Truck Liability Insurance Overview
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 this coverage is also required by the State and Federal agencies and a form of proof (filings) is required to be sent to them.
How Much Does Truck Liability Insurance Cost?
Coverage is generally priced, and usually provided, on a scheduled vehicle basis. This means that if the vehicle is not on the schedule then there is no coverage given. With only a few vehicles this is not normally a problem. The problem becomes significant with a large fleet, many vehicle changes, or use of subcontractors during the policy year. Care must be exercised and excellent communications established between you and your insurance broker.
For larger fleets and companies requiring broader forms the policy can be issued on an any auto basis where no vehicle schedule changes are needed. This type of policy insures you for your use of owned, non-owned, hired vehicles, subcontracted vehicles, even for the use of private passenger type vehicles. These policies can be written on a gross revenue or mileage basis. In most cases selecting the options properly simplifies and can reduce the overall cost. As always, proper evaluation with your insurance broker will uncover the best alternative for the situation.
Get accurate pricing for Truck Liability Insurance: Request a truck insurance quote.
Additional Policy Considerations
Various policy endorsements are available to add additional coverages to the commercial auto liability coverage. Consideration needs to be given to your use of non-owned trailers. Pollution liability, as relates to the use of vehicles, is a form that should be always considered. Various deductibles are available to allow you to absorb some of your losses and reduce your overall cost. Interstate truckers will need the MCS90, the BMC91x, and the appropriate State form endorsements which extend coverage to the regulatory agencies. Learn more about commercial vehicle licensing.
Truck Liability Policy Limits
Policy limits, generally, for operations with trucks over 10,000 gross vehicle weight have a required limit of $750,000. This limit is set by the FMCSA on interstate travel and, generally, matched by the various States.