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    North Carolina Commercial Trucking Insurance

    North Carolina Commercial Trucking Insurance

    North Carolina, which was once a joint territory with South Carolina, was one of the original 13 colonies and became the 12th state in 1789. Before being readmitted into the Union in 1868, it sent most soldiers to fight in the Civil War as a Confederate state.

    Today, the economic backbone of North Carolina looks very different. Due to declining smoking rates, growing competition from other states, and the emergence of a global economy, the three original industries have fallen over the years.

    Currently, businesses such as banking, pharmaceuticals, food processing, technology, and vehicle parts dominate North Carolina's economy. Charlotte is now the second-largest banking center in the United States, and Research Triangle Park is home to over 200 businesses.

    If you operate a business in North Carolina and utilize a vehicle for business purposes, there are insurance agents that are particularly prepared to provide the most cost-effective insurance solutions with low-cost financing.

    Requirements Of Commercial Trucking Insurance In North Carolina 

    Local truck driver

    Local truck drivers and new businesses are required by North Carolina law to maintain a minimum amount of liability insurance. How much you need depends on the nature and location of the freight you transport. If you never move your vehicle out of state and it has a GVW of over 10,000 pounds, you must obtain an intrastate-only USDOT Number and maintain the following levels of insurance coverage:

    $1,000,000Liability Insurance (Oil Transport)
    $5,000,000Liability Insurance (Hazmat)
    $300,000Liability Insurance (Household Goods)
    $750,000Liability Insurance (General Freight)

    Truck drivers that travel to various states must comply with stricter insurance regulations. In addition to the aforementioned, you must comply with all FMCSA regulations for semi-truck insurance. The majority of federal liability limits are either $750,000 or $1,000,000.

    Your insurance agent must submit specific filings to North Carolina and the USDOT. Your insurance provider is aware of which forms to send and will handle all filing on your behalf. These forms advise the government that you have satisfied all DOT truck insurance requirements. They must be received prior to processing your authorization. Typical examples include:

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

    Cost Of Commercial Trucking Insurance In North Carolina 

    Cost Of Commercial Trucking Insurance In North Carolina

    In North Carolina, the average cost of commercial truck insurance is $11,049.

    The typical range of premiums is $8,732 to $11,409.

    These rates are based on truckers with a single truck who require cargo, liability, and physical damage insurance. There are a number of factors that affect the cost, including what you are transporting, your driving record, and the length of time you have been operating.

    What Commercial Truck Insurance Covers In North Carolina

    • Primary liability
    • Physical damage coverage
    • Uninsured/underinsured drivers
    • Medical bill coverage
    • Motor truck cargo coverage
    • Non-trucking liability

    Commercial Vehicle Registration In North Carolina

    North Carolina is a part of the International Registration Plan – or IRP – which is a registration reciprocity agreement that allocates registration fees based on the total distance traveled within the continental United States and Canada.

    A vehicle registered under the International Registration Plan, often known as an apportioned vehicle, receives only one license plate and one cab card.

    The N.C. Division of Motor Vehicles' International Registration Manual serves as a reference for obtaining proportional registration in North Carolina and as a basic resource for filing applications for yearly registration.

    Visit the website of the International Registration Plan for additional information.

    Registering Under IRP

    Any carrier that intends to transport passengers or commodities over state lines or into Canada and satisfies any of the following requirements must register with the International Registration Plan as an apportioned vehicle:

    • With two axles and a gross vehicle weight exceeding 26,000 pounds
    • With at least three axles or more, regardless of weight
    • Has greater than 26,000 pounds gross vehicle weight (when combined with other vehicles)

    Car Accident Statistics In North Carolina

    Car crashes are a daily occurrence in North Carolina and across the nation. The number of accidents that result in significant damage or death is surprising. The North Carolina Department of Transportation (NCDOT) publishes annual statewide crash data, including the number of crashes, injuries, and fatalities.

    • In 2020, 105,382 people were wounded in auto accidents in North Carolina. Even though the statistic marks a decline of 15.9% from the previous year, it indicates that crash-related injuries are prevalent in North Carolina
    • More than 70% of all accidents in 2020 occurred between 7:00 a.m. and 6:59 p.m. Additionally, there were more accidents on Fridays, but the most fatal accidents occurred on Saturdays
    • Speeding is a significant contributor to both injury and fatal accidents. According to the most recent data available from the NCDOT, speeding led to 25.1% of traffic fatalities in 2020
    • Even though fewer cars were on the road during the pandemic, the number of pedestrian deaths in North Carolina climbed by 7.8% in 2020. In 2020, 249 pedestrians were killed in traffic accidents, up from 231 in 2019
    • Not only did the number of pedestrian fatalities rise in 2020 but so did the total number of auto accident fatalities. The total number of traffic-related fatalities in North Carolina climbed by 12.8%, while the number of passengers killed went up by 15.6%, and the number of drivers killed rose by 12.4%
    • According to preliminary data, the lethal trend persisted into 2021. In North Carolina, the likelihood of getting involved in a deadly car accident has climbed dramatically during the previous two years
    • As per the North Carolina 2020 Traffic Crash Facts, lane departure contributed to nearly 64,700 accidents. According to reports, it was responsible for 56.2% of all fatalities and 27.5% of all injuries
    • Distracted driving was another significant cause of car accidents. 44,128 crashes, 157 deaths, and 18,552 injuries were caused by distracted driving. According to the NCDOT, approximately 18% of car crashes in North Carolina involve distracted driving
    • In North Carolina, there were 247,214 reported traffic accidents in 2020, a 13.3% reduction from the previous year
    • While the total number of accidents decreased in 2020 compared to 2019, the fatality rate increased. According to the NCDOT, North Carolina's mortality rate was 1.57%, significantly above the state's goal of 1.15% or less

    Frequently Asked Questions 

    Some of the most commonly asked questions about North Carolina commercial trucking insurance are:

    How much does a semi truck cost?

    For a new semi-truck, you may expect to pay between $70,000 and $150,000. Trucks with all available improvements might cost over $160,000.

    Do you need business insurance for trucking company?

    Commercial auto insurance is necessary for truck drivers, but what about other types of business insurance? Although not required by law, business interruption insurance, trucking general liability insurance, and motor cargo coverage can assist protect your firm against litigation and damages.

    What is trailer interchange coverage?

    A type of coverage available under the truckers or motor carrier policy form insures the policy holder's legal obligation for damage to the trailers of third parties. Coverage is also provided as an endorsement of the business auto policy (BAP).

    Other Insurance Types

    The easiest approach to locating affordable commercial truck insurance in North Carolina is to compare quotes from various providers. Multiple organizations and brokers offer online quotes to make the process more simple for you. Always compare identical coverage types and limit levels to verify you are receiving the best deal.

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