Big rig truck insurance is a type of commercial vehicle insurance designed to cover the large trucks used in commercial operations. This type of insurance is designed to cover the specific risks associated with the operation of large trucks, including liability for property damage, bodily injury, and medical costs.
The coverage can also include cargo insurance, physical damage coverage, and non-trucking liability coverage. Additionally, it may include specialized coverage such as towing and trailer interchange coverage, as well as roadside assistance.
Who Needs Big Rig Truck Insurance?
Anyone who operates a large commercial truck, such as a tractor-trailer, is required to have big rig truck insurance. This includes trucking companies and independent contractors who haul goods for businesses. Big rig truck insurance helps protect the driver, the cargo, and other motorists from any potential damages or losses resulting from an accident.
Types of Insurance for Big Rig Truckers
There are several types of insurance that big rig truckers should consider, including:
1. Liability Insurance: Liability insurance is a type of car insurance policy that provides financial protection against losses and damages resulting from injuries or property damage caused by an accident that is deemed to be the policyholder’s fault.
2. Collision Insurance: Collision insurance covers damage to your own vehicle caused by a collision with another vehicle or object.
3. Comprehensive Insurance: Comprehensive insurance covers damage to your own vehicle caused by something other than a collision. This includes theft, vandalism, fire, weather-related damage, and more.
4. Uninsured/Underinsured Motorist Coverage: Uninsured/underinsured motorist coverage protects you in the event that you are involved in an accident with an at-fault driver who does not have adequate insurance coverage.
5. Medical Payments Coverage: Medical payments coverage helps to cover medical expenses for both you and your passengers if you are involved in an accident, regardless of who is at fault.
6. Cargo Insurance: Cargo insurance provides financial protection for the cargo that you are carrying in your big rig. This coverage can help to cover the cost of damages or losses that occur during transit.
How Much Does Big Rig Truck Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for big rig truckers ranges from $57 to $159 per month based on location, vehicle type, miles driven, payroll, sales, driving history, and more.
Big Rig Truckers Insurance Risks and Exposures
Big rig truckers can face a variety of risks and exposures that can lead to lawsuits or claims. Some of the most common risks include:
1. Liability: Big rig truckers can be held liable for property damage, personal injury, and environmental damage caused by an accident.
2. Cargo: Truckers may be responsible for insuring and protecting the cargo they are hauling.
3. Equipment: Damage to the truck or trailer and their contents can be expensive to repair or replace.
4. Maintenance: Failing to properly maintain the vehicle or trailer can lead to equipment failure, which can lead to accidents and costly repairs.
5. Theft: Theft of cargo, equipment, and even the truck itself can lead to financial losses.
6. Weather: Poor weather conditions can cause delays, accidents, and damage to equipment.
7. Driver Fatigue: Long hours of driving can lead to driver fatigue, which can lead to accidents.
Commercial Insurance and Business Industry Classification
- SIC CODES: 4212 Local Trucking without Storage, 4213 Trucking, Except Local, 4214 Local Trucking with Storage
- ISO General Liability Codes: 99793
- NAICS CODES: 484110 General Freight Transit, Local, 484121 General Freight Transit, Long-Distance – Truckload, 484122 General Freight Transit, Long-Distance-Less than Truckload, 484220 Specialized Freight (except Used Goods) Transit, Local, 484230 Specialized Freight (except Used Goods) Transit, Long-Distance
- Suggested Workers Compensation Codes: 7228, 7229, 7230, 7231, 7232.
Big Rig Truck Insurance – The Bottom Line
Big rig truck insurance is an important investment for any business that operates large trucks. It is designed to protect the business from a variety of risks associated with operating large commercial vehicles. The coverage options vary, so it is important to understand the various types of coverage available and find the policy that best fits the needs of the business.
By taking the time to shop around and compare coverage and rates, businesses can find an insurance policy that meets their needs and provides the necessary coverage.