Finding the correct insurance for your 18-wheeler has never been more simple. Whether you own a fleet of trucks or only have one rig, we can ensure that you are legally covered, comprehensively.
Why is 18 Wheeler Insurance important?
Driving an 18-wheeler truck carries a lot of risks, so you must have the right coverage. If you drive across state lines you will be required to carry a commercial policy of at least $750,000 in auto liability insurance. Your business must be registered with the Federal Motor Carrier Safety Administration (FMCSA) as an interstate cargo hauler.
The number one reason why you need semi-truck insurance is to protect your business financially. The insurance policy should cover your cargo, pickups, cargo vans, and tow trucks. Your 18-wheeler insurance will protect your business if you are involved in an accident that injures others. The policy will cover the payment for court-awarded damages and pay for your legal defense costs.
This type of insurance also covers collision damage and physical damage caused by vandalism, fire, floods, or other specified hazards.
Factors that Drive 18 Wheeler Truck Insurance Costs
Certain factors affect your trucking insurance rates:
- The Type and Value of the Cargo you’re Carrying: The type of cargo you carry can have a major impact on how much you will pay for insurance, some types of cargo are more prone to being stolen or can be damaged very easily. Hauling food will require more extensive coverage than hauling electronics. The value of your cargo will also be taken into account.
- The Experience and Age of the Truck Driver: If the driver is under the age of 25 years old, they will cost more to insure. This is because they are seen as a higher risk, and they don’t have much driving experience. A veteran driver will have more experience and be better equipped to avoid accidents and adjust to adverse driving conditions. If the driver is over 60 years old it will cost more to insure and they will need to be cleared medically.
- Your Driving Record: Accidents and road violations will increase the cost of your 18-wheeler insurance coverage. To prevent accidents and price increases drivers must practice safe driving habits and conduct all necessary pre-driving inspections before setting out on their journey.
- The age and condition of the truck.
- Your company’s trucking safety rating.
- The Location of Operation: Risky routes, weather conditions, and road conditions will affect the cost of your insurance.
18-Wheeler Truck Insurance Coverage
How much is insurance for an 18-wheeler, and what are you covered for? Most insurance policies cost upwards of $100,000 which will cover your business in the event of a crash, fire, or other injuries. Coverage to look for should include:
- Liability
- Physical damage
- Medical payments
- Uninsured motorist
- Trailer interchange
- Non-trucking liability
- Motor truck cargo
- On-hook towing
- Garagekeepers’ legal liability
- Worker’s compensation
Different types of insurance cover different damages. The most common types to consider are
- General Liability Insurance: This covers property damage, medical bills, and lawsuits.
- Trucking Liability Insurance: Covers physical damage from accidents.
- Physical Damage: covers damages caused by natural disasters, or theft.
- Bobtail Insurance: covers damages when using your truck without carrying a load.
Things to keep in mind when choosing an Insurance Company
- Low Deductibles and High Limits: your deductibles, the amount you pay each month should be low, while the coverage amount the insurance will pay out, should be high.
- Compliance with State and Federal Requirements: The company must have good standing with requirements, including FMCSA, MCS90, BMC34, BMC91-X, OS/OW, COI, and SR22.
Frequently Asked Questions (FAQs) – 18 Wheeler Insurance
How to get Cheap 18 Wheeler Insurance Premiums?
How much is 18-wheeler insurance? To keep the cost at a minimum follow these tips:
- Compare quotes and shop around.
- Ask for discounts.
- Pay the entire premium upfront.
- Business experience discount.
- Paid in full discount.
- Choose the correct coverages.
- Increase your deductibles.
- Read reviews and ask for advice from others in the industry.
- Pay attention to the policy limit.
What is the Average Commercial Truck Insurance Cost?
It’s reported that over 500,000 trucking accidents happen in the US each year! If you drive a truck or run a fleet of trucks, this is a very scary statistic. You need to ensure that you have the right insurance and that you’re fully protected. Truck insurance covers truckers for injuries and damages that are sustained in an accident. It will also protect you from legal damages when an accident occurs.
The average commercial truck insurance costs between $2,500 – $750,000 per vehicle per year. This amount will increase depending on the type of cargo being hauled and the other factors that we mentioned previously, which include:
- The types of vehicles covered.
- The location and operating radius.
- How the vehicle is stored.
- The type of cargo being hauled.
- The driver’s age and driving history
- Coverage limits and deductibles.
Another factor to take into account is worker’s compensation, which covers:
- Injuries suffered from being in an accident.
- Stress injuries from loading and unloading cargo.
- Illness related to driving trucks.
Expert Truck Accident Lawyer
With over 30 years of experience, Coluccio Law prides itself in working to protect people and their families and create a real positive change in people’s lives. Kevin Coluccio is one of only 50 lawyers to achieve truck accident law certification.
Our lawyers have the expert knowledge and experience to ensure that your business is covered in the event of an accident and we are dedicated to truck crash litigations with decades of experience in commercial truck crash law.
Call us today for 18-wheeler insurance costs and a free quote and let us give you the peace of mind you deserve while hauling your precious load.
Recommended Article: Washington State Car Insurance Requirements
