Auto Liability Insurance


Auto Liability for trucking works the same way as for your personal auto. It covers (based on the policy) property damage and bodily injury to others.  This is a required coverage by the DOT when owning a trucking company.  Unlike your personal auto, the liability limits will be higher. The liability limits range from $100K to $1M in most cases your brokers and contracts will require the $1M.

If you are running a trucking operation where the GVW is over 10K you will just want to look at higher limits, than the $100K. Yes, the premium is higher, but less hassles for you when trying to get loads. Some insurance companies will have their own minimum limits in order for you to be with them. If you have an MC-90, the minimum limit is $750K to be compliant with the FMCSA. 

Check with our brokers and contracts for their required limits before shopping for your insurance so you don't have to go through raising them later.


  Cargo Insurance


Cargo coverage is also known as Inland Marine will be a required coverage by your brokers. Cargo covers the non-owned freight that is on or in the trailer. The limits can range from $50,000 to $1M. The current standard limit is $100K. If your broker or contract is requiring higher limits than $100K, you may want to determine if the contract will justify the additional cost for carrying the higher limits.

You may know or not know that the cargo policy usually is a named commodity policy. If the agent does not list the commodity, you are hauling could lead to an uncovered claim when it arises. Not the best time to find out.

 


   Physical Damage               Insurance


Physical Damage is only required if you have a loan or lease on the truck and/or trailer. This coverage repairs your truck and/or trailer in the event you are in an accident and deemed your fault. This coverage is based on the stated value of the equipment.

Each year you will want to lower the stated value on the equipment since it will be depreciating. If your agent isn't asking each year what the values are then you may be overpaying for this coverage.

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