Insurance for owner-operators
If you are leased to a carrier
- The carrier's policy covers liability while you are under dispatch.
- You typically buy non-trucking liability (bobtail) for when you are not, physical damage on your truck, and occupational accident coverage since you are not on workers' compensation.
If you have your own authority
- Primary auto liability. The federal minimum for general freight is $750,000. Most brokers and shippers require $1,000,000.
- Cargo insurance. $100,000 is the amount most brokers ask for.
- Physical damage on the truck and trailer, which your lender will require.
- General liability, which some customers require.
What drives the price
- Years of CDL experience and your driving record.
- Whether your authority is new. The first year is the most expensive.
- Where you are based, what you haul and how far you run.
Get quotes from an agent who specializes in trucking before you buy the truck. The down payment on a new-authority policy alone can run into the thousands.