Since truck drivers spend a lot of time on the road and are at greater risk for vehicular accidents, it is only reasonable that they should have truck driver insurance. Not only is it required by law, through The Federal Motor and Carrier Safety Administration (FMCSA), it is also a good way to protect you and the people who work for you.
The purpose of truck driver insurance is to protect the driver from the costs arising from vehicular accidents – whether they arise from physical injury or damage to property. The amount of coverage depends on a number of factors, mainly weight of the vehicle and whether or not it is transporting hazardous materials.
Here are the FMCSA’s rules on truck driver insurance:
Rule #1: If the insurance is for a driver of a truck that weighs less than 10,000 lbs (weight of truck plus goods) and the cargo is non-hazardous, the required minimum coverage is $300,000.
Rule #2: If the insurance is for a driver of a truck that weighs more than 10,000 lbs (weight of truck plus goods) and the cargo is non-hazardous, the required minimum coverage is $750,000.
Rule #3: If the insurance is for a driver of a truck that weighs more than 10,000 lbs (weight of truck plus goods) and the cargo is less hazardous, the required minimum coverage is $1,000,000.
Rule #4: If the insurance is for a driver of a truck that weighs more than 10,000 lbs (weight of truck plus goods) and the cargo is hazardous the required minimum coverage is $5,000,000.
Rule #5: If the insurance is for a driver of a truck that weighs less than 10,000 lbs (weight of truck plus goods) and the cargo is radioactive, the required minimum coverage is $5,000,000.
In determining whether a cargo is hazardous or non-hazardous, the Department of Transportation uses this definition – any material that is listed by the Secretary of Transportation as dangerous to the health and safety of the public. Thus, the department also has specific provisions on the safe transport and handling of these materials. The bigger coverage required for those truck drivers transporting hazardous materials address the risk for greater injury to the driver in these cases.
If you’re a truck driver looking to insure yourself, or if you’re an employer looking to insure your truck driver, here is where to start:
- Get some quotes online. Type “truck driver insurance” on your search engine and the search results will direct you to some sites offering to give you instant quotes on your insurance. Choose one which is user-friendly and you’re comfortable with. Most sites will require you to fill in some information. Then based on that information, you will receive quotes from dozens of companies. This will at least give you an idea of the average premium that will be required of you.
- Contact an insurance agent for truck driver insurance. From your list, choose the ones that are better known in the industry. Remember that you must be able to rely on the insurance company to be able to give you what you need in case of a vehicular accident.