Want the best deal on your Trucking Insurance? Save big by letting 3 agents compete for your business. It’s Fast, Free, and Efficient!
Owner Operator Truck Insurance Tips
Trucking insurance is one of the biggest fixed expenses for independent owner operators, but also one of the biggest opportunities to save money. The money you can save on your policies will have a nice impact on your bottom line. The best way to save money on your owner operator insurance is to get quotes from more than one agent.
Owner operator insurance rates can vary widely based on many different factors. Here are a few factors that drive the premium that you have some control over.
- Credit scores affect your premium. Do what you can to raise your score and you will save money on your insurance.
- How much CDL experience do you have? Is your MVR clean?
- Do you have fog lamps or deer guards on your semi truck?
- Do you all the proper signage on your truck?
- Can you pay the premium in full? It’s usually cheaper to do this.
- Can you raise the deductible?
- If you are an O/O with authority the following are major factors in the rates:
- Do you have the right cargo insurance for the loads that you are carrying?
- Insurance companies are looking at your SAFER scores. Make sure the FMCSA data is correct. You don’t want to be rated higher because of a data error.
- Logbook violations are very common. Keep your’s up to date. Violations will increase your premiums.
Don’t forget to ask your truck insurance broker if there are any special discount programs that apply to your situation. A good agent will take the time to learn about your business and dig deep to find all the savings you are entitled to take.
Owner Operator Insurance Cost
Leased Owner Operators – Most O/O’s under a lease agreement just need Bobtail, Non Trucking Liability and Physical Damage. The biggest factor in how much your policy will cost here is the value of your truck and trailer. If you drive an older truck the average cost might be $1,500-$2,000 per year for Bobtail, NTL, and PD. A nice new Peterbilt will be more. We’ll bring you 3 brokers that understand owner operators to compete for your business. It’s quick and easy to comparison shop and get the best deal.
Owner Operators with Authority – It’s no secret. Truck insurance is not cheap. The average cost for owner operators’ insurance varies widely. If you have your own authority, a 1 truck owner operator may pay $8,000/year for their insurance, while another pays $12,500/year. It really does pay to shop around and find the insurance company that is most competitive with your type of trucking operation.
Owner Operator Insurance Requirements
Owner Operators with Authority – All truckers with their own authority are required to have primary liability insurance with a minimum limit of $750,000. Certain operations, like hazmat haulers, require $5,000,000 in liability. The FMCSA and States have filing requirements too. Your agent and insurance company should take care of that for you.
Leased Owner Operators – If you are an O/O under a permanent lease, however, your motor carrier will provide primary liability insurance. Leased Owner operators will need Bobtail insurance, NTL, and Physical Damage insurance to cover their semi truck and trailer though. These coverages can be bought together in an owner operator insurance program or package.
Owner Operator Insurance Coverages
Each of these types of insurance offers coverage for a different aspect of the typical trucking job. In addition to these main coverages, there are numerous endorsements that you can add to your policy to protect you and your cargo in special situations.
- Bobtail Insurance for Owner Operators
- Owner Operator Physical Damage Insurance
- Non Trucking Liability for Owner Operators
- Owner Operator Cargo Insurance
- Trailer Interchange Insurance
- General Liability
- Trucking Umbrella Insurance
- Truckers Workers Compensation
An owner operator should closely research different types of coverage to be sure that their risks are being covered. With the proper coverages in place, an owner operator can focus on what is important to his job, and not worry about the financial loss if an accident occurs
Get 3 Quotes and Save!
Compare Apples with Apples – When comparing the cost of the quotes its important to keep track of the different coverage each policy has. You want to compare apples to apples. The trick is also to not get too much coverage or not enough coverage. In the trucking industry, some may argue that you can never have enough coverage.
No Gaps in Coverage – You need a policy that is just right for you and your business. The name of the game is to save money, but you don’t want to sacrifice coverage in order to do that. By talking with a few agents and getting multiple quotes you should be able to arrive at policy that has cost savings and adequate coverage.
Let 3 Truck Insurance Brokers Compete for your policy – The best way to save money on your semi truck insurance, is to look at multiple quotes. We have made that process easy. By filling out our simple form you can get 3 quotes from 3 different trucking agents for free. Good luck! Get started here.