The truck driving industry can be inherently risky, especially if you are a new venture driver. Finding the right type of business insurance for your start up trucking company may seem expensive and complicated, but it doesn’t have to be if you know some important facts regarding trucking insurance for new ventures.
Finding Insurance Doesn’t Have to be a Long Haul
Traveling long distances on the roadways while hauling extensive cargo/freight is your livelihood, but as you know, this type of profession can be dangerous which is why it is mandated you carry commercial trucking liability insurance. Too frequently there are fatalities involving truck drivers, which can be financially and emotionally devastating, especially if you aren’t adequately or properly insured.
However, problems may arise when trying to find affordable trucking insurance as a new owner-operator. Many insurers don’t want to insure new venture drivers due to their lack of experience and high risk factor or if they do, make it exorbitantly expensive.
Besides the mandated commercial Liability insurance, (protection for damages and injuries as a result of an accident you cause) there are other available options you may need for your new venture trucking such as:
- Medical Payments- Provides coverage for medical expenses that anyone in your rig incurs due to injury from an accident
- Physical Damage (Collision and Comprehensive)- Provides coverage for your truck for damages caused by collision, theft, fire, and vandalism
- Motor Truck Cargo Insurance– Provides coverage for your hauled cargo that is lost or damaged during transport
- Equipment Coverage- An optional coverage for owned items/property that are lost or stolen from your rig
- And More
New Venture Truck Insurance Provides Coverage for the Following:
- Semi Trucks
- Straight Trucks
- Route Trucks
- Auto Haulers
- Hot Shot Trucks
- Box Trucks
- And More
Guidelines for New Owner-Operators Regarding N.C. Trucking Insurance
Finding the right type of insurance protection doesn’t have to be a dead end; however, you need to be prepared before calling to obtain quotes as a new CDL driver. Below are some basic guidelines that new owner-operators should follow to find the right N.C. trucking insurance protection at an affordable rate:
Have the Details Ready- Before you call, have the necessary information/details ready to provide such as your truck information, driver information, expected radius of hauling freight, and amount of freight you plan to transport.
Gain Truck Driving Experience- As a new CDL driver, you may have a hard time finding N.C. insurers that want to accept the risk. Typically insurers want 2 or more years of CDL experience in order to get a more affordable rate.
Limit Radius of Operation- The further your radius of operation, the higher your insurance premium may be. As a new driver, you may wish to limit your radius of operation in an effort to gain more experience and lower your risk factor.
Increase Your Credit Score- Your credit score is linked to your insurance premium rate. Having a poor credit score equates to being a higher risk than someone with a high credit score.
Shop Competitive N.C. Trucking Insurers- You CAN find the right trucking insurance but it may take some shopping with some competitive N.C. trucking insurers to find a rate that is most affordable for your needs. However, never skimp on coverage.
Periodically Review Your Policy- After 12 months, it is recommended you review your insurance policy to see if perhaps you can get a reduced premium rate. Every year of experience can help to reduce your policy premium.
Twin City Insurance understands your needs as a new venture truck driver and is here to assist you and answer any questions you may have regarding the insurance protection you need and deserve. Call us TODAY at 828-464-2643 for all of your N.C. trucking insurance needs.