Truckers insurance is one of those things you must have and should never go without. If you drive, you need to be covered.
Driving without insurance can lead to serious financial and legal problems. Accidents can quickly get into the tens of thousands of dollars or more. You could jeopardize your future and the future of your company if you don’t have adequate coverage.
No one wants to have to make payments, but it’s far better than the potential setback of being in an uninsured accident. Chances are you won’t need to use truckers insurance most days, but when the time comes, you’ll be glad you have it.
Penalties for Driving without Truckers Insurance
Federal regulations require all commercial vehicles to carry liability insurance. That includes semi-trucks. Freight trucks need to have between $300,000 and $5 million in coverage based on the type and weight of their cargo.
If you are in an accident while uninsured, you will have to pay for damages out of pocket. In some states, you may have to pay whether you are at-fault or not. You may also be on the hook to pay the excess amount for injuries if the total is higher than a certain threshold.
The Insurance Research Council released a report in 2014 that found that around 13% of drivers, or 1 in 8, do not have insurance. If you are driving without truckers insurance, you and your employer could be required to pay. Damages can include medical expenses, lost wages, and amounts for pain and suffering.
Each U.S. state has different penalties for getting caught driving without insurance. Some may charge a $200 or more fine for a first offense. Others may include a lengthy license suspension. Penalties can get much worse if this isn’t a first offense. Some are over $500 to $2,000 for fines with possible jail time.
The reality is that driving without truckers insurance isn’t worth the risk. You could potentially lose a lot of money, cost your employer money, lose your job, or even face jail time.
Truckers Insurance Cost Breakdown
The cost of truckers insurance will vary based on several factors. You should speak to an insurance agent to request a quote based on your needs.
An owner operator with a good driving record will usually pay around $9,000 to $15,000 per truck annually. If you’re new, you may pay between $12,000 and $18,000. However, that’s only a rough estimate. Some end up paying more than $30,000.
If you are an owner operator who is leased onto a motor carrier, then you may pay between $2,000 and $4,000 depending on the value of your truck. That’s because you most likely only need bobtail and physical damage coverage.
Here is a quick breakdown of what you can expect to pay on average for semi truck insurance:
- Primary liability – Between $5,000 and $12,000
- General liability – Between $500 and $800
- Physical damage – Between $1,000 and $3,000
- Umbrella Policy – Between $500 and $700
- Uninsured/Under-Insured Motorist – Between $50 and $100
- Cargo Insurance – Between $400 and $1,200
You may also incur additional costs for occupational accident coverage which will vary based on your criteria.
What Determines the Cost of Truckers Insurance?
Your rates may be higher or lower depending on your circumstances. Different factors come into play when calculating a quote for your truckers insurance, including:
- Number of years in business
- What type of cargo you haul
- Your average distance traveled
- The value of your semi-truck
- Your age
- Your CDL experience
- Your credit history
- The payment plan you choose
- The insurance company you choose
All of these things combined will determine the amount you have to pay annually to keep your truckers insurance. If you have questions about coverage, your insurance agent can help. You can also request a breakdown, so you know exactly what you’re paying for each type of insurance.
How to Get a Quote for Truckers Insurance
If you need truckers insurance, then you should begin with a quote. This will give you an exact amount based on your history and details.
You can start by visiting InsureTrucking.com and using the online quote form. You will need to provide your name, email address, phone number, and DOT number (if known). If you prefer to do it by phone, you can call us at 866-307-5480 to speak to an insurance agent.
We can provide instant certificates the same day you contact us. Our services include policies for one truck or fleets of 10 or more. We charge competitive rates and can give you the peace of mind you need to drive with confidence. Get in touch now to find out how you can get affordable truckers insurance today.