Commercial trucking entails a number of risks. Every year, over 130,000 individuals are wounded in accidents involving commercial trucks. 70% of these incidents simply result in property damage, while 22% result in injury to others or truck drivers. In New York, accidents involving commercial trucks can be expensive, with the average settlement for such an accident reaching $59,000. However, truck insurance can shift these costs away from you and your New York company.
Consider that you are the owner of a commercial truck in New York. Consider purchasing a business truck insurance policy to cover your liabilities and limit your losses in the event of a covered hazard.
Local truckers and new businesses are required by New York law to maintain a certain amount of liability insurance. The amount required is dependent on the nature and location of the freight being transported. If you never transport your vehicle out of state and it weighs more than 10,000 GVW, you must maintain the following minimum 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) |
The insurance requirements for interstate truck drivers are slightly different. In addition to the aforementioned, you must meet all federally prescribed semi-truck insurance requirements. The majority of federal liability limits are either $750,000 or $1,000,000.
Both New York and the United States Department of Transportation mandates your insurance agent to file certain filings. Your insurance provider knows which forms to send and will handle all filing on your behalf. These forms inform the government that you have satisfied all DOT truck insurance requirements. They must be received prior to processing your authorization. Typical examples include:
| Primary Liability | This coverage option safeguards you against liability for damages or injury to third parties caused by a truck accident. State and federal authorities require this coverage. |
| Comprehensive Physical Damage and Collision Coverage | This insurance provides protection for your truck and trailer. This coverage pays for the repair or replacement of your vehicles if they are damaged by collision, fire, windstorm, theft, hail, earthquake, flood, mischief, or vandalism. |
| Motor Truck Cargo Coverage | Motor Truck Cargo insurance protects the transporter from liability in the event that freight is damaged or lost. A policy with a maximum load limit per vehicle is acquired. |
| General Liability | This coverage protects against injuries or property damage sustained on your territory while using your products or services or as a result of a breach of contract. |
| Non-Trucking Liability/Bobtail Coverage | Non-Trucking Liability (Bobtail Coverage) provides owner-operators who are permanently leased to an ICC-regulated carrier with limited liability insurance. It offers limited liability coverage when the owner-operator is neither on dispatch nor towing a heavy trailer. |
In New York, the price of commercial vehicle insurance varies. To obtain a quote, your carrier would likely require the following information:
Your rate will then depend on the aforementioned factors as well as other company-specified ones.
Your own rates are determined by a number of variables, such as the type of vehicle you drive, the location, the operating radius, your years of experience, etc. If you are a newbie truck driver, you will pay substantially more for commercial truck insurance than an experienced truck driver. After six or twelve months with a clean driving record, your rate will decrease dramatically.
