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    New Jersey Commercial Trucking Insurance

    New Jersey Commercial Trucking Insurance

    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.

    Requirements For Commercial Trucking Insurance In New Jersey

    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:

    $5,000,000Liability Insurance (Hazmat)
    $300,000Liability Insurance (Household Goods)
    $750,000Liability Insurance (General Freight)
    $1,000,000Liability Insurance (Oil Transport)
    $5,000 per vehicle $10,000 per catastropheCargo Insurance (Intrastate Household Goods Movers And Interstate Contract Carriers)

    What Commercial Trucking Insurance Covers In New Jersey

    • Primary Liability - This coverage option insures you against liability for damages or injury to third parties caused by a trucking accident. State and federal authorities require this coverage.
    • Comprehensive Physical Damage and Collision Coverage - This policy protects your truck and trailer. This coverage pays for repairing or replacing your vehicles if they are damaged by collision, hail, windstorm, fire, theft, flood, mischief, earthquake, or vandalism.
    • Motor Truck Cargo Coverage - Motor Truck Cargo insurance protects the driver from liability when the freight is damaged or lost. A policy with a maximum load limit per vehicle is obtained.
    • General Liability - This coverage protects against injuries or property damage incurred on your property while using your products or services or as a result of a breach of contract. 
    • Non-Trucking Liability/Bobtail Coverage - This gives owner-operators who are permanently leased to an ICC-regulated carrier limited liability insurance. It offers limited liability coverage when the owner-operator is neither on dispatch nor towing a heavy trailer.

    Cost Of Commercial Trucking Insurance In New Jersey

    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.

    Car Accident Statistics In New Jersey Compared To Other States

    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.

    Car Accident Statistics In New Jersey By County

    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.

    Other Insurance Types

    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.

    Frequently Asked Questions:

    What are the insurance requirements for commercial trucking in New Jersey?

    In New Jersey, the required insurance coverage depends on the type of freight and location. For example, general freight requires $750,000 liability insurance, while hazmat transport requires $5,000,000.

    What does commercial trucking insurance cover in New Jersey?

    Commercial trucking insurance in New Jersey provides a range of coverage options including primary liability, comprehensive physical damage, collision, motor truck cargo, general liability, and non-trucking liability/bobtail coverage.

    What is the average cost of commercial trucking insurance in New Jersey?

    The average cost of commercial trucking insurance in New Jersey is $14,827, with premiums typically ranging between $12,260 and $16,176, depending on several factors like what is being transported, the driver's record, and years of operation.

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