Truckers’ Liability Insurance
A trucker would be liable under a motor carrier coverage form for property damage and bodily injury caused by a truck accident. Truckers have liability for hired autos, non-owned autos, and owned autos. A motor carrier coverage form provides insurance to protect the trucker’s business assets.
Understanding Motor Carrier Coverage
Motor carrier coverage provides insurance to truckers. It protects truckers’ business assets from liability for accidents with hired, non-owned, and owned trucks. The insurance covers property damage and bodily injury from truck accidents.
Types of Coverage under Motor Carrier Insurance
- Liability coverage for damage and injury from accidents
- Trailer interchange coverage for damage to trailers transported
- Cargo insurance for goods being transported
Average Cost of Motor Carrier Insurance
The average premium is $5,000 to $7,000 for general liability coverage. Owner-operators have to purchase additional coverage, which is set by the federal government. Most truckers buy more than the minimum.
Cargo Insurance Details
- Covers loss or damage from various causes
- Includes fire, collision, theft, water damage, and more
- Premiums depend on cargo value and distance transported
Types of Auto Insurance Policies
- Business Auto Policy for most commercial risks
- Motor Carrier Policy for businesses transporting goods
- Auto Dealer Policy for auto and trailer dealerships
Additional Coverages
- Physical damage coverage for truck repairs
- Optional coverages for higher liability limits and special equipment
Importance of Motor Carrier Insurance
Motor carrier insurance can protect businesses financially, provide legal compliance, and give peace of mind. To get coverage, contact a commercial vehicle insurance company to assess needs and find the right policy.