New York Truck Insurance
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Truck Insurance in New York
Keeping your trucks on the road and turning a profit goes beyond hiring safe drivers and ensuring your vehicles are in top shape. You also need to make sure you find the best insurance to protect your drivers and trucks. It can be intimidating to find the right insurance for you and your company, especially as insurance rates continue to rise, but it’s completely necessary. According to the FMCSA, in 2018 alone, “5,096 large trucks and buses were involved in fatal crashes,” a 48 percent increase from the low of 3,432 in 2009. It’s not a question of whether or not you should be insured, but a matter of how to find the best insurance for you. Fortunately, we’re here to help you find the best option for your needs and your budget.
Truck insurance is crucial no matter where you drive, but every state has its own special considerations. Let’s get into the specifics of New York truck insurance and why you should use an independent insurance agent when protecting your trucks.
Why do I need New York Trucking Insurance?
Truck Liability Coverage
With how common truck accidents are, it’s easy to see why every state requires liability coverage. Liability coverage covers any injuries or damage sustained by the other driver or vehicle involved in an accident. In New York, truck drivers and businesses are required by law to hold a minimum level of liability insurance, determined by what you haul and where. For example, if your truck doesn’t cross state lines and is over 10,000 GVW, you are required to be insured.
Physical Damage Coverage
Accidents involving trucks can get expensive quickly, so while physical damage coverage is not required by law, it’s no less essential than liability coverage. According to the FMCSA, “the average cost of all large truck crashes is about $91,000,” and a crash with injuries can cost almost $200,000 per crash. Think that’s bad? Well, that average only increases based on the severity of the crash. The cost of a crash can even reach millions of dollars if there are fatalities involved. Luckily, physical damage coverage protects you from losses, especially when a truck is put out of commission.
Motor Truck Cargo
Motor truck cargo insurance is needed by for-hire truckers to properly cover the commodities they are hauling. It is generally required by the party who owns the product being transported because it ensures that if their goods are damaged or stolen while in transit, their assets will be covered. In New York, you are required to have cargo insurance with a minimum amount of $10,000 per catastrophe and $5,000 per vehicle. Depending on the cargo that is in transport by your big rig, you may need specific endorsements. For example, if you transport refrigerated goods, you will need to make sure you have “reefer breakdown” coverage. This might cover a $50,000 load of frozen dinners when the reefer unit breaks down just outside of New York City. Of any line of 18-wheeler insurance, cargo insurance is the one you need to understand and pay attention to the most. You usually get what you pay for, and some carriers will make a long list of exclusions that specifically exclude coverage for certain events.
Truckers General Liability
This coverage is similar to liability insurance, but it can be a bit more confusing. Here is the simplest way to understand it: Truckers general liability is designed to protect your business from damage that might occur when you are not behind the wheel of your truck. On the other hand, your auto liability coverage would cover your business when you are driving. If you have other aspects of your business—such as a quarry or a consolidation warehouse—you will need a more robust general liability insurance policy that considers exposures outside the realm of trucking.
Why Should I use an Independent Insurance Agent?
Find Insurance Programs Specific to Your Needs
It’s best to find an insurance program that caters to your specific needs rather than searching for a generic policy to try to tailor later. An insurance program customized to your needs will save you both time and money as you will be able to spend effort on driving profit instead of looking for better insurance. For example, TIS specializes in the trucking niche and provides market access to numerous specialty truck insurance programs, including programs for the following:
- General freight
- Refrigerated goods
- Dry van
- Hot Shots
- Dump trucks
- Auto haulers
Instant Certificates of Insurance with our Mobile App
Insurance is supposed to be there for you when you least expect to need it. When the unexpected happens and you need to prove your policy in the middle of the night, the last thing you want is to be waiting for an insurance agent to return your call or get back into the office. This is why TIS is available 24/7 to issue your certificate of insurance through our mobile app. Regardless of where you or your drivers may go, we’re there with you for every mile of the journey.
Get Assistance with your NY Truck Permits & Filings
With so many laws and regulations, compliance can be tricky—but forgetting to be compliant can be expensive. We know how difficult it can be to keep up with ever-changing regulations and permits, which is why TIS agents are there to ensure you keep all of your permits up to date. Our permit department is comfortable with all things New York truck insurance, and we are constantly watching the ever-changing system for updates that might trip you up. We ensure our clients have the necessary New York state commercial trucking permits and keep you informed of all changes made to laws and regulations.
Additionally, as an independent brokerage, TIS has access to nearly every carrier under the sun. No matter what kind of truck you’re driving, we can partner you with the carrier right for your business. Contact us today to learn more.
New York Truck Insurance Quote
Here is what Our Happy Customers have to say
Excellent and very helpful in assisting my trucker needs!! Thank you very much Neome for your assistance!Efrain Gomez
Lindsay Santos and her team were amazing! We recently needed to find a new commercial agent and we have found the best! They were persistent in receiving various quotes for our commercial trucking business. I look forward to a long business relationship with this company!Constance King
I just wanted to say thank you to Lindsay and the rest of her team at the Insurance Store! No matter how complicated the situation could be, she rose to the top by achieving our shared Goal. Always willing to go the extra mile in my opinion and for me and my boss that is extremely important. Thank you so much for coming through for us! We appreciate it all!Harris Transportation, Inc.