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How Much Insurance Do I Need To Rent A Commercial Truck?

How Much Insurance Do I Need To Rent A Commercial Truck?

Leasing your commercial trucks from a motor carrier instead of purchasing them yourself will minimize your overhead. Driving under your own authority comes with a steep price tag, after all. While the state may have slightly lax guidelines on licensing lessees, you still cannot forego the proper insurance policies. In fact, most lessors only work with insured lessees.

Federal guidelines require commercial trucks to carry sufficient insurance based on their cargo. Trucks under 10,000 pounds hauling non-hazardous cargo, trucks over 10,000 pounds hauling non-hazardous cargo, private/for-hire carriers transporting oil, and private/for-hire carriers transporting hazardous cargo need 300K/750K/1M/2M worth of insurance, respectively. 

Assured Standard shares that commercial truck insurance can cover third-party property damages in the event of a road accident. Read our resources to learn more about liability protection against property damages.

Simple, Actionable Tips When Getting Commercial Truck Insurance as a Lessee

Tip 1: Read the Fine Print

Always read the contract provided. Some underhanded motor carriers sneak in unfair terms and conditions without the lessee’s knowledge.

Tip 2: Compare Insurance Quotes

Compare the insurance quotes of at least four to five different insurance companies. See how the coverage terms vary.

Tip 3: Pay Premiums Annually

Trust us—you’ll save at least a thousand dollars or two per annum if you pay your premiums in bulk. 

Tip 4: Prepare All Driver Records

For a faster application process, make sure you have your employed drivers’ driving records, certificates, paperwork, and licenses.

If you have doubts about how much insurance lessees need, consult your lessor. Most motor carriers already have sample policies for their lessees to sign and submit, although you have the freedom to select your preferred insurance provider—of course. 

Frequently Asked Questions:

What are the minimum insurance requirements for renting a commercial truck?

The insurance requirements depend on the truck's weight and cargo type, varying from $300,000 to $2,000,000 in coverage.

How can I ensure I'm getting the best insurance deal when renting a truck?

Always compare quotes from different insurance companies and read the contract thoroughly.

What is the best way to pay my premiums to save money?

Paying premiums annually can save significant amounts compared to paying in monthly or quarterly installments.

What documentation is required for the application process?

Have your drivers' records, certificates, paperwork, and licenses ready for a faster application process.

Do I have the freedom to choose my insurance provider when renting a commercial truck?

Yes, while lessors may suggest insurance providers, you are free to select your preferred insurance provider.

Explore the array of insurable commercial truck types in our informative blog post. Deepen your understanding about insurance requirements for renting a commercial truck, while also discovering the diverse types of commercial trucks that can be insured.

Unsure if your liability coverage covers potential truck damages? Refer to Assured Standard. Check out our quick guide comparing state-mandated liability requirements versus the average truck repair costs.

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Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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