Liability insurance rates for trucks getting higher and higher
“The biggest chunk of an independent’s insurance costs is liability coverage, which pays for injuries and property damage from a wreck.” – According to the article in overdriveonline.com and its author Matt Cole
“For over-the-road drivers, the Federal Motor Carrier Safety Administration requires $750,000 in primary or auto liability coverage. However, most shippers and brokers do not do business with trucking companies that carry less than $1 million in liability coverage. Certain hazmat haulers, especially those hauling chemicals, are required to have $5 million in liability coverage.” – Cole also wrote in his article
Liability coverage costs have increased markedly. Premiums for a $1 million liability policy now can range from around $6,000 to $16,000 or more a year.
Read the full story HERE
Source and credits: overdriveonline.com / Matt Cole
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