How Does Trucking Insurance Work?

Trucking insurance helps protect drivers and business owners from the adverse financial effects of an incident or accident. Owner-operators and tractor-trailer drivers must carry a minimum amount of commercial auto insurance as part of their trucking insurance package.

Contact Walnut Risk Management in Kansas City, Missouri, to learn more about how to get the coverage you need for your trucking business.

Which Insurance Policies Do Truck Drivers Need?

In addition to meeting federal mandates about liability coverage, tractor-trailer drivers may choose from several optional coverages. The insurance policies you choose depend on the type of truck you drive, whether you have a loan or lease, your budget and how much protection you want.

Liability coverage only pays for damage caused by the tractor-trailer driver. It helps cover medical bills for third-party injuries and property damage.

Commercial auto liability policies for tractor-trailer drivers include the following two main coverage types:

Bodily injury liability coverage assists with paying for medical bills after an accident that results in third-party injuries.
Property damage liability coverage helps cover the costs of repairing or replacing someone else’s property after an accident where the tractor-trailer driver was at fault.

Talk with your agent to understand precisely how your commercial auto insurance liability policy can help handle the costs of an accident.

Your agent may also recommend adding an umbrella insurance policy to extend your liability coverage. Your liability policies pay for damages up to the policy’s limits. You may be held personally responsible for any additional costs without umbrella coverage.

What Types of Insurance Should Tractor-Trailer Drivers Purchase?

While there isn’t a standard answer to the types of insurance a semi-truck driver should carry, here are some helpful policies your agent may recommend:

Uninsured/underinsured motorist coverage. If you are in an accident with another driver who doesn’t have proper insurance coverage, this policy may help pay to repair or replace your tractor-trailer after an accident.
Medical payments/personal injury protection. This policy helps pay medical bills if the semi-truck driver or a passenger is injured in an accident. It may also help pay for wage replacement during the injured party’s recovery.

Comprehensive coverage. This policy helps cover the costs of repairing or replacing your semi-truck after a covered incident, such as a fire, theft or weather event.
Collision coverage. If you are involved in an accident with another vehicle, this policy helps pay to repair or replace your tractor-trailer.

The following policies may also help protect your company:

Bobtail. This policy helps pay to repair or replace a tractor-trailer that doesn’t have a trailer attached at the time of the accident.
Trailer interchange. This policy helps pay to repair or replace your trailer if someone other than the owner uses it to haul cargo and there’s an accident.

Choose the Right Insurance for Your Tractor-Trailer

Truck insurance provides financial protection for owner-operators after an accident. Tractor-trailers represent a significant investment for many motor carriers, and insurance can help protect that investment. Get a quote for truck insurance today by contacting Walnut Risk Management.

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