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Semi-Truck Insurance

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Semi-Truck Insurance Provided By Our Agency

Semi-trucks have been the kings of the road for a long time. In the United States, big rigs transport most of all cargo. That is why 18-wheelers create great profits for their owners, no matter if they are owner operators or run a company. But, semi-trucks are expensive vehicles and require a sizable investment. To protect this investment, as an owner, you should make sure your truck is adequately insured.

What is Semi-Truck Insurance?

Semi truck insurance, also known as owner-operator insurance, is a liability cover for injuries or damages caused to other parties when the driver is at fault. Different types of coverages may be added depending on several factors that are special to the truck driver. The coverages your policy needs is a matter of what kind of work you do and what kind of truck you drive. Motor carriers require their owner operators to purchase bobtail or NTL insurance while they handle the primary liability. Truckers with their own authority will bear the full brunt of primary liability themselves.

Why do I need Semi-Truck Insurance?

If you own a semi-truck, then the answer to this question might be different than if your job was driving cars or trucks for other companies. Semi's can carry more cargo and are often much longer which means they're going places where smaller vehicles wouldn't dare go! This extra load makes drivers rely on their insurance coverage in order not only protect themselves from financial loss due accidents but also ensures peace of mind knowing that any damages caused will likely cost less since there aren't as high risks involved when operating these huge machines (even though nothing could ever remove all risk).

Factors That Impact Semi Truck Insurance Costs

Semi truck insurance costs can differ widely because insurers evaluate many factors when they determine premiums. As with all small business insurance, how much your truck insurance costs depends on how your insurer weighs these factors:

  • Ownership status: If you’re an owner-operator on a permanent lease, the motor carrier generally covers your public liability, which greatly reduces your overall insurance costs.
  • Cargo type: Risks, and therefore premiums, typically are much lower if you’re hauling hay compared to hauling a hazardous material like fuel.
  • Weight of freight: Heavier loads usually translate into higher premiums.
  • Driving distance: The farther you travel, the greater the risk of an accident, and that impacts your premium.
  • Truck value: Physical damage premiums are a percentage of the truck’s value, so more valuable trucks cost more to insure.
  • Type of physical damage coverage: Insuring for your truck’s actual cash value results in a higher premium.
  • Credit history: Insurers check credit scores and history to help determine if you’re a good risk. Loss history: Insurance companies often decrease premiums for truckers who file few claims.
  • CDL experience: The more experience you acquire after obtaining your commercial driver’s license (CDL), the less risk you present to an insurance company. 
  • Deductible amount: Higher deductibles mean lower premiums. If you can afford to pay more out of pocket on a claim, then you might want to raise your deductible.
  • Coverage limits: Policy limits are the amount the insurer pays for claims. 

Why work with Southern Insurance Advisors?

Calling one insurance company after another and giving them your information would take a lot of your time. Plus, every company would try to sell you their policy, often without really explaining the terms. To avoid all that, you can work with Southern Insurance Advisors.

Already have Captive Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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