Semi trucks present a lot of danger on the road. Along with the typical risks of collisions, semi trucks also face huge amounts of liability risk due to the size and potential cargo of the vehicle. Wrecks involving a semi can be devastating, which is why all truckers are required to carry a certain amount of liability coverage. Truck Quote Request
Liability coverage provides compensation to victims of bodily injury or property damage caused by the semi truck after an accident. Trucking insurance requirements vary per state and per truck, as some trucks require more liability coverage depending on weight and type of cargo.
The basic trucking insurance requirements for Georgia are:
• $15,000/$30,000 in liability per accident/per person for trucks less than 10,000 lbs.
• $750,000 in liability for general freights over 10,000 lbs.
• $1,00,000 in liability for trucks over 10,000 lbs. carrying oil
• $5,000,000 in liability for trucks over 10,000 lbs. carrying hazardous materials
Requirements also vary depending on how far the truck intends to travel. Trucks intending to travel beyond state lines may require higher amounts of trucking insurance. Carrier trucks transporting people have different liability requirements, as well, due to the nature of danger concerned in transporting civilians.
Cost of Trucking Insurance
There are many factors that affect the cost of trucking insurance. Beyond the weight and insurance requirements of the vehicle, influences include:
• Distance traveled
• Credit score of the insured
• Driving records of all drivers
• Number of vehicles
• Additional coverage
The average cost of primary liability for a semi truck is between $5,000 and $12,000 a year. Entire fleets will cost more to insure, as will those with higher liability requirements. Keep in mind that every driver intended to operate a commercial truck will have an influence on the cost due to their driving record. All potential drivers should be screened according to their driving history.
While liability insurance is the only coverage required by state law, there are other coverages available for trucks and fleets that are crucial to consider. Adding more coverage may raise your premiums, but it will also provide more comprehensive coverage and prevent expensive out of pocket costs after an accident.
Common coverages available under trucking insurance include:
• Comprehensive Coverage: This insurance provides compensation if the truck is lost or damaged due to fire, wind, hail, falling objects, theft, vandalism and other incidents not involving collision.
• Collision Coverage: Collision coverage provides compensation if the truck is lost or damaged due to collision with another vehicle or object.
• Personal Injury Protection: Also known as PIP, this coverage helps with medical expenses for the driver and their passengers after an accident, no matter who is at fault.
• Uninsured/Underinsured Motorist Coverage: This coverage compensates for damages that occur in an accident involving an uninsured driver.
• Hired and Non-Owned Coverage: Hired and non-owned trucking insurance covers vehicles that are used but not owned by the business, such as rented, hired and borrowed trucks.
• Bobtail Insurance: Bobtail insurance covers the bobtail of a truck when not attached to a trailer.
• Cargo Insurance: Cargo insurance compensates for cargo lost or damaged while in transport due to fire, theft, vandalism and more.
• Inland Marine Insurance: Inland marine insurance covers the business’ equipment while it’s in transport.
While cutting back on coverage can save a bit of money on monthly premiums, having enough coverage is priceless. A single accident with a semi truck can result in millions of dollars in damage. Unless the business can pay for that kind of expense out of pocket, it’s crucial to make sure your semi truck is properly covered.