The trucking industry keeps the economy running, yet working as a trucker can be one of the hardest occupations to get insurance for. Truckers who are new to the business dont always have the experience and finances needed to purchase their own policy. However, before a trucker is able to get his federal license, there must be proof of insurance. There are some companies, such as United Specialty Insurance, which make it easier for these individuals to obtain insurance.
Pricing and Quotes
Truckers have to consider several factors when getting a quote on their coverage. The types of risks that an agency considers are the materials or products being transported, the routes of travel, and the rig that is being covered. Truckers that have favorable safety scores and who have been in the business for more than five years (with few losses and claims reported) will receive better pricing. However, assuming a large deductible, working with a captive, or self-insured retention can be ways to lower the financial cost of coverage.
Unfortunately, truckers cant get away from carrying insurance coverage. Regardless of the cost to your operations, the federal government mandates certain coverage limits and inclusions. Working with a good agent will let you know what is required, but they can also have a policy underwritten that is the most affordable to your situation.