Semi-Truck companies crossing states lines are required by federal law to purchase a minimum of $750,000 in primary auto liability insurance to maintain an active operating authority. However, most motor carriers purchase at least $1 million of coverage as it is required by the majority of shippers & freight brokers. For state filings, it is important to check the requirements of your state and discuss with a trucking insurance agency licensed in your state.
At 925 Partners, we represent dozens of A rated insurance companies, and our agents are trained to identify and present the best solution for your trucking company. Our dedicated truck agents have experience working with all types of trucking operations. Including but not limited to Dry Van, Intermodal, Auto Haulers, Flat Bed, Reefer Haulers, Heavy Haul, Tankers, Logging, US Mail Contractors, and more.
What kind of insurance do I need for a trucking company?
Long haul trucking companies are required to purchase at least $750,000 in commercial auto liability insurance. However, most companies purchase $1,000,000 of coverage. While auto liability will be the most expensive coverage, most trucking companies also purchase $100,000 in motor truck cargo insurance, $1,000,000 in General Liability insurance, and Physical Damage coverage to protect against damages to their own equipment. Most trucking companies with 4 or more employees also purchase Workers’ Compensation.
Why is semi-truck insurance so expensive?
The primary reason is nearly every motor carrier is required to purchase $1,000,000 in auto liability insurance, or at least $750,000. This is significantly more coverage than most individuals purchase for their personal vehicles. Due to this information being widely known, there is a greater incentive for plaintiff attorneys to pursue actions against trucking companies. Another reason is the greater impact large heavy vehicles cause when they are involved in an accident, compared to a private passenger vehicle. The sheer size of a tractor trailer on the road presents more hazards than an average private passenger vehicle.
How much does semi-truck insurance cost?
There are motor carriers that pay as low as $5,000 annually per truck, and some that pay upwards of $30,000 annually per truck. There are numerous factors to consider, but our semi-truck insurance agents are well trained and can usually provide a rough estimate during an initial phone call. You can reach us at 855-925-1200.
How can I lower my semi-truck insurance cost?
Operate safely with minimal claims and have a driver base consisting of experienced drivers with minimal violations. These actions along with accruing more years in business will put you in the best position possible to lower the cost of your semi-truck insurance.
Is insurance more expensive if I haul refrigerated cargo?
Yes, but relative to your overall insurance cost the increase is minimal. Often the increase is less than $1,000 annually per truck (less than $100/month per truck). The coverage needed is a refrigeration breakdown endorsement on your motor truck cargo policy. A standard motor truck cargo policy would not cover a cargo loss caused by a mechanical breakdown of the refrigeration unit. This endorsement is a standard requirement from any shipper with refrigerated goods.
Do you offer policies for CDL drivers with less than 2 years of experience?
Yes, we have several companies that will accept newer drivers. Even drivers with less than 1 year of CDL experience. However, motor carriers with more experienced drivers on average receive more favorable rates.
Below are the insurance coverages most for-hire trucking companies purchase, regardless of size or operation type.
Depending on where you are located and the type of business you conduct, filings may be required by federal and/or state governments. The auto liability insurance minimum for interstate (multiple states) Motor Carriers is $750,000 of Combined Single Limit (CSL) coverage. However, most motor carriers purchase at least $1 million of coverage as it is required by most shippers & freight brokers. For state filings, it is important to check the requirements of your state and discuss with a trucking insurance agency licensed in your state.
At 925 Partners, our licensed truck insurance agents will be glad to assist you with any filing questions specific to your operation.
Call 925 Partners today at 855-925-1200 with any questions you have and our agents are happy to help...
"My agent was Kylee Large she was very thorough and timely. She found an insurance provider close to the cost I was already paying. She communicated with me every step of the way, I couldn’t have asked for better service. She literally took care of everything for me. One of the best experiences I’ve ever had!!!!!"
- Gabriel Forshee
"Megan Rosier was great to work with. Very quick to find auto insurance on short notice."
- Dana Martin
"I had to make a quick homeowners’s insurance change and Marta Beckford made it easy and stress-free. She was quick with communication, made sure I understood every step of the process AND saved me money. Highly recommend!"
- Misty Small
"Thank you Lacey Cereijo for making our renewal such a breeze!!! 925 knows what they’re doing and has cured my “insurance head ache” Thanks guys!!!"
- James Mobley
"I am thankful that I got to work with Shelby Harris. The level of customer service and support that Shelby provided is unmatched in this industry, along with her knowledge and professionalism. From beginning to end, she is there to answer all of my questions, specifically in regards with the UIIA as we are an intermodal trucker. Her response is fast and timely and always there to help and all my issues fixed. This time, I think I did find my forever agent. Thank you 925 Partners Insurance and thank you Shelby"
- Cristian Choe