Owner-operators hauling under another motor carrier’s authority do not have to worry about liability and cargo insurance. However, most carriers require owner-operators to have additional trucking insurance. The necessary policies vary on a case-by-case basis, but owner-operators may likely need to look into trailer interchange, non-trucking liability, comprehensive, and collision insurance.
Motor carriers often shoulder the FMCSA-mandated insurance requirements. However, leasing owner-operators will have to pay for the following insurance policies themselves:
Do not skimp on your insurance. Motor carriers leasing trucks hold owner-operators responsible during traffic accidents, collisions, theft, and vandalism. Get insurance claims to cover these damages. Otherwise, you might have to pay for repairs out of pocket, which could set you back by several thousands of dollars.
Are you unsure about how much money to set aside for truck insurance? Assured Standard can help! Check out our article explaining how much owner-operators typically pay for commercial trucking insurance.
Ora Price is a licensed insurance producer. Since she majored in Finance at the University of San Diego, she knows how to deal with both clients and insurance providers alike.