Owner Operator Insurance Guide For Truckers

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There’s nothing like hittin’ the road in your rig on a beautiful day. You might have the windows down, the radio on, and you’re making great time. This seems great, right? Did you know there’s one thing that could make the trip even better? Your very own rig! That’s right, an owner operator job provides the freedom that you get on the road, with the ability to make your own schedule and become your own boss. You might want to pump the brakes though – before you can become a certified owner operator, you’re going to need owner operator insurance first. You’re in luck! Below is an owner operator insurance guide that will give you the tools you need to navigate and find the ideal policy.

Owner Operator Insurance Guide

Which Truck Insurance Do I Need?

While our owner operator insurance guide can’t tell you exactly what insurance you need, we can provide you with all the available options. The amount of insurance you choose ultimately comes down to how much you’re comfortable purchasing. It will also depend on what the company you’re delivering for requires. Below are the multiple insurance options in our owner operator insurance guide.

Primary Liability Insurance

This is the most basic insurance policy and it is required for vehicles of all types. If you don’t have this type of insurance, you probably shouldn’t even be on the road.

General Liability Insurance

This will cover any accidents that happen off of the road. This can include slipping and falling during your delivery.

Motor Truck Cargo Insurance

This covers any damage to your cargo while it’s in transit.

Non-Trucking Liability Insurance

This insurance covers any accidents you may have while driving your truck while not on a job.

Medical Payments Insurance

This insurance covers any medical bills you may incur if you or your passenger is injured while in the truck. However, this insurance varies from state to state, so make sure to do all of your research.

Uninsured Motorist Insurance

This will provide protection if you get in an accident with someone who does not have insurance.

Trucking Umbrella Policy

Believe it or not, you might need even more insurance than stated above. An umbrella insurance policy provides excess liability coverage for anything that isn’t covered.

As always, this owner operator insurance guide can’t tell you exactly which insurance coverage you’ll need, but we can offer the various options you should consider.

What About Health Insurance?

While medical payments insurance will cover some of the medical payments you might deal with, you should also have traditional health insurance. Below are just a few tips from our owner operator insurance guide to help you find the ideal health insurance plan.

owner operator insurance guide

Check With the Company

Even though you’re an owner operator, if you’re leased out to a company you can often join in their insurance program. Even if the trucking company does not offer insurance to leased drivers, they still should be able to give a good recommendation, so start the conversation!

Check Out OOIDA

The Owner Operator Independent Driver’s Association also offers some health insurance plans for truckers. They even offer insurance rates for things like dental and vision, so make sure to give them a look as well!

Look Into Medicaid

Although the Affordable Care Act seems like it’s in jeopardy right now, our owner operator insurance guide says that this is a great option for health insurance. These policies vary by state, but depending on your income and a few other factors, Medicaid might be exactly what you need!

Join a Spouse’s Plan

If your loved one has insurance through his or her employer, it might be a good idea to get on that insurance plan. In many cases, the rates will be much cheaper than getting your own individual insurance.

owner-operator-insurance-guide

With a trucking shortage hitting the industry hard, owner operator careers can be very lucrative.

Navigating the owner operator insurance landscape can be tricky. Hopefully, our owner operator insurance guide gave you the tools and resources you need to become a successful driver. If you have any other insurance owner operator insurance tips, feel free to comment them below. If you’re an owner operator looking for a trucking assignment, don’t forget to check out the thousands of jobs we have to offer today!

Author: Troy Diffenderfer

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