Due to its multiple ports and entryways, Virginia has been a shipping hub for centuries. Virginia's location midway up the East Coast explains why it has such a strong demand for truck drivers.
With over 30,000 trucking companies and more appearing daily, Virginia is home to several of the country's finest trucking businesses. In addition, CDL drivers have access to hundreds, if not thousands, of work opportunities.
This increases the reason why you need to get commercial trucking insurance in Virginia. Let us give you a comprehensive view in the following sections.
Local truck drivers and new businesses are required by Virginia law to carry a minimum amount of liability insurance. The quantity required is governed by the nature and location of the freight being carried. If you do not leave the state and your truck has a GVW of over 10,000 pounds, you are required to obtain a Virginia For-Hire Intrastate Operating Authority Number and possess 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 regulations for interstate truck drivers are more stringent. Additionally, you must comply with all FMCSA-recommended DOT truck insurance requirements. The majority of federal liability limits must be either $750,000 or $1,000,000.
In Virginia, the average cost of commercial truck insurance is $16,648 per year.
The average premium ranges between $14,244 and $16,894.
These rates are based on truckers with a single truck who require liability, cargo, 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 are operating.
The following is a summary of the primary alternatives for commercial trucking insurance coverage. Select the best commercial trucking insurance coverage that meets your business's requirements and, most importantly, safeguard your livelihood.
Commercial vehicles are those used to transport products or large numbers of passengers, such as semi-trucks and buses. They must be registered with the state of Illinois prior to being legally permitted to operate on public roads.
Purchase auto insurance for your commercial vehicle. Before the state of Illinois permits the registration of your commercial vehicle, you must submit proof of insurance.
Request an application for commercial vehicle registration by contacting your local Secretary of State office or by dialing (800) 252-8980. This form is not available online and must be received from the office of the Secretary of State directly. Visit the Illinois Secretary of State's website to find a facility in your area.
Check out the website of the Internal Revenue Service (IRS) and review the Heavy Highway Vehicle Use Tax Form 2290 instructions to see if you must submit the form. In Illinois, you must complete this form if your vehicle weighed more than 55,000 pounds and was purchased more than 60 days before the day it was registered. If you are obliged to pay this tax, complete the form and send it with the necessary payment to: Internal Revenue Service, P.O. Box 804525, Cincinnati, OH 45280-4524.
Call the Commercial and Farm Truck Division of the Illinois Secretary of State at 217-785-1800 and select "Mileage Registration" when requested. Follow the registration requirements to register your commercial vehicle for mileage tax. The state of Illinois offers lower tax payments if your commercial vehicle works solely inside its limits and does not cross international boundaries. Explore the website of the Illinois Secretary of State to review the Farm and Mileage Tax Registration brochure.
The Illinois Department of Transportation maintains a constantly updated snapshot of fatal crash statistics. Illinois has experienced 56 fatal accidents involving semi-trucks since August 3, 2020.
The total number of fatal accidents is 22 fewer than at the same time in 2019. There have been 491 total collisions, resulting in 533 fatalities. The majority (193) have occurred on city roadways, while a substantial number (146) have occurred on State-US routes. Large trucks commonly travel on city roadways and state-to-federal routes, making them extremely hazardous for motorists.
Some of the most commonly asked questions about Virginia commercial trucking insurance are:
The FMCSA mandates that professional car haulers have at least $1 million in liability insurance. They are required to carry commercial liability insurance. Without the proper insurance, even a tiny mistake can have costly repercussions.
After a collision, the FMCSA requires $750,000 in liability insurance coverage to compensate for physical damage/property damage insurance, bodily injury to others, and environmental restoration. The majority of load brokers and shippers, however, require $1,000,000.
Since different truck insurance companies prefer different types of risks, it is to your best advantage to search for and locate a competitive insurance provider for your specific type of company. Finally, you need affordable truck insurance without sacrificing coverage.