April 26, 2018

Interstate Trucking Insurance

In the US, Interstate Trucking (the movement of commercial cargo from one state to another) is often more expensive that Intrastate Trucking (the movement of commercial cargo within the same state). The high costs are linked to federal requirements. One major requirement for Interstate Trucking is auto insurance. With an Interstate Trucking Insurance, the costs for moving cargos from state to state are significantly reduced.

Which Auto Insurance Covers Can You Take?

When taking up auto insurance for Interstate Trucking, it’s important to apply for an extensive cover, one that considers all possible risks that commercial trucks are exposed to. Some of the covers to take include:

• General liability insurance (costs $200-$500 per year)

• Primary liability insurance (costs $400-$5000 per year)

• Physical damages insurance (costs $2250-$3000 per year)

• Occupational accident insurance ( costs $1600-$2000)

• Cargo insurance( the costs varies depending on the value of the cargo)

• Bobtail insurance (costs $350-$400 per year)

You may be asked to provide a Certificate of Insurance (COI) when involved in Interstate Trucking. The certificate shows the type of auto insurance that you’ve taken for your commercial truck. The document shows your name, the name of your auto insurance company, your insurance policy number, type of cover, and date of issue. The COI is necessary for Interstate Trucking due to the risks associated with cargo transport. Basically, the document ensures that somebody is held responsible for the truck in case of an accident or any kind of misfortune that leads to losses.

If you are carrying goods for a client in a different state, you may be asked to provide a Cargo Insurance Certificate once you get to the destination state. This document specifically covers the cargo and not the truck. Your insurance company will take between several hours to two days to prepare the Cargo Insurance Certificate. You’ll be asked to provide the insurance agent with the business name, address, contact phone number, and social security number.

How Can One Pay Less for Interstate Trucking Insurance?

Interstate Trucking Insurance is arguably expensive but there are things that you can do to pay less. To begin with, you should compare the prices offered by various auto insurance companies and brokers. If you find a package that has flexible rates, you should grab the chance. Secondly, you should ask the insurance company if you can pay the premium in installments. There are companies that will ask you to pay the premium at once. However, there are those that accept installments. The latter is usually cheaper than the former. Lastly, you should identify discount offers from the auto insurance company that you approach and see what suits you. Discounts are always on offer if you ask. For example, if you are in the armed forces, most auto insurance companies will allow you to pay less.