Since the Federal Motor Carrier Safety Administration (FMCSA) requires $750,000 worth of general liability per accident, consider getting as much non-trucking liability (NTL) insurance coverage as well. A typical NTL policy with $1,000,000 in coverage costs $30 to $50 per month.
Insurance providers typically consider the following factors when computing your NTL insurance premiums:
Do not skimp on your non-trucking liability insurance. A $1,000,000 coverage sets you back by less than $50 every month — a small fee for total protection while driving your truck for personal use as well.
Also, ask your insurer about what policies bolster NTL insurance. Adding physical damage, bobtail insurance, and uninsured/underinsured motorist coverage ensures that your truck is protected 24/7, even during off-duty hours.
It's recommended to get at least $750,000 worth of NTL insurance, as this is the minimum general liability requirement set by the FMCSA. However, many opt for $1,000,000 in coverage.
Factors such as the cost of your equipment, nature of your business, driving history, and added insurance policies can influence the cost of your NTL insurance premiums.
Yes, adding policies like physical damage, bobtail insurance, and uninsured/underinsured motorist coverage can further protect your truck during off-duty hours, supplementing your NTL insurance.
If you want help on how much is a non-trucking liability insurance, take a look at our article about it today for help.
Do you need a quick primer on how much truck insurance costs? Assured Standard has you covered! Read our brief piece summarizing the average premiums that truckers pay per annum for insurance.
