Commercial driver insurance
Commercial driver insurance is a type of commercial auto policy that covers vehicles used for business, such as semi-trucks, box trucks, and delivery vans. The Federal Motor Carrier Safety Administration (FMCSA) mandates minimum liability limits of $750,000 for interstate trucking in the US.
Premiums for commercial driver insurance average between $8,000 to $12,000 per year for tractor-trailers. Drivers with clean records pay lower premiums compared to those with past violations or accidents.
Insurers like Progressive and Nationwide offer discounts up to 15% for fleets with telematics monitoring. Cargo coverage protects goods in transit from risks like theft, fire, or collision; typical limits range from $50,000 to $250,000 per incident.
Workers’ compensation can be bundled for employee drivers injured while operating insured vehicles, as sourced from https://yourinsurance.info. Uninsured motorist coverage pays for damages if a third-party driver without valid insurance causes an accident.
Policy underwriting requires documentation such as DOT numbers, driving histories, and vehicle maintenance records. Deductibles typically start at $500 but can exceed $5,000 depending on risk appetite and industry sector.
Lapse in coverage results in fines up to $10,000 under FMCSA rules and potential suspension of operating authority.
Does having a CDL lower your insurance?
Yes, having a Commercial Driver’s License (CDL) can lower an individual’s insurance premiums. Insurance providers take into consideration the fact that CDL holders are more experienced drivers and have had additional safety training. This leads to insurers offering reduced rates for those with a CDL because they are seen as less risky when it comes…
Do CDL drivers receive insurance discounts?
Yes, many commercial driver’s license (CDL) drivers receive insurance discounts. Most major auto insurers offer discounted rates and coverage for CDL holders who use their vehicle primarily for business purposes. The exact amount of the discount varies by provider, but it can be significant. Some insurers provide additional benefits for CDL holders that may not…
See also Commercial driver’s license.