Trucking Auto Liability Insurance
To legally operate a semi-truck on the roadways, owner-operators are required to carry an auto policy on their truck. This policy will give them protection in the event of an accident. An auto policy, or auto liability insurance, will provide you with the following protections:
• Bodily Injury Insurance
• Personal Injury Protection
• Property Liability Coverage
Bodily Injury Insurance
Bodily injury insurance will cover you and any of your employees or contract drivers. This insurance covers any injuries sustained by other people if you are involved in an accident and found at fault. These policies will cover medical care, long-term care, and other expenses for the injured party.
Personal Injury Protection
Personal injury protection, or PIP, is very similar to bodily injury insurance but used in states with no-fault accident laws. This part of your liability insurance will cover medical care, lost wages, and funeral expenses for the injured party up to the limits of the policy.
Property Liability Coverage
Property liability coverage covers all the expenses for damages caused to the other person's personal property in an accident. This part of your insurance will also cover your legal expenses if you are sued for the accident.
The Federal Transportation Safety Administration requires that all truck drivers submit a form 91X showing that they carry the minimum allowable limits for these types of insurance. Under the FTSA guidelines, truck drivers must carry a minimum policy value of:
• $750,000 for Bodily Injury Insurance
• $1,000,000 for Personal Injury Protection
• $5,000,000 for Property Liability Insurance
Trucking Liability Insurance Does Not Cover The Driver
It is important to understand that when you purchase an auto liability policy that it does not protect you or your employees, nor does it cover any physical damages to your truck or trailer.
To protect yourself and your truck, you will need to invest in additional insurance coverage. There are several different types of coverage that are available to you. You will need to review these other policies to determine which insurance products give you the most protection.
If you are contracting with a carrier to move their products, you may be required to have these additional policies on your truck and trailer. Make sure that you know what policies are required so that you are always covered.
Speak with one of the knowledgeable insurance agents at VMC Trucking Insurance to find out what insurance policies you need to legally operate your truck, as well as what policies you should have so that you are protected from any type of accident or event.
Finding The Right Policy For Your Needs
VMC Trucking Insurance can help you find the right policies for your business. Trucking liability policies can be very expensive, especially if you are a new company. Make sure that you are working with the right insurance provider to secure the best policy for an affordable rate.
Insurance premiums will go down with time, but the initial shock of the price of a policy can be devastating. Owner-operators are encouraged to work with an insurance company that is dedicated to providing a premium product at truly affordable pricing.
VMC Trucking Insurance is located in Illinois but has the authority to write policies in AL, AZ, CA, CO, DE, FL, GA, IA, IN, LA, MD, MN, MT, NC, NV, NJ, OH, OK, OR, PA, SC, TX, VA, VT, WA, and WI. VMC Trucking Insurance currently works with over 50 carriers and can design an insurance program for you to fit your needs.