Auto Liability
WHAT IS AUTO LIABILITY COVERAGE?
Auto liability insurance is a legal requirement for all commercial trucks, safeguarding motor carriers from potential legal liabilities related to vehicle ownership, usage, and maintenance. Operating a truck without this insurance coverage can lead to severe penalties and fines, emphasizing the necessity of compliance with regulatory mandates.
AUTO LIABILITY REQUIREMENTS FOR TRUCKERS
The Federal Motor Carrier Safety Administration establishes the minimum legally required amount of truckers auto liability, although shippers or brokers may demand higher coverage. The mandated minimum financial responsibilities are as follows:
- For-hire interstate general freight: $750,000
- For-hire and private carriers of oil: $1,000,000
- For-hire and private carriers of other hazardous materials: $5,000,000
WHAT DOES AUTO LIABILITY EXCLUDE?
Truckers auto liability insurance may not cover every potential scenario, making it advisable to consider additional policies such as excess or umbrella coverage, as well as specific options like HNO (hired and non-owned) coverage, based on the operational needs of your business.
FINDING THE BEST AUTO LIABILITY COVERAGE FOR COMMERCIAL TRUCKING
Acquiring the minimum coverage can be costly, and opting for higher protection increases expenses further. It’s essential not to settle for the initial quote received; instead, explore various options until you discover the policy that aligns with your needs. As an independent insurance agency, we possess access to over 30 markets on average, enabling us to assist you in locating the carrier that suits your requirements perfectly.