Motor Carrier Insurance ( For-Hire Trucking)
You spend a lot of money on your trucking business, so you want to be sure it's protected. After all, your truck is your livelihood - that's why motor carrier insurance designed specifically for for-hire truckers is so important. Choosing the right motor carrier coverage is the best way to protect your investment and your business.
For-hire truck insurance recommendations
Many motor carriers use permanently leased independent contractors. If you are one of these for-hire owner-operators, you may receive Primary Liability insurance under your Motor Carrier’s authority. However, you may still need to purchase “Contingent” or Non-Trucking Liability insurance, as well as Physical Damage coverage for your vehicle. There are many for-hire truck insurance options. Read below to learn more about the types of motor carrier insurance coverages you or your contractors may need.
Mandatory motor carrier truck insurance coverages
Liability insurance is a mandatory motor carrier insurance coverage that pays for damages you cause to other people and their property. Liability insurance coverages for motor carriers includes Bodily Injury insurance and Property Damage coverage.
Optional motor carrier insurance coverages
To make sure you have the best protection for your truck when you’re on the road, you should also consider purchasing some of the optional motor carrier insurance coverages:
Primary Liability Insurance coverage protects you from damage or injuries to other people as a result of a truck accident. This truck insurance coverage is mandated by state and federal agencies and proof of coverage is required. We provide insurance coverage limits ranging from $35,000 to $5,000,000. Pricing is dependant on region, driving records, and history of the trucking operation.
Physical Damage Insurance is coverage for your truck and trailer. This insurance coverage is for repair or replacement for damage resulting from things such as collision, fire, theft, hail, windstorm, earthquake, flood, mischief, or vandalism to your owned vehicles. Pricing is based on the value of your equipment and usually pays a percentage of that value. Physical damage coverage may be required by the lien holder of your vehicle.
Motor Truck Cargo insurance is needed to protect the carrier in case of lost freight or damaged goods. There is a maximum load limit per vehicle with this policy. Truck insurance coverage limits can range from $10,000 to $100,000 with excess policies available upon request. Pricing for this insurance is mainly dependant on the type of cargo being hauled.
Trailer Interchange Insurance is coverage for the legal liability of truckers for loss or damage to non-owned trailers and equipment which are in the insured's possession under a written trailer interchange agreement.
Non-Trucking Liability (Bobtail Coverage) provides limited liability truck insurance for owner-operators who are permanently leased to an ICC regulated carrier. It provides limited liability protection when the owner-operator is not on dispatch, nor pulling a loaded trailer. For example, this coverage would apply when the owner-operator gets their truck washed or brings their trucks into a shop for repairs. Once the owner-operator is under dispatch, they are covered under the Primary Liability insurance policy of the company that they are leased to.
Short term truck insurance can be used to move a truck after purchase or for repairs. LIA offers affordable policies ranging from 24 to 72 hours in length.
We offer customized truck coverages
In addition to some of the common coverages shared by all commercial vehicles, we also offer truck-specific coverages including:
We specialize in heavy truck claims
Our goal is to give you the best truck claims service in the market. Unlike many companies, we boast a highly specialized team of 100% in-house adjusters who’ll manage your repairs from start to finish. We’ve also developed an extensive network of pre-approved repair shops that give our customers priority status.
Your rate will depend on various factors, including:
USDOT authority
Coverage requirements
Vehicle type
Cargo
Operating Radius
Driving history
Specialized commercial service
Talk to a licensed truck insurance expert. Call 1-973-792-8375
