Commercial Trucking

Protect yourself and your business.

Commercial Truck Insurance

COMMERCIAL TRUCKING LIABILITY

Commercial Trucking Liability Insurance protects you from damage or injuries to other people as a result of negligence (auto accident) you caused. Commercial trucking coverage is required by the Federal Motor Carrier Safety Administration (FMSCA), and proof of coverage is mandatory. Policy limits range from $750,000 to $5,000,000. Premium pricing varies extensively by region, individual driving reports and history of the commercial trucking operation.

PHYSICAL DAMAGE

Physical Damage Insurance is coverage for your truck and trailer. Physical damage insurance covers repairs and/or replacement for damages resulting from accidents including collision, fire, theft, hail, hurricanes, earthquake, deluge, mischief or vandalization to vehicles covered by the policy. Pricing is dependent on the value of your equipment, and it generally pays a percentage of that value. Lien holders may also require this type of coverage.

MOTOR TRUCK CARGO INSURANCE

Motor Truck Cargo Insurance provides coverage on the freight or commodity hauled by a for-hire trucker. In the event of fire, collision or striking of a load, cargo insurance will cover the damages.

Commercial Truck Insurance Legal Requirements

In addition to our other commercial lines, Leykell Insurance offers liability coverage that meets the legal requirements of owner-operators who have secured their own authority or who are hauling exempt commodities.

Before the FMCSA will issue your authorities, specific insurance documents for motor carrier, freight forwarder and broker authorities must be on file for all applicants. 

Minimum FMCSA Requirements:

  •  Freight: $750,000 – $5,000,000 based on the commodities being transported; $300,000 for vehicles weighting under 10,001lbs. transporting non-hazardous freight.

  • Passengers: $5,000,000; $1,500,000 for operating vehicles with seating capacity of 15 or fewer passengers.

Be prepared to purchase your commercial trucking insurance once you have been issued your designated docket (DOT) number. Once the policy is in place, the insurance carrier files required forms with the FMSCA confirming you have the required coverage. FMSCA requires notification within 90 days to approve and release your authority.

Additional Info

Commercial Truck Insurance Cost

If you’re new to the trucking industry and just now obtaining your DOT number, expect the commercial trucking premiums to range from $1,000 to $2,500 a month for one driver, one truck and/or trailer. To get started, some carriers require between 20-25% down.

Contact a Leykell Agent today to get started!

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