Truck insurance coverage

Truck insurance coverage provides commercial motor vehicles like semi-trucks, dump trucks, and box trucks with financial protection against accidents, theft, or damage. Liability insurance for trucks pays for bodily injury and property damage claims from third parties after covered incidents, per FMCSA regulation 49 CFR 387.

Federal law requires minimum liability limits of $750,000 to $5 million depending on freight type, e.g. hazardous materials need higher limits. Physical damage coverage insures truck tractors and trailers against risks such as collision, fire, vandalism, or natural disasters.

Motor truck cargo insurance protects customer goods transported by the insured vehicle against loss or damage; for instance, stolen electronics shipments are covered. Non-trucking liability insurance covers owner-operators driving their rigs for personal use when not under dispatch, as sourced from YourInsurance.info.

Bobtail insurance specifically applies to tractors operated without trailers between loads or during non-commercial use. Uninsured/underinsured motorist coverage pays for injuries or damages caused by drivers without sufficient insurance; an example is a hit-and-run accident on I-80.

General liability insurance covers lawsuits from non-driving-related events like slip-and-fall injuries at loading docks or customer sites. Trailer interchange coverage insures borrowed or exchanged trailers while in the trucking company’s care under a written agreement.

Premium costs for truck insurance vary widely: Owner-operator policies average $8,000–$14,000 per year in 2023 per Trusted Choice data, depending on state, driving history, vehicle type, and cargo class.