PRIMARY LIABILITY:
Ensure your protection with Primary Liability Insurance, which covers damages and injuries caused to others in the event of a truck accident you are responsible for, as mandated by state and federal agencies (FMSCA) and necessitating proof of coverage; our offered insurance coverage limits range from $750,000 to $5,000,000, with pricing varying based on regional factors, driving records, and the trucking operation's history.
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PHYSICAL DAMAGE:
Safeguard your truck and trailer through Physical Damage Insurance, providing coverage for repair or replacement in cases of collision, fire, theft, hail, windstorm, earthquake, flood, mischief, or vandalism; the pricing is determined by the equipment's value, typically covering a percentage of that value and may be obligatory if your vehicle is under a lien holder.
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MOTOR TRUCK CARGO:
Obtain the essential protection of Motor Truck Cargo insurance, safeguarding carriers against lost freight or damaged goods, with coverage limits ranging from $10,000 to $250,000, and pricing primarily influenced by the type of cargo being transported.
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FMCSA REQUIREMENTS:
Our liability coverage fulfills the legal obligations for owner-operators with their own authority or those transporting exempt commodities. To obtain motor carrier, freight forwarder, or broker authorities, applicants must submit specific insurance documents to FMCSA, meeting the following minimum requirements:
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Freight: $750,000 - $5,000,000 (depending on transported commodities); $300,000 for non-hazardous freight in vehicles under 10,001 lbs.
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Passengers: $5,000,000; $1,500,000 for registrants operating vehicles with 15 or fewer passenger seats.
Ensure timely purchase of liability insurance after obtaining your designated DOT number, with the insurance company filing the necessary forms to notify FMCSA within 90 days for approval and authority release. For more information, visit https://www.fmcsa.dot.gov/registration/insurance-filing-requirements.
COST OF INSURANCE:
For newly acquired DOT numbers, anticipate trucking insurance premiums ranging from $1200 to $2000 per month for a single driver, one-truck, one-trailer operation, with most carriers requiring a 20% down payment ($2400 to $4000) to start. Progressive stands as the nation's largest writer of new trucking authorities.
After maintaining your policy for 12 months or longer, additional insurance options become available.