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    New York Commercial Trucking Insurance

    New York Commercial Trucking Insurance

    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.

    Requirements For Commercial Trucking Insurance In New York

    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:

    $5,000,000Liability 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)

    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:

    • Form E
    • Form H
    • The BMC-97
    • Form MCS-96

    What Commercial Trucking Insurance Covers In New York

    Primary LiabilityThis 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 CoverageThis 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 CoverageMotor 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 LiabilityThis 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 CoverageNon-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.

    Cost Of Commercial Trucking Insurance In New York

    Cost Of Commercial Trucking Insurance In New York

    In New York, the price of commercial vehicle insurance varies. To obtain a quote, your carrier would likely require the following information:

    • Cargo
    • Vehicle type
    • Driving history
    • Coverage requirements
    • Operating radius
    • USDOT authority

    Your rate will then depend on the aforementioned factors as well as other company-specified ones.

    Other Insurance Types

    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.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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