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How much does Cargo Insurance cost for Truckers?
While liability coverage is the most expensive part of a truck insurance policy. Cargo almost always comes in 2nd place. The two biggest factors in determining how much your cargo insurance premium will cost are:
- The type of commodity being transported. A shipment of natural gas costs more to insure than, say, a shipment of hard plastics.
- The limits of your cargo policy. The most common limits are $100,000. If you are hauling cars, though, your limits may need to be $250,000 – $300,000.
- Your loss history. Prior losses will most likely be factored in to your premium.
Other coverages for a trucker’s cargo policy
The cost of cargo insurance also depends on what the policy is covering. Some low cost policies may be tempting, but could be lacking some key coverages. Be proactive with your agent and make you are covering your risk exposures. Here are some of the most common coverages that a cargo policy might include:
- Pollution Liability – covers costs to clean up spilt goods like gasoline
- Debris Removal – covers costs of removing cargo dropped onto roadways and waterways
- Theft – covers losses from burglary of goods
- Hijackings – covers losses from hijacked cargo
- Sue and Labor Coverage – covers further loss from damaged goods after an incident has occurred
- Earned Freight Coverage – covers income lost due to damaged cargo that can’t be delivered
- Infidelity/Dishonesty Coverage – Covers losses from theft committed by the driver
- Water Damage – covers losses from trailer leaks and wetness
- Loading and Unloading Coverage — covers losses that occur during the loading and unloading of cargo
- Reefer Breakdown – covers losses associated with the malfunction of refrigeration equipment
Cargo Insurance Limits Also Drive the Cost
Most of the above coverages have their own limits. Have your agent explain the limits of each and decide whether you need that specific coverage or not. Limits can often be raised or lowered as needed. This table gives some of the typical limits for a cargo insurance policy:
| Coverage | Typical Limit |
| General Cargo Insurance | $100,000 – $300,000 |
| Pollution Liability | $10,000+ |
| Debris Removal | $10,000 – $25,000 |
| Earned Freight | $1,000 – $25,000 |
| Catastrophe | $1,000,000 |
Get the Best Combination of Cost and Coverage
The biggest differentiator between truckers is the commodity they are hauling. Steel, Hay, Water, Gas, Oversize, Cars, Logs, Flatbed, and list goes on. It’s vitally important to make sure your cargo policy covers what you are hauling and all the scenarios you might find yourself in. Some policies exclude coverage if you leave your truck unattended, for instance.
You don’t want to be caught with your pants down if a loss occurs.
The time is now to make sure you are properly covered. There is no sense in overpaying for that coverage though. Shopping around should help you to find the proper cargo coverage at the best price.
It doesn’t matter if you are a steel hauler from New York or a car hauler from Miami, we can help you save on your cargo insurance by bringing 3 agents to compete for your business.
