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The trucking industry is very dynamic. For instance, we have companies that truck their own goods.And then, we have a few that, aside from trucking their own goods, also accept trucking projects from other companies.
If you’re planning to get involved in the trucking industry, it’s important to know what business insurance to get. Today, let’s talk about commercial motor carrier insurance coverage.
Motor carrier insurance is a policy the Insurance Services Office (ISO) introduced in 1993. It covers private motor carriers, for-hire motor carriers, and private-and-for-hire motor carriers engaged in intrastate and interstate commerce.
It is a type of motor carrier policy that functions to cover the goods of the motor carrier’s customer. It has the following coverages:
A motor carrier policy offers coverage for private, for-hire, and private-and-for-hire motor carriers. On the other hand, a trucker’s policy can only insure for-hire motor carriers.
Motor carrier liability insurance policies usually offer commercial auto liability insurance and general liability insurance.
commercial auto liability insurance will help pay for the cost of damage if a motor carrier’s vehicle caused an accident and injured another driver and his passengers. Note that this policy won’t cover damages to the motor carrier’s vehicle.
On the other hand, general liability insurance for motor carriers will help to pay for any bodily injuries or property damage the motor carrier inflicted to its customers.
Auto physical damage policy will cover the damage of the vehicles the motor carrier owns. There are two types; collision insurance and comprehensive insurance.
Collision insurance for goods carrier vehicles takes care of any physical damage to the motor carrier’s vehicle resulting from a collision with a vehicle or an object. Comprehensive insurance policy, on the other hand, accounts for vehicular damage not resulting from a collision (e.g. a natural event).
On the other hand, there’s no need to get a trailer interchange policy if a motor carrier uses their own trailers. This is because, aside from vehicles, owned trailers are also covered by the motor carrier’s auto physical damage policy.
Section 1 of the commercial motor carrier insurance coverage form specifically provides the types of vehicles the policyholder can cover. Numerical symbols are assigned for each covered vehicle for clarity purposes. Here’s a table as a comprehensive reference.
| Numerical Symbol | Vehicle Covered by Motor Carrier Insurance | Clarifying Comments |
| 61 | Any “auto” | |
| 62 | Owned “auto” only | Any vehicles you own and any vehicles you will own after the policy takes effect. Code 62 also includes trailers or any other attachments you don’t own but are equipped to covered vehicles. |
| 63 | Owned private passenger type “autos” only | Any private passenger type autos you own or will own after the policy takes effect. Examples of passenger-type autos are tour buses, trolleybuses, and light rails |
| 64 | Owned commercial “autos” only | Trucks, tractors , and their trailers. Also includes trailers you don’t own but attached to a power unit you own. |
| 65 | Owned “autos” subject to no-fault insurance coverage | Autos required by the state, where your motor carrier business is located, to have no-fault insurance coverage |
| 66 | Owned “autos” mandated by state law to be covered by uninsured motorist coverage | These are autos that are mandated by the state, where you’re motor business is located, to be always covered by uninsured motorist coverage. |
| 67 | Specifically described “autos” | Vehicles named as insured in item three “SCHEDULE OF COVERED AUTOS YOU OWN” on the motor carrier policy declaration form. |
| 68 | Hired “autos” only | Vehicles you lease, rent, hire, or, borrow except passenger type vehicles |
| 69 | “Trailers” in your possession | Trailers you do not own but you expressly agree to have liability in case of loss through an interchange agreement. |
| 70 | “Trailers” in the possession of others | Trailers you own but are currently being used by others through an interchange agreement |
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The FMCSA (Federal Motor Cargo and Safety Association) mandates carriers to have the minimum insurance coverage depending on the type of their business operations. Here’s a table that shows what kind of form a specific carrier needs, the type of insurance to purchase, and the amount of coverage the FMCSA requires.
| Type of Motor Carrier Business | Form to be Filed | Type of Insurance Policy Required | Minimum Amount of Coverage Required |
| Freight forwarder | BMC-91 or BMC-91X | BIPD insurance FCMSA – Public liability insurance having bodily injury coverage, environmental restoration coverage, and property damage coverage | $750,000 – $5 million depending on how hazardous the freight is
$300,000 for freight forwarders dealing with non-hazardous freight |
| Household Goods Motor Carrier or Freight Forwarder | BMC-34 or BMC-83 | Cargo insurance | $5,000 per vehicle coverage |
| Freight broker | BMC-84 or BMC-85 | Surety bond insurance or Trust Fund Agreement | $75,000 coverage |
| Motor Carriers Possessing Hazmat Safety Permit | MCS-90 | Liability policy (s) that can be added to motor carrier insurance through MCS 90 endorsement | Policy limits mandated by the Motor Carrier Act of 1980 |
CoverWallet helps you to find the cheapest quotes from the best motor carrier insurance companies in the United States. Additionally, CoverWallet has an application called MyCoverWallet where you can easily manage your carrier policy whenever and wherever you are.
Average cost: $84 per month
Nationwide covers motor carriers through its commercial auto policy, which is available for retail businesses, firms, contractors, auto repair businesses, wholesalers, and distributors. Nationwide even has optional coverages such as roadside assistance, rental reimbursement, expanded towing, and more.
Average cost: $135.16 per month
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Progressive specializes in working with owned operators, for-hire motor carriers, and private carriers. motor carrier insurance policy offered by Progressive are trailer interchange, general liability, and auto physical damage insurance. It has numerous discount options such as SmartHaul, Commercial Driver’s License Discount, and Business Experience Discount.
Average cost: $100.83 per month
The Hartford offers motor carriers general liability insurance and auto physical damage insurance.On the other hand, The Hartford’s auto physical damage insurance covers the motor carrier’s vehicles that were damaged on-site or on the road. Optional policies are multinational coverage, property in transit coverage, business income coverage, loss of use coverage, and more.
Average cost: $154.66 per month
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
Not all those who wander are lost.
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