“Semi-Truck Insurance: Cost, Coverage & Quotes,” Fit Small Business
In an article published in Fit Small Business on April 15, 2019, Richie Foster provided insight on the process of getting semi-truck insurance. With truck insurance being a major investment for motor carriers and owner-operators, it is important to seek affordable coverage that protects assets.
A few ways owner-operators can keep their rates lower is to keep a clean record, including following the speed limit, limiting phone use and maintaining a proper stopping distance. Additionally, owner-operators with new ventures may be a higher risk to insurance companies, but they can mitigate this risk by limiting their radius to 500 to 600 miles, which can normally open many more doors for the company.
Owner-operators will want coverage that can cover damage that reaches into the hundreds of thousands of dollars, but should be sure they are not paying for more than they need.
“Liability coverage needs to match the value of the company. So a very small operation does not need to be over insured with multiple millions in coverage,” explains Foster. “But a large operation cannot expect to carry only a $1 million policy, which is typically the smallest written, yet be immune from exposing its assets in the event of a catastrophic or even serious accident.
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