If you operate a truck for work—particularly a semitruck—it’s essential to secure suitable insurance coverage. Our team at MarketWatch Guides will explain truck insurance, outline its costs, and recommend top companies where you can get this coverage.
Key Takeaways
Costs for truck insurance can differ significantly based on various factors.
Semi-truck insurance fulfills legal driving requirements while providing financial protection in the event of an accident involving you or your business drivers.
Trucks typically need primary liability, physical damage insurance, occupational accident insurance, and general liability coverage.
What Is Semi-Truck Insurance?
Truck insurance, similar to standard car insurance, is required for legal driving. Given the increased risk that comes with truck operation, you will likely encounter higher premiums. These costs help shield you and your business from financial burdens in case of accidents. To find the best rates, we recommend obtaining quotes from several insurers.
What Are the Different Types of Truck Insurance?
Operating a semi-truck necessitates different types of insurance coverage.
Primary Liability Insurance
Federal law mandates primary liability insurance, with each state imposing its specific regulations. This coverage addresses damages you may cause while driving a truck, including:
- Property damage liability, covering repair costs for other vehicles or properties you may damage.
- Bodily injury liability, assisting in covering medical expenses for those injured in an accident you cause.
This coverage will also help with legal defense fees if you are sued for an accident.
Physical Damage Insurance
This group of coverages protects your vehicle against damages. Physical damage coverage combines:
- Collision insurance, covering costs from accidents regardless of fault.
- Comprehensive insurance, covering non-collision-related damages like theft and vandalism.
Occupational Accident Coverage
Occupational Accident Insurance protects workers in case of job-related injuries, essential for truck drivers given the high-risk nature of the job.
General Liability Insurance
This type of insurance covers issues not included in your physical damage policy, protecting the business itself, sometimes referred to as business liability insurance.
Optional Truck Insurance Coverage
Consider additional insurance options such as motor truck cargo insurance, underinsured/uninsured motorist coverage, and bobtail insurance to further safeguard your operations.
