This post was last updated on July 20th, 2019
One of the biggest perks of becoming an owner operator is being your own boss – calling the shots.
But being your own boss also means that you take on great responsibilities, from bookkeeping to management and yes, even finding and securing insurance.
Whether you’re under a permanent lease or you work under your own authority, finding the right insurance policy can be a challenge.
Rig Quote helps truckers find and obtain insurance policies that meet their needs and budgets. With eight years of experience in the business and extensive knowledge of the trucking industry, Rig Quote understands the needs of truckers.
How Rig Quote Can Help You Find the Right Commercial Truck Insurance
As an owner operator, you face a number of challenges on a daily basis. Finding good insurance shouldn’t be one of them.
Independent drivers who work under a permanent lease need an insurance policy that’s in line with their lease agreement.
The motor carrier may supply liability insurance on your behalf, but you’ll be responsible for obtaining:
- Physical damage coverage
- Non-trucking liability coverage
- Cargo insurance
The liability insurance provided by the motor carrier only covers damage or injuries to property or other people if you’re at fault. Without the coverage listed above, you’ll be liable for expenses related to:
- Fixing your own truck
- Damages incurred when you’re not under dispatch
- Damage or losses to the loads you haul
For owner operators who work under their own authority, you have zero coverage unless you purchase it yourself. You will be responsible for ensuring you have:
- Physical damage coverage
- Liability insurance
- Cargo insurance
- General liability
Physical damage coverage provides you with coverage for your equipment. Deductibles range from $500 to $1,000 or more. The cost of physical damage coverage ranges between 3.5% and 5% of your equipment’s value.
Cargo insurance will cover whatever you’re hauling and accounts for about 1%-4% of your premium’s cost, depending on what you’re hauling and how much coverage you need.
Non-trucking liability, which is often called bobtail, provides you with coverage for damage incurred when you’re not on dispatch. This type of insurance is generally only relevant to drivers who lease with a motor carrier.
As you can see, truckers have extensive insurance coverage needs, and finding a well-rounded policy that covers all your needs can be a challenge if you try to get it alone.
The Solution: Rig Quotes
With so many trucking insurance companies to choose from, finding the right insurer and policy can be a chore. Rig Quotes can help by offering you a complete list of truck insurance quotes. These quotes allow you to review and compare policies, and choose one that suits both your needs and your budget.
Factors that Affect Your Commercial Truck Insurance Quote
When calculating your insurance quote, companies will take many factors into consideration, including:
One of the most important factors is credit history. Premiums for trucking insurance can vary by as much as 70%, depending on your credit.
Truckers with good credit will pay just a fraction of what truckers with bad credit will pay.
You may drive your truck halfway across the country, but your home location will play a role in the cost of your insurance. If you live in a densely populated state, like New Jersey, California, Florida or Illinois, you’ll pay more for insurance – period. Truckers who live in states like Wyoming or Montana will pay, on average, 20-30% less for their insurance.
Another important factor when calculating your premium is your safety rating form the FMCSA (Federal Motor Carrier Safety Administration).
If you have a poor safety record, you’ll have a hard time finding an insurance company that will even consider giving you coverage.
A blemish-free record will help you obtain better and cheaper coverage.
Yes, age will play a role in how much you pay for insurance. Truckers under the age of 30 will pay more than their older peers.
How Rig Quotes Works
You know that Rig Quotes supplies you with a list of quotes to help you choose a policy that meets your needs.
But what you may not know is that they connect you with the top three insurers in your state. That’s right – you don’t have to worry about buying policies from fly-by-night companies.
They know how difficult it can be to find a reliable insurer. All of the companies listed with Rig Quotes are ‘A’ rated by carriers, and have extensive experience in the trucking insurance industry.
Rig Quotes is available 24 hours a day, seven days a week by phone or email to answer your questions and help you find the right insurance policy for your needs.
Coverage is available for all types of needs, including:
- Big semi trucks
- Car haulers
- Goose neck trailer
- Small pickups
- Dry van
- Towing businesses
With liability limits ranging from a minimum of $750,000 to $5,000,000, you’re sure to find an insurance policy that meets your needs. Cargo insurance ranges from a few thousand dollars to $500,000.
Finding a well-rounded, comprehensive trucking insurance policy doesn’t have to be a nightmare. Rig Quotes simplifies the process by providing you with quotes from the best insurance companies in your state, so you can compare prices and coverage with ease. With representatives available around the clock, you’re sure to find the right policy for your needs.