Despite employment losses over the past decade and a labor market filled with overqualified and inexperienced workers, the trucking industry still confronts a driver shortage. Despite the persistent economic recession, the demand for truck drivers is rising. Trends in the trucking business indicate that, in addition to a shortage of qualified drivers, the demand for drivers is growing, hence aggravating the issue. It is puzzling why so many valuable jobs are empty during these difficult times.
Even though over-the-road trucking has a reputation for being solitary, there are numerous benefits. Additionally, many companies are putting drivers in teams to combat the 2010 hours on the road limits. Regardless of the fact that many employers are concerned about what the trucking industry statistics reveal about our current situation, there is the potential for more individuals to pursue trucking careers if they are made aware of the vast array of benefits associated with employment in the transport sector.
Local truck drivers and new businesses are required by Illinois law to maintain a certain amount of liability insurance. The amount required varies on the type and location of the freight being carried. If you never leave the state, you must obtain an intrastate-only USDOT Number and maintain the following levels of insurance coverage:
| $1,000,000 | Liability Insurance (Oil Transport) |
| $5,000,000 | Liability Insurance (Hazmat) |
| $300,000 | Liability Insurance (Household Goods) |
| $750,000 | Liability Insurance (General Freight) |
| $10,000 per vehicle$10,000 per catastrophe | Cargo Insurance (All carriers) |
The insurance requirements for interstate truck drivers are more restrictive. In addition to the mentioned, you must adhere to all FMCSA semi-truck insurance regulations. Federal liability limits often range from $750,000 to $1,000,000.
Your insurance agent must submit specific filings to both Illinois and the FMCSA. Your insurance agent or provider will produce these forms for you. These forms let the government know that you have met all DOT truck insurance requirements. They must be submitted before getting authorization. Examples include:
In Illinois, the average cost of commercial truck insurance is $13,140 per year.
The average range of premiums is $9,243 to $14,905.
These rates are based on truckers with a single truck who require liability, cargo, and physical damage insurance. There are a number of factors that affect the rate, including what you are transporting, your driving record, and how long you have been in business.
You may be a local, intermediate, or long-distance carrier, an owner-operator, or a fleet manager, and you may transport hazardous materials or pine straw. Because no two trucking operations are identical, your insurance plans must be personalized.
Since different truck insurance companies favor different types of risks, it is in your best interest to shop about and find a provider that is competitive in writing insurance for your particular type of operation. In conclusion, you want affordable truck insurance without losing coverage.
