Insurance Coverage For 18-Wheeler Accidents: What You Need To Know

Accidents involving 18-wheelers can be extremely dangerous and often result in severe injuries or even death. Due to the high risk associated with these large and heavy vehicles, trucking insurance can be quite expensive. The cost of 18-wheeler insurance depends on various factors, including the value of the truck, the radius of operation, and the driving record of the driver. On average, business owners can expect to pay up to $12,000 per year for 18-wheeler insurance, while the national average monthly cost is around $958. However, it's important to note that the insurance rates can vary significantly between different companies, so shopping around and comparing quotes is essential to finding the best deal.

Liability insurance

Liability coverage is just one component of a comprehensive 18-wheeler insurance policy. Other essential coverages include physical damage insurance, motor truck cargo insurance, trailer interchange coverage, and bobtail insurance or non-trucking liability (NTL). Additionally, there are optional coverages available, such as uninsured or underinsured motorist insurance, comprehensive physical damage protection, collision damage protection, and specified peril insurance.

When determining the cost of 18-wheeler insurance, it's important to shop around and compare quotes from multiple providers. The price can vary significantly depending on the company and the coverages chosen. By selecting the right insurance provider and tailoring the policy to your specific needs, you can ensure adequate protection for your business and comply with the legal requirements.

Bodily injury coverage

Understanding Bodily Injury Coverage Limits

It is important to note that these limits can be quickly exceeded, especially in accidents involving multiple injured parties or severe injuries. As such, it is generally recommended to purchase more coverage than the state-mandated minimum to ensure adequate protection.

In the context of 18-wheeler accidents, bodily injury coverage becomes even more critical due to the increased potential for severe injuries and multiple victims. Federal and state laws require trucking companies to carry higher insurance coverage than smaller vehicles due to the potential for catastrophic damage.

For example, if an 18-wheeler truck driver working for a company causes an accident, the company's commercial insurance should apply, with minimum limits of $750,000 according to federal law. On the other hand, if the truck driver is an independent contractor, their personal insurance coverage may apply, with similar minimum limits.

It is worth noting that some states, like South Carolina, also hold trucking companies accountable when their corporate negligence contributes to an accident. This includes scenarios where the company failed to properly train, supervise, or drug test the driver, or if they ignored regulatory violations and prioritised profits over safety.

In summary, bodily injury coverage is a crucial aspect of auto insurance, especially for 18-wheeler accidents, as it provides financial protection for injured parties and helps ensure they receive fair compensation for their medical and other related expenses.

Property damage coverage

In the United States, liability insurance, which includes property damage coverage, is mandated by law. This means that trucking companies or independent owner-operators must obtain this insurance to obtain the necessary permits and licenses to operate. Without it, they would be personally responsible for covering the often-extensive costs of property damage in an accident.

The property damage portion of the insurance coverage typically includes payments for repairs or replacements to other vehicles, as well as damage to buildings, fences, gates, and city property. This coverage is crucial, as accidents involving 18-wheelers can result in significant damage due to their large size and weight.

The cost of 18-wheeler insurance, including property damage coverage, can vary significantly depending on several factors. These factors include the value of the truck and trailer, the location and radius of operation, the driving record and experience of the driver, and the type of cargo being hauled. On average, business owners can expect to pay up to $12,000 per year for 18-wheeler insurance, with commercial for-hire truck insurance costing between $8,000 and $15,000 annually.

It's worth noting that some insurance providers may offer discounts or lower premiums if certain conditions are met. For example, paying the premium annually or having a clean driving record can result in cost savings. Additionally, shopping around and comparing quotes from multiple insurance providers can help find the most competitive rates for the desired coverage.

Medical payments coverage

MedPay is particularly useful if you don't have health insurance, as it can help cover major medical expenses. Even if you do have health insurance, MedPay can assist with out-of-pocket costs such as your deductible. MedPay limits typically range from $1,000 to $10,000, and it's recommended to carry coverage equal to your health insurance deductible.

It's important to note that MedPay is not offered in every state, and it doesn't cover lost wages due to missing work. Additionally, it won't help if you cause injury to other drivers.

For 18-wheeler insurance, the national average monthly cost is around $958, and the average for-hire owner-operator can expect to pay between $8,000 and $15,000 per year. However, if you're leased on, the cost of your policy will be much lower, around $3,000 per year, as you'll likely only need bobtail liability and physical damage coverage.

Physical damage insurance

Comprehensive Physical Damage Protection

This type of insurance covers non-collision accidents, such as damage from high winds, vandalism, or theft. It also covers losses from other events like vandalism or theft of the truck.

Collision Damage Protection

This insurance covers expenses when the 18-wheeler is damaged in a collision with one or more vehicles or accidents involving other property. For example, if the truck backs into a fire hydrant or skids on a wet road and rolls over, collision damage protection will pay for the repairs.

Frequently asked questions