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.
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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.
All vehicles that will be used for commercial purposes must be registered with the New York State Department of Motor Vehicles (DMV). The tax rate for commercial vehicle registration in New York ranges from $40 for most vehicles to $400 for buses, taxis, and delivery vehicles.
Vehicle registration in New York is fairly straightforward. Businesses may register commercial vehicles themselves. Alternatively, auto dealerships can register new vehicles and issue plates for a fee. Either way, here is an overview of the registration process:
Registration fees depend on the commercial vehicle’s weight and where your business is located. However, all vehicles that are registered for the first time will require the following fees:
Registration payment for commercial motor vehicles are accepted in cash, credit, debit, personal check, and money orders that are payable to “Commisioner of Motor Vehicles.”
New York City has nearly a thousand miles of designated roadway, making its truck route system one of the most complex in the country. Here are some relevant statistics related to commercial trucking within the area:
Here are some commonly asked questions related to New York commercial trucking insurance:
In New York, a commercial vehicle refers to any vehicle used to transport cargo or property that bears a commercial license plate. This excludes vehicles used for parking, stopping, and standing rules.
Commercial general liability insurance would typically cover common business risks in the trucking industry, such as customer injury and customer property damage. This insurance can also protect your business from the high financial cost of claims and lawsuits.
You should at least have liability coverage if you hire, lease, own, or use commercial vehicles for your business. Federal law deems it a requirement if your business transports cargo or people across state lines.
Larger vehicles used for business registered as commercial or that carry a commercial license plate automatically require a commercial truck insurance policy.
Cargo insurance is a type of commercial insurance that protects shipments from damage, loss, and theft. It can reimburse the designated value of goods that were affected by a covered event while in transit. It is strongly recommended for commercial trucking companies.
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.
Get multiple commercial trucking insurance quotes and compare them before deciding on which one is most beneficial for your business.
