Semi-Truck Insurance

A semi-truck is a big investment. Ensuring that you have adequate insurance on the rig and trailer attached to it is one way to protect your investment and financial future. In the event of an at-fault accident involving a semi-truck, the driver will be liable for damages. This insurance also protects those around you while you drive.

Types

There are nine main types of semi-truck insurance. Commercial auto liability is the insurance required by federal law. This coverage protects other drivers on the road and property that is damaged in an accident. The rig isn't covered by this type of insurance. Warehouse legal coverage insures goods stored at certain warehouse locations. Terminal coverage provides temporary insurance for a load that must be stored at a covered location prior to delivery to the client. Cargo insurance covers a load that is in transit, even when the driver stops for breaks. Trailer interchange liability protects an interchange or steamship agreement trailer that is hooked to your rig. Non-owned trailer liability and non-owned trailer physical damage should usually be purchased together. These cover a trailer that is owned by someone else when it is hooked to your rig. Liability covers damage to other property and physical damage covers damage to the trailer. Non-trucking liability covers a rig that isn't dispatched. Physical damage is the equivalent to collision insurance for a personal car.

Requirements

The minimum amount of insurance required for semi-trucks varies from state to state. The one constant is that federal regulations stipulate that each semi-truck must have a $1 million commercial auto liability policy in effect anytime the rig is on the road. Most freight owners require carriers to have at least $100,000 worth of freight insurance coverage. Physical damage coverage and non-owned trailer coverage usually have a $1,000 deductible each.

Discounts

Owner-operators and other drivers can receive safety discounts on semi-truck insurance by completing a Value-Driven Driving course. This program is a training aid that focuses on helping rig operators avoid the three most common types of semi-truck accidents: roll-under incidences, rear-end collisions and lane-change accidents. Many insurance companies offer the program and some companies accept certificates of completion from other insurance companies.

Considerations

When trying to find a semi-truck insurance policy, you have to find out if the insurance covers your personal goods in the rig and the external wiring of the rig. The availability and specifics of these types of coverage vary with every insurance company. It is equally as important to find out if the semi-truck, trailer and cargo are covered if the rig is left unattended, such as when the driver goes into a restaurant to eat or a hotel to sleep.

Warning

Some semi-truck insurance brokers use unethical techniques to get new clients. The most common way of doing this is to contact a rig or company owner to tell him that the current policy isn't going to be renewed at the end of the policy term. The broker will refer the person to a company that may be willing to provide coverage. The referral is actually to the company the unethical broker represents. Before responding to any notices about policy changes or cancellations, contact your current insurance agent.