Commercial Truck Insurance

How Does Commercial Truck Insurance Work?

  Similar to other forms of auto coverage, commercial truck insurance protects others in the form of bodily injury and property damage liability coverage if a truck driver is found responsible for an accident. 

Commercial truck insurance can also offer other coverages, such as comprehensive and collision protection, cargo coverage, personal injury protection (PIP), and uninsured/underinsured motorist protection. The driver will report the claim to the insurance carrier who lays the covered benefits when an incident happens. 

How Much Is Commercial Truck Insurance?

   As with all insurance products, the cost of commercial truck insurance will vary according to individual factors. These include the vehicle (s) being insured, coverage limits chosen , location, travel radius, type of cargo, business experience, and even the drivers own age and record.

What Is Fleet Insurance?

   Fleet insurance covers businesses that operate more than one vehicle. The vehicles receive the same coverage options and get discounted price when in a fleet. While a fleet is typically considered five or more company vehicles, some insurance companies will consider offering a commercial fleet policy if you operate just two or more vehicles for your business. 

How Much Commercial Truck Coverage Do I Need? 

  Accordingly to the Federal Motor Carrier Safety Administration, commercial trucks are required to carry minimum insurance coverage amounts depending on the vehicle and cargo being driven. The more dangerous the cargo and heavier the truck, the more coverage drivers are required to have. 

Minimum commercial truck insurance limits are currently:

  • $300,000 for non- hazardous cargo in trucks under 10,001 pounds.
  • $75,000 for non-hazardous cargo in trucks 10,001 pounds and over
  • $1 million for oil being transported by for-hire/private carriers 
  • $5 million for other hazardous materials or explosives being transported y for-hire/ private carriers 
  • Additional cargo coverage for household goods being transported, $5,000 per vehicle/$10,000 per occurrence 

Keep in mind that these are federal minimums; additional minimums may require by certain states, companies, or when hauling specific cargo. 

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