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RaShawn Mitchner

Written By RaShawn Mitchner Senior Editor

RaShawn Mitchner is a senior editor at MarketWatch Guides, focusing on personal finance and insurance topics, with over a decade of experience in writing and editing content related to saving money.

For those who drive trucks for business, particularly semitrucks, having the appropriate insurance coverage is crucial. This article by the MarketWatch Guides team will define truck insurance, outline potential costs, and suggest some of the top options available.

Key Takeaways

Truck insurance expenses can vary based on multiple factors.

Semi truck insurance is essential for legal compliance and financial protection in accidents.

Generally, trucks require primary liability, physical damage coverage, occupational accident insurance, and general liability coverage.

What Is Semitruck Insurance?

Truck insurance, just like standard car insurance, is a legal requirement. Given the increased risks involved in driving a truck, premiums are typically higher compared to regular vehicles, as they help protect against the financial strains of potential accidents. To secure the best rates on insurance for a semitruck, it’s advisable to compare quotes from multiple providers.

Types of Truck Insurance

Primary Liability Insurance

Federal law mandates primary liability insurance, though specific requirements may differ by state. This coverage typically includes:

Property Damage Liability: Covers damage to another party’s property if you’re at fault.
Bodily Injury Liability: Helps cover medical expenses for injuries caused by an accident you caused.

Physical Damage Insurance

This consists of different types of coverage for vehicle damage, which includes:

Collision Insurance: Pays for damage to your vehicle, regardless of fault.
Comprehensive Insurance: Covers non-collision related incidents like theft or vandalism.

Occupational Accident Coverage

Occupational Accident (OA) insurance provides important protection for truck drivers against job-related injuries and lost wages, similar to workers’ compensation, but is not a legal requirement.

General Liability Insurance

General Liability (GL) safeguards against liabilities not covered under physical damage policies, offering business protection.