The cost of trucking insurance can vary significantly depending on the state in which you are registered. In North Carolina, the average cost of trucking insurance ranges between $8,500 to $11,500. This number includes coverage for physical damage, cargo, and liability insurance.
Although the cost of truck insurance can be higher compared to personal auto insurance, investing in coverage can protect your business from expensive legal and medical fees. The bottom line is that safeguarding your business with an insurance plan is the best way to prevent the worst-case scenario from happening.
In order to save money on premiums, many businesses may wonder which types of trucking insurance are required by state law.
For for-hire carriers, North Carolina federal regulations require a minimum of $750,000 in liability insurance. This applies to carriers that transport non-hazardous goods and weigh 10,000 pounds or more.
In contrast, carriers that transport hazardous goods such as compressed gas or oil, can expect to pay around $1 million to $5 million.
Some factors that can also impact the cost of your truck insurance include the type of cargo you haul, the number of years you’ve been in business, driving history, and more. Those with a history of accidents and other traffic violations can usually expect to pay higher premiums compared to those with a cleaner slate.
When purchasing truck insurance in North Carolina, it is best to consult an experienced agent and compare several quotes. Depending on the insurance company, they might offer varying quotes with the same features. As a result, shopping around can give you the most competitive insurance plan in terms of value for money.
For more advice on how to identify the characteristics of a good trucking insurance agent, read on!