New Jersey is a northeastern state in the United States. It is the fourth-smallest state by area, the eleventh most populous, and the most densely populated in the United States. In terms of median household income, New Jersey was the second-wealthiest state in the United States as of 2017.
New Jersey's economy is multidimensional. Nevertheless, some industries are more concentrated than others. These include biotechnology, information technology, pharmaceutical, finance, telecommunications, printing & publishing, and food processing. 24 Fortune 500 firms have their headquarters in New Jersey.
Likewise, New Jersey rates pretty highly in terms of agricultural production. It ranks in the top five states for the production of blueberries, cranberries, spinach, bell peppers, etc. Shipping is one of New Jersey's key industries, and the strategic location of the state contributes to this factor.
With such an emphasis on industry and one of the busiest ports, New Jersey's transportation industry is growing. Numerous large, medium, and small trucking companies operate out of New Jersey, providing vital logistical support to enterprises by carrying and transporting raw materials and finished goods.
Local truck drivers and new businesses are required by New Jersey law to carry a minimum amount of liability insurance. The quantity required depends on the nature and location of the transported freight. If you do not travel out of state and your vehicle has a GVW of over 26,000 pounds, you must obtain an intrastate-only USDOT Number and have the following insurance coverage:
|$5,000,000||Liability Insurance (Hazmat)|
|$300,000||Liability Insurance (Household Goods)|
|$750,000||Liability Insurance (General Freight)|
|$1,000,000||Liability Insurance (Oil Transport)|
|$5,000 per vehicle $10,000 per catastrophe||Cargo Insurance (Intrastate Household Goods Movers And Interstate Contract Carriers)|
In New Jersey, the average cost of commercial truck insurance is $14,827.
The average premium ranges between $12,260 and $16,176.
These rates are based on truckers with a single truck who require cargo, liability, and physical damage insurance. There are several factors that affect the cost, such as what you are transporting, your driving record, and the length of time you have been operating.
New Jersey has 359 crashes per 100 MVM (100 million vehicle miles), which is higher than the national average of 208 crashes per 100 MVM. It ranks 27th in the overall number of fatal vehicle accidents, with 564 deaths resulting from 525 fatal collisions. However, New Jersey's fatal vehicle accident rate per MVM is significantly lower than the national average. In fact, it has the third lowest fatality rate per 100 million vehicle miles.
Moreover, New Jersey is a somewhat urban state, with several municipalities regarded as part of the nation's largest metropolitan areas. Because there are more drivers on the road and the roads are more crowded, vehicle accidents may be more prevalent in urban areas. Even while fender-benders and low-speed crashes are more common, they can still result in injuries. On the other hand, in rural areas, vehicles moving at greater speeds on two-lane roads are more likely to be involved in deadly accidents such as head-on collisions.
Essex, Hudson, and Passaic are the New Jersey counties with the highest rate of vehicle accidents per 100 MVM.
Furthermore, these counties have typical rates of fatal vehicle accidents per 100 MVM compared to the state as a whole. The contrast between the high incidence of accidents in these counties and the average fatality rate illustrates how extremely urban areas may experience more car accidents but a lower risk of them being fatal. Regarding road safety, Hunterdon County in New Jersey has the lowest rates in each category.
Several factors, such as the type of vehicle you drive, the area, the operating radius, your years of expertise, etc., influence your rates. You will pay significantly more for commercial truck insurance if you are a novice truck driver than if you are experienced. After six to twelve months of maintaining a spotless driving record, your premium will reduce significantly.
Obtain many quotes for commercial trucking insurance and compare them before determining which is most advantageous for your business.