Today the commercial trucking industry is facing a record shortage, with an estimated 50,000 more drivers needed. With such surging demand, businesses now require to get good insurance policies to attract a new and younger workforce.
If you’re in the market for commercial truck or owner-operator insurance but need help figuring out where to start, don’t worry, we’re here to help.
In this post, we’ll explain everything you need to know about commercial truck or owner-operator insurance, including:
– The different types of coverage available
– How age and driving history impact insurance rates
– The impact of different types of trucks on insurance costs
– What types of loads can affect insurance premiums
We’ll also provide a few tips for getting the best rates on your policy. So whether you’re just starting out in the commercial trucking industry or driving for years, read on for the information you need to make the best choices for your business.
What Is Commercial Truck or Owner-Operator Insurance?
Commercial truck or owner-operator insurance is insurance that covers commercial truckers and owner-operators. This type of insurance is important because it protects you, your business, and your employees in the event of an accident.
There are a few things to keep in mind when it comes to commercial truck or owner-operator insurance. First, the age of the driver is a factor in pricing. Second, there are different types of insurance requirements depending on the type of truck being driven and the type of load being carried. And finally, the type of truck and the type of load can affect the cost of insurance.
Age of Drivers and How It Affects Pricing
If you’re a young driver, you’re probably looking at higher premiums—but that doesn’t mean there’s nothing you can do about it. One thing you can do is get a commercial truck insurance policy that includes an age requirement.
This type of policy is generally for drivers 25 years of age or older and typically costs less than a policy that doesn’t have an age requirement.
Another thing you can do is to make sure you have a good driving record. You’ll be seen as a lower risk if you have a clean record, which could help you get a better rate.
Different Types of Insurance Requirements
There are a few different types of insurance requirements when it comes to commercial trucks. The first is called “truck liability” insurance, and this is the coverage that protects you if you’re found to be at fault in an accident.
The second type is “cargo insurance,” and this is important if you’re carrying any type of load. This will protect you in case your load is damaged or stolen.
Bobtail insurance provides protection for when you’re driving your truck without its hauling equipment.
And finally, there’s “non-trucking liability” insurance, which is for when you’re not driving your truck (like when you’re parked overnight). This will protect you in case your truck is damaged while it’s not in use.
You can also get commercial truck fleet policy insurance to cover your entire fleet.
Types of Trucks and Their Impact on Insurance Costs
The type of truck you drive will affect how much you pay for insurance.
For example, a semi-truck insurance will be much higher than a smaller truck like a pick-up truck. This is because semi-trucks are more expensive to replace and have a higher risk of being involved in an accident.
Types of Loads and How It Affects the Cost of Insurance
The type of loads you carry also determines how much your insurance will cost. If you’re hauling something like furniture or other household goods, that will be much less risky (and therefore less expensive to insure) than if you’re carrying hazardous materials.
How to Save Money on Commercial Truck or Owner-Operator Insurance
You can do a few things to lower your commercial truck or owner-operator insurance rates. One is to shop around and compare rates from different insurers.
Another is to make sure you’re only buying the coverage you need. For example, if you’re driving an older truck, you may not need as much insurance as someone driving a new one.
You can also save money by bundling your commercial truck or owner-operator insurance with other types of insurance, like bobtail with rig insurance. This can often give you a discount.
Get Complete Protection With J.E.B. Insurance
There’s a lot to think about when it comes to commercial truck or owner-operator insurance. Age, type of truck, and type of load all affect how much your insurance will cost. But there are ways to save money on your premiums. Some insurers offer breaks for things like safety features on your rig or taking a defensive driving course.
The bottom line is that you need to do your research to find the best coverage at the best price for your needs. J.E.B. Insurance provides a comprehensive array of truck insurance coverage, including commercial truck fleet policy insurance across Georgia, Florida, Illinois, Nebraska, Iowa, Tennessee, North Carolina, South Carolina, and Texas. Contact us today or get a free quote.