Get covered with Semi Truck Insurance

Commercial vehicles come with a unique set of risks that ultimately affect the cost of your semi truck insurance. Semi trucks, unlike standard vehicles, carry things like bio-hazardous substances, building materials, and household items. Also known as 18-wheelers, a semi truck can be used for freight, refrigeration, household moving, disaster relief, and medical items. Semi trucks are versatile with the items they can transport, which means there's quite a range when it comes to insurance premiums.

What Is Semi Truck Insurance?

Commercial auto insurance is necessary to protect your vehicle and employees while on the road. A multitude of insurance types fall under this category, one of which is semi truck insurance. Trucking companies face a list of risks while on the road, so specialized coverage is needed. Such risks include loss of or damage to precious cargo, bodily injury, medical bills, property damage, and environmental pollution should the vehicle carry harmful substances.

Who Needs Semi Truck Insurance?

Any company, contractor, or freelance individual using a semi truck for transporting goods needs insurance to comply with the law. You're required to insure vehicles, cargo, and drivers.

Semi truck insurance benefits the following business types:

• Agricultural companies transporting livestock, fresh produce, plants, and organic fertilizer
• Small-scale contract or freelance truck drivers who are hired when needed
• Owner-operators who have a fleet of trucks to transport and distribute their own goods over short/long distances
• Construction companies transporting building materials
• Companies transporting medical equipment and pharmaceutical drugs
• Specialized companies with trucks transporting hazardous materials that could harm the environment

What Is Covered Under a Semi Truck Policy?

Depending on the policy you take out, a semi truck policy typically includes:

• Liability insurance: This covers legal costs in the event of a lawsuit, property damage, and legal settlements.
• Collision and accident coverage: Covers the replacement cost of trucks, and it includes new parts during a breakdown. It also covers the cost of stolen goods and non-collision events.
• Cargo coverage: This applies to goods that are damaged while in transit due to theft, accidents, or fire.
• Trailer interchange: When a company doesn't own a trailer, they may enter into a trailer interchange agreement. If the trailer is damaged during an exchange, there is coverage.
• Medical damage: Medical expenses are often covered under liability insurance, but you can take out more comprehensive cover for medical expenses as well as bodily injury for both driver and passengers.
• Underinsured motorist coverage: This kind of insurance covers costs incurred when vehicles are involved in collisions with uninsured motorists.

How Much Does a Semi Truck Policy Cost?

A trucking business with a range of semi trucks requires specific commercial truck Insurance. The cost of your semi truck policy varies and is entirely dependent on facts such as:

• Size of the trucks: Larger trucks incur more costs.
• Cargo being transported: The more hazardous and valuable the items, the higher the premiums.
• Insurance providers: Some providers offer better insurance deals than others, while some might offer bulk deals.
• Insurance plan: If you choose more comprehensive coverage, including extras, premiums are higher.
• Distance: Semi trucks that travel long-haul routes are more at risk for accidents and theft; therefore, insurance costs are higher.
• Driving history: You may find a hike in premiums if a driver or your company has a bad driving record. Events such as accidents resulting in claims to the driving records of operators can affect your insurance coverage.

On average, you can work on a starting point of $8,000 per year per truck to $15,000 per year per truck. Most insurance costs lie somewhere within this range. The more you spend, the more coverage you get.

Get a Quote for Semi Truck Insurance

We can protect your business, assets, and employees by helping you source the right semi truck insurance policy for your needs. At Tivly, our team lays the groundwork to match you with the right insurance provider. Please feel free to fill in our online inquiry form or call us for a quote.