Commercial Truck Insurance

It’s easy to get a quote as a lease-on owner-operator. Fill out the form below to protect your trucking business today.

If you’re an independent commercial truck driver leasing to a motor carrier, the motor carrier provides the majority of your liability insurance coverage. But it doesn’t cover you in every situation. As a lease-on owner-operator, you will want to purchase Leased Owner Op insurance, including your own non-trucking liability or bobtail liability, physical damage coverage, and occupational accident insurance.

Why You Need Commercial Truck Insurance

Unlike regular car insurance that covers you pretty much anytime you’re behind the wheel of the vehicle, commercial truck insurance offered by your motor carrier has limitations to its coverage. Whenever you drive the truck outside of those limitations you’re putting yourself at risk. 

Additional commercial truck insurance is needed because the motor carrier generally liability coverage provided or offered is not always enough to cover you. Most motor carrier coverage will only cover you for injuries and physical damages in accidents that occur when you are ‘on the clock’ and for which you are found at fault – but what happens if you’re in an accident when you’re not under dispatch? What if your cargo is stolen or damaged? What if the truck itself is stolen or damaged outside of working hours?

What Type of Commercial Truck Insurance Do You Need?

There are four types of commercial truck insurance recommended for lease-on owner operators that add protection for the situations the motor carrier liability won’t cover. Get quotes for the following four types of commercial truck insurance:

  • Non-Trucking Liability Insurance
    Non-Trucking Liability Insurance provides coverage when you drive the truck for personal reasons and with no economic benefit.
  • Bobtail Liability Insurance
    Bobtail Liability is more difficult to obtain than non-trucking liability insurance, but it provides coverage when you’re using the truck without a trailer attached, whether for work or personal reasons.
  • Physical Damage Insurance
    If the truck is damaged in a collision, vandalism, fire, or stolen, Physical Damage Insurance covers loss or damages up to an actual cash value basis.
  • Occupational Accident Insurance
    Occupational Accident Insurance provides coverage if you are injured or killed in a work-related accident.

How Much Does Commercial Truck Insurance Cost?

Some motor carriers offer the above-mentioned additional insurance coverages to you at an additional fee, but you can get better pricing on your insurance premiums if you buy it yourself. Commercial Truck Insurance costs vary depending on many factors, including:

  • Age and Experience of Driver
    Drivers under age 25 are a higher risk compared to more experienced, older drivers, and therefore insurance premiums for younger drivers is higher.
  • Accident History
    Commercial Truck Insurance providers look into your driving history to see if you’ve had accidents and violations. The more accidents or tickets you’ve racked up, the higher your premiums (if you can get approved at all.)
  • Previous Policies Cancelled
    If you’ve had Commercial Truck Insurance policies in the past that were cancelled due to lack of payment, it will become more difficult to obtain a new policy.
  • Cargo and Truck Weight
    The value of cargo and what type of cargo you’re hauling affects your insurance premiums. Higher premiums are charged for trucks transporting high-value cargo regularly, or potentially hazardous cargo. Heavier trucks and cargo receive higher insurance premiums, too, because they’re harder to maneuver and more prone to accidents.

The best way to find out how much it costs is to get a quote from companies that specialize in semi truck insurance.

10-4 Financing has semi truck lease-on owner operator insurance experience to help find coverage to individual semi truck drivers. Call today for a quote or fill out the form online.