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New York Commercial Trucking Insurance

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.

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      What kind of truck do you have?

      When do you need it?

      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.

      Commercial Vehicle Registration In New York

      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:

      1. Get auto insurance and register the vehicle within 180 days of getting it insured.
      2. Sumit all documents, application forms, and payment to the DMV.
      3. Claim the vehicle plates, registration window sticker, registration document, 10-day inspection extension sticker, and, if applicable, a new title certificate from the DMV.
      4. Schedule an annual safety inspection at any DMV-license inspection station.

      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:

      • Sales tax
      • Vehicle plate fee
      • Title certificate fee
      • Registration fee (good for 1-2 years)
      • Vehicle use tax (in most NY counties)
      • Registration transfer fee (if applicable)

      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.”

      Commercial Trucking Statistics In New York

      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:

      • Commercial trucks are responsible for 72.5% of freight in the U.S. based on total tonnage.
      • New York’s trucking industry provides 1 out of every 28 jobs in the state. That’s 285,000 jobs – including 62,360 truck driver jobs – or $15.9 million in total wages yearly.
      • Over 89% of NY communities depend on commercial trucks for the movement of goods.
      • 97,000 commercial vehicles move across NYC every day. Meanwhile, 25,000 trucks go through Manhattan daily. As the local population grows, freight transportation is also expected to increase, leading to more commercial trucks on the road.
      • The New York State Department of Transportation’s Q1 2022 report says 73.1% of crashes occurred in intersections. 16.2% were on midblock; 9.9% were on highways; 0.8% were on bridges. Half of them occurred either overnight (10 PM – 6 AM) or midday (10 AM – 4 PM).

      Frequently Asked Questions 

      Here are some commonly asked questions related to New York commercial trucking insurance:

      What is considered a commercial vehicle in New York?

      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.

      What is commercial general liability for trucking companies?

      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.

      What insurance does a commercial transport business need?

      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.

      Is cargo insurance necessary for New York commercial trucks?

      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.

      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.

      Get multiple commercial trucking insurance quotes and compare them before deciding on which one is most beneficial for your business.

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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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