This covers your liability risks in the event you or your employed drivers cause an accident. This is usually the most costly portion of any trucking company’s insurance package, protecting you from damage or injuries to other people as a result of truck accidents. Your commercial truck liability will include bodily injury liability to cover the costs of injuries and medical expenses for the injured party(s) and property damage liability to cover the cost of the property damage caused to others should an accident occur. This coverage is also mandated by the State and Federal agencies and a form of proof is required to be sent to them.
Primary Trucking Liability Insurance Cost
In order to legally operate a commercial truck, you must have primary truck liability coverage. Every truck driver operating on the highway in the United States is required to carry some form of primary trucking liability insurance.
Federal Motor Carrier Safety Administration (FMSCA), the agency in the US Department of Transportation (USDT), sets primary liability insurance with a mission to decrease the number of accidents, injuries and on road fatalities involving trucks. Minimal trucking liability insurance coverage is
• 300 000 USD – if the truck is less than 10 000 lbs.
• 750 000 USD – is the required minimum limit for trucks over 10 000 lbs. gross vehicle weight. This limit is set by the Federal Highway Administration (FHWA) on interstate travel and, generally, applied by states for most trucks hauling most goods. A coverage of 750 000 USD is a requirement set also by Federal Government.
• 1 million USD – If you are hauling autos you will need a minimum of 1 million USD coverage. One million in truck liability coverage is becoming an industry standard across other hauled commodities as well.
• 5 million USD – is the minimum coverage requirement for hauling of hazardous materials.
RoadGuard Insurance will present you with requirements and options applicable to you and help chose truck liability insurance policy right for you and your trucking business.
- You can be sure that we’ll present you an easy to understand insurance.
- We will give you firm prices and clear terms for all insurance options.
- We will negotiate the most favorable pricing on your coverage.
Contact us today to get your quote and start your trucking business off on the right wheels.