Truckers Insurance Basics – Commercial Truck Liability Insurance
Nearly three quarters of all the products shipped around America come to us via trucks. That’s about $6.5 trillion worth of goods. If you’re a commercial trucker or own a commercial truck fleet, you know that commercial truck insurance is a cost of doing business. If cheap commercial truck insurance is your goal, it helps to understand your requirements, options and how commercial truck insurance quotes are arrived at.
All truck drivers are required by federal law to carry commercial truck liability insurance. This covers damages or injuries to other people. The amount of commercial truck liability insurance required will coverage will vary from state, except in the case of tractor trailers, which must carry a minimum of $750,000 to operate. Commercial truck liability insurance provides both intrastate and interstate coverage.
Commercial vehicle insurance quotes for your truck will be based on several factors. As with all vehicular insurance, the driver’s age will play a big part in determining how cheap your commercial truck insurance will be. So will the driver’s level of experience with the same type of truck. For example, 10 years of experience driving a straight truck will not automatically result in lower commercial truck insurance quotes if that driver switches to a tractor trailer. The number of years a driver is employed is also taken into consideration. Where a trucker drives can also have an impact; a driver whose route takes him or her through a big, congested city can probably expect to pay more for commercial truck insurance than a driver with a rural or small town route.
Of course, among the biggest factors determining commercial truck insurance cost is the trucker’s driving record. Multiple moving violations, whether while on the job as a trucker or while driving a personal vehicle, will push up the commercial truck insurance quote, as will accidents. Both are clear indications that a driver is a poor risk and statistically more likely to be involved in future accidents or moving violations.
If you own a fleet of commercial trucks, your DOT safety rating will be taken into consideration when potential carriers provide commercial truck insurance quotes. Regardless of the size of your fleet, you can exert some proactive control by having a basic safety program in writing that covers such procedures as driver hiring and qualifications criteria, safety training, driver supervision, drug and alcohol testing, vehicle inspection and maintenance and standards for accident investigation and reporting.