The average cost will change if you are driving the truck under your own authority. This could cost between $9,000 and $12,000 a year for each truck. According to the FMCSA, commercial truck insurance should cover at least $750,000 in damages.
So just remember that there are many factors to consider. Many things such as age, credit, driving record and the kind of freight you will be hauling. To better understand how much your commercial truck insurance will cost you, get a quote here.