Being a commercial truck driver is no easy task. Between the grueling hours, long-distance drives, and expensive repairs and maintenance, it can be an expensive affair.
But one thing you don’t want to skimp on is insurance. As a new commercial truck driver, you need the best commercial truck insurance coverage to protect yourself and your rig if an accident occurs.
Your first move should be to start shopping around for the best insurance company that fits the needs of a new driver. The right coverage can make all the difference in the event of an accident, so it’s important to do your due diligence.
In this article, we’ll review some of the best commercial truck insurance for new drivers companies for new drivers.
We’ll look at the different types of policies they offer and discuss how you can save money on your premiums with discounts designed for new drivers. Let’s get started!
What Commercial Truck Insurance Covers
Commercial truck insurance protects you and your business from financial losses associated with an accident involving your commercial truck.
This type of insurance is designed to cover the expenses that come with the liability resulting from vehicles used for business purposes.
Essentially, it protects others in the form of hefty bodily injury and property damage liability coverage.
It includes various types of coverage like commercial auto, cargo, workers’ compensation, general liability, and excess liability.
Depending on the type of freight being transported and its destination, you may also need marine cargo insurance, general liability insurance, and trailer interchange coverage.
For a new driver just starting out in the industry, understanding the basis and limits of which insurance is necessary can be a daunting task without knowing where to start.
Luckily, there are experts available who can guide you through all of your claims needs for your commercial truck-specific coverage needs.
best commercial truck insurance
If you’re a business owner, getting the best commercial truck insurance is crucial to protect your assets and employees.
When looking for the best coverage, it’s important to consider factors such as liability limits, deductibles, and endorsements specific to your business needs.
Additionally, reputable insurance companies will offer custom policies tailored to your industry and fleet size, allowing you to maximize coverage while minimizing cost.
It’s also important to research the company’s customer service track record and claims handling process in case of an accident.
With the right commercial truck insurance policy in place, you can travel confidently knowing that your business is protected from unexpected losses.
How Much Commercial Truck Insurance Do I Need?
The amount of commercial truck insurance you need depends on two key factors: size of the truck and type of cargo.
If your truck is registered with the Federal Motor Carrier Safety Administration (FMCSA) and Department of Transportation (DOT), you are required to have a minimum level of insurance.
For example, trucks under 10,001 pounds not hauling hazardous materials need a minimum $300,000 liability policy limit, while trucks hauling most commodities require a minimum of $750,000 primary liability coverage.
However, if you’re carrying hazardous material or passengers for hire, for instance, the FMCSA and DOT require more—you may need at least $750,000 in liability coverage for your vehicle and cargo combined.
This is especially important for new drivers in commercial trucking to keep in mind when looking for the best commercial truck insurance.
Finding the Right Policy for Your Business
If you’re a new commercial driver, finding the right insurance policy for your business can be tricky. But it’s important to get it right—with the proper coverage in place, you can make sure your loads, trucks and trailers are all insured to protect against accidents and other claims.
So how do you find the best commercial truck insurance policy for your business?
When it comes to commercial truck insurance, Progressive is often considered the standard bearer.
You can choose a policy that includes coverage for damages caused by a failure of a reefer motor and other specialized equipment, and they offer cost-effective options to help you save money.
If you want access to multiple best-in-class insurance carriers in one place, CoverWallet’s online platform can help.
It makes it easier to compare policies side-by-side so that you can make an informed decision about which one is best suited to your business needs.
Common Types of Commercial Truck Insurance
The right commercial truck insurance for new drivers makes sure you’re protected on the road and in the case of an accident. Two of the most common types of commercial truck insurance are Primary Auto Liability and Motor Truck Cargo Insurance.
Primary Auto Liability
Primary Auto Liability helps cover the cost of damage caused by you or your driver to another person’s property or vehicle.
It can cover medical expenses, repair costs and legal fees, depending on the policy limit, so it’s important to find a policy that meets your needs.
Motor Truck Cargo Insurance
Motor Truck Cargo Insurance protects you from damages or losses up to the policy limit, including items that are stolen or damaged in an accident.
In addition, this type of coverage can also help with wages for employees who are injured during a covered event.
Motor Truck General Liability Insurance
Motor Truck General Liability Insurance protects motor carriers in claims for bodily injury or personal injury caused by the negligence of you or your driver while operating a commercial truck.
It covers hospital bills, medical expenses and other reasonable expenses incurred as a result of an incident involving a commercial truck.
Factors That Impact Premium Rates
If you’re a driving just starting out in the commercial trucking business, it’s important to understand what factors go into determining your premium rates.
Age and experience of truck drivers
When looking for commercial truck insurance for new drivers, one of the first things the insurer will likely consider is the age and experience of the driver.
Typically, a younger driver with less experience may be considered riskier than an older more experienced driver, so rates can vary significantly based on this information.
Driver’s accident history
The number of accidents an individual has on their record can also influence their premiums. A driver with no accidents on their record will typically have lower rates compared to a driver who has had several accidents in the past.
Insurance companies generally see a clean record as an indication that the driver is being responsible while on the road.
Condition of truck equipment
Finally, when considering premium rates, insurers will also look at the condition of a driver’s truck equipment. If a truck is in good condition or recently serviced, then premiums may be lower compared to someone whose truck needs repairs or is not well maintained.
So be sure to keep your truck in tip-top shape if you want more affordable rates and better coverage options!
How to Save on Commercial Truck Insurance
If you’re a new driver, you might feel overwhelmed by the cost of commercial truck insurance. But don’t worry
New commercial truck drivers have a lot to think about when it comes to insurance coverage, and the complexity of the process can be daunting.
The key is to do your homework and take your time when choosing the right policy for you.
Shop around for the best coverage for the most competitive price and make sure to read the fine print. Be sure to ask questions and do research on any providers you’re considering, and don’t be afraid to negotiate for the best deal.
A good commercial truck insurance policy can give you peace of mind knowing you’re protected against costly liabilities in the event of an accident or other unforeseen incident.
With the right coverage in place, you can confidently start your career as a new commercial truck driver with the knowledge that you’re properly protected.