Truck Liability Insurance
Truck Liability Insurance Overview
Typically, this component constitutes the costliest segment within the insurance package for a trucking company. It serves to protect against liabilities and injuries caused to others as a result of truck accidents. Both State and Federal agencies require this coverage, and the submission of documentation (filings) as proof is mandatory.
What amount does truck liability insurance cost?
The coverage is typically offered and billed based on a scheduled vehicle basis. This means that if a vehicle is not listed on the schedule, it is not covered. This is usually not a problem for companies with a small number of vehicles. However, it becomes a significant issue for larger fleets, frequent vehicle changes, or when subcontractors are used during the policy year. It is crucial to exercise caution and maintain excellent communication between you and your insurance agent.
For larger fleets and companies requiring more comprehensive coverage, policies can be provided on an any auto basis, eliminating the need for vehicle schedule changes. This type of policy protects you for the use of owned, non-owned, leased, subcontracted, and even private passenger vehicles. These policies can be based on gross revenue or mileage. Choosing the appropriate options can optimize coverage and potentially reduce overall costs. As always, a thorough consultation with your insurance agent will help determine the best choice for your situation. To obtain accurate pricing for Truck Liability Insurance, you can request a truck insurance quote.
Supplementary Policy Considerations
There are various policy endorsements available to enhance your business auto liability coverage. It is important to consider your use of non-owned trailers. Contamination risk, which is associated with vehicle usage, should always be taken into account. Different deductible options are available to allow you to absorb some of the losses and lower your overall cost. Interstate drivers will need the MCS90, BMC91x, and the appropriate State form endorsements to extend coverage to regulatory agencies. It is advisable to become familiar with commercial vehicle licensing.
Limits of Truck Liability Policy
Policy limits for trucking operations with vehicles weighing over 10,000 gross vehicle weight have a mandatory requirement of $750,000. The Federal Motor Carrier Safety Administration (FMCSA) sets this limit for interstate travel, and it is generally enforced by individual States.
