Trucking Insurance
Trucking Insurance Quote Forms
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Trucking Insurance Information
For commercial trucking companies, obtaining the right insurance coverage is essential to comply with state and federal regulations and protect the company’s financial security. Contact Jim Kelly & Associates today to build a commercial trucking insurance plan tailored to your needs.
What Commercial Trucking Insurance Policies Are Required?
Trucking operations must have a commercial truck insurance policy that meets the minimum requirements for various types of liability insurance according to state laws and the Federal Motor Carrier Safety Association (FMCSA). This coverage is crucial in the event of accidents and liabilities. Trucking companies are required to maintain the following:
- Public liability insurance is designed to provide financial assistance to cover losses incurred by third parties when a truck driver is at fault in an accident. The specific minimum public liability insurance requirements vary for each trucking company, considering factors such as the type of freight typically hauled. Discuss these requirements with your agent to ensure compliance with FMCSA rules.
- Commercial auto liability insurance is required by Illinois for any company that uses vehicles to conduct business, regardless of their size. This policy may help cover a company’s legal liability if the driver of a company vehicle is at fault in an accident.
Liability policies have dollar limits, so it’s crucial to work with your agent to determine whether the minimum required amount of coverage may provide adequate coverage for your trucking operation.
Lienholders typically require full-coverage insurance, including comprehensive and collision coverage, for vehicles that are financed. In some cases, lienholders may also require guaranteed asset protection (GAP) insurance.
Tailoring Your Trucking Insurance Coverage
When customizing an insurance plan for a trucking company or tractor trailer operator, insurance agents may suggest the following:
- Comprehensive insurance—This coverage may help provide financial assistance for damages resulting from incidents or accidents unrelated to collisions. It can be essential for replacing or repairing a tractor trailer damaged by vandalism, fire or severe weather conditions.
- Collision insurance—This may help pay for damages to a tractor trailer caused by accidents involving other vehicles or collisions with objects.
- Medical payments, or MedPay, insurance—This coverage may help cover medical bills if the tractor trailer driver or a passenger is injured in an accident.
- Uninsured/underinsured motorist insurance—This may help pay to replace or repair a tractor trailer when an accident occurs and the responsible party is uninsured or does not have sufficient liability insurance coverage.
- GAP insurance—This coverage may help cover the difference between the owed amount on a vehicle and the settlement provided by the insurance company in the event of a total loss after a covered accident.
Contact Us
Commercial trucking companies must prioritize appropriate insurance coverage to protect their operations, comply with regulations and mitigate potential risks. Contact Jim Kelly & Associates in Libertyville, Illinois, to start comparing commercial trucking insurance quotes.
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