Know Insurance Update

Semi-trucks are an important part of the transportation industry, and their insurance costs can get out of hand, especially when you need to make a payment to your truck insurance carrier.  Semi truck insurance costs depend on the size of your semi. A medium-sized rig, usually carrying half a ton or more of cargo, can cost $600 to $1,000 per year for liability insurance and $400 to $600 for comprehensive (collision) coverage. Large rigs that carry more than five tons of cargo may need more comprehensive coverage Owner-operators who lease a semi-truck can expect semi-truck insurance costs of between $3,000 and $5,000. The average truck cost for an owner operator operating under their own authority is between $9,000 and $12,000 Semi-truck insurance policies for new authorities have increased in recent decades and are now priced between $12,000 to $16,000. The spectrum is dependent on many factors, including: * What do you haul? * The distance you drive most often * What is the value...

  The towing process exposes vehicles to several road risks and hazards. Unfortunately, you cannot eliminate these risks no matter how well you train your tow truck driver. However, you can mitigate the damage by getting a hook towing insurance policy for your towing business. Sufficient on-hook coverage can compensate for any damage that a towed vehicle sustains during the haul. Tow truck owner-operators and fleet operators hold the responsibility of keeping the on-hook vehicle safe. Do not blame the tow truck driver. We encourage using insurance claims to pay for third-party on-hook vehicle damage instead of deducting repairs from the driver's salary. Here are some steps Why Tow Trucks Need On-hook Coverage 1. Tow trucks are vehicles specifically designed to transport other vehicles. They are commonly used for roadside assistance, recovery of broken-down or damaged vehicles, and transportation of impounded vehicles. 2. As tow trucks are constantly interacting with other vehicle...

  A trucking authority is a legal permission that allows a motor carrier to transport goods for hire across state lines or within a state. The authority is granted by the Federal Motor Carrier Safety Administration (FMCSA) and ensures that the carrier is in compliance with federal safety regulations. An MC number, on the other hand, is a unique identifier issued by the FMCSA to a motor carrier as part of the authority application process. This number is used to track the carrier's safety record, compliance with regulations, and business operations. Motor carriers need to display their MC number on their vehicles and in their business operations to ensure that they are easily identifiable and compliant with federal regulations. Determine the type of authority needed:  Before starting the application process, determine the type of authority needed. There are three types of authorities: motor carrier authority, freight forwarder authority, and broker authority. Obtain a USDOT nu...

  A trucking authority, also known as a motor carrier operating authority, is a type of permit that allows a trucking company to operate commercial vehicles in the transportation of goods for compensation. Obtaining a trucking authority involves meeting certain requirements set by the federal government and individual states, including registering the business, obtaining insurance, and meeting safety regulations. Having a trucking authority means that the company is authorized to transport goods across state lines and is authorized by the federal government to engage in interstate commerce. It also indicates that the company has met the required standards for operating a commercial trucking business and has demonstrated its ability to provide safe and reliable transportation services. Trucking companies need to have a trucking authority to operate legally and to be competitive in the transportation industry. Also, check- What is motor truck cargo insurance? 5 best motor truck carg...

  Motor truck cargo insurance is a type of insurance coverage that provides financial protection for goods in transit by truck. It covers the loss or damage of goods being transported by a commercial truck, typically covering the full value of the goods. The 5 best motor truck cargo insurance companies are: FedEx National LTL FedEx National LTL (Less Than Truckload) is a division of FedEx Corporation that provides less-than-truckload (LTL) freight services for businesses in the United States. They offer comprehensive motor truck cargo insurance coverage to protect their customers' goods during transit. In addition to traditional LTL services, FedEx National LTL also offers specialized services such as temperature-controlled shipping, white glove delivery, and time-definite delivery options. UPS Capital UPS Capital is a subsidiary of UPS (United Parcel Service) that provides financial and insurance services to businesses. One of the services they offer is motor truck cargo insuran...