Trucking Insurance for New Ventures

The truck driving industry carries inherent risks, especially for new venture drivers. Finding the right type of trucking insurance for new ventures might seem expensive and complicated, but it doesn’t have to be if you understand some important facts about securing coverage for your startup trucking company.

Finding Insurance Doesn’t Have to be a Long Haul

Traveling long distances on the roadways while hauling extensive cargo is your livelihood. However, this profession comes with dangers, which is why you are required to carry commercial trucking liability insurance. Truck driving too often results in fatalities, causing financial and emotional devastation, especially if you are not adequately insured.

Finding affordable trucking insurance as a new owner-operator can be challenging. Many insurers hesitate to cover new venture drivers due to their lack of experience and higher risk factors. If they do provide coverage, it often comes at an exorbitant price.

In addition to the mandated commercial liability insurance, which protects against damages and injuries from accidents you cause, you may need other coverage options for your new venture trucking business, such as:

  • Medical Payments: Covers medical expenses for anyone in your rig injured in an accident.
  • Physical Damage (Collision and Comprehensive): Covers your truck for damages caused by collision, theft, fire, and vandalism.
  • Motor Truck Cargo Insurance: Covers your hauled cargo if it is lost or damaged during transport.
  • Equipment Coverage: An optional coverage for owned items or property that are lost or stolen from your rig.

New Venture Truck Insurance Provides Coverage for:

  • Semi Trucks
  • Straight Trucks
  • Route Trucks
  • Auto Haulers
  • Hot Shot Trucks
  • Box Trucks
  • And More

Guidelines for New Owner-Operators Regarding N.C. Trucking Insurance

Finding the right type of insurance protection doesn’t have to be a dead end. However, you need to be prepared before calling to obtain quotes as a new CDL driver. Here are some basic guidelines that new owner-operators should follow to find the right N.C. trucking insurance protection at an affordable rate:

  • Have the Details Ready: Before you call, have the necessary information ready, including your truck details, driver information, expected hauling radius, and the amount of freight you plan to transport.
  • Gain Truck Driving Experience: As a new CDL driver, you may find it difficult to secure coverage from N.C. insurers due to the higher risk. Most insurers prefer drivers with two or more years of CDL experience to offer more affordable rates.
  • Limit Radius of Operation: Expanding your radius of operation may increase your insurance premium. As a new driver, consider limiting your radius to gain experience and reduce your risk factor.
  • Increase Your Credit Score: Your credit score directly impacts your insurance premium. A lower credit score is seen as a higher risk, leading to higher premiums.
  • Shop Competitive N.C. Trucking Insurers: Finding the right trucking insurance may require shopping around with competitive N.C. insurers. While looking for an affordable rate, never skimp on coverage.
  • Periodically Review Your Policy: After 12 months, review your insurance policy to see if you qualify for a reduced premium. Each year of experience can contribute to lowering your policy cost.

Paramount Insurance Agency understands your needs as a new venture truck driver and is here to assist you. We can answer any questions you have about the insurance protection you need and deserve. Call us TODAY at 336-869-3335 for all of your N.C. trucking insurance needs.

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