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Trucking Insurance Cheat Sheet

Everything a new trucker needs to know about insurance. One page. No jargon.

What's on the Cheat Sheet

6 Coverage Types Explained

Liability, physical damage, cargo, bobtail, general, occupational accident — one line each

What each coverage actually pays for
Which ones are required vs. optional
Typical annual cost ranges

FMCSA Minimums

The exact federal requirements every interstate carrier must meet

Minimum liability by cargo type
BMC-91 and BMC-34 filing requirements
When you need $750K vs. $5M

What Affects Your Rate

The 7 factors that drive your premium up or down

Why new authorities pay more (and when it drops)
The one factor most truckers overlook

Red Flags to Watch For

Things bad agents do that cost you money

Warning signs in quotes and proposals
How to spot missing coverage before it matters

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Trucking Insurance Cheat Sheet

By RMS Truck Insurance — rmstruckers.com — (208) 800-0640

The 6 Coverage Types

Coverage	What It Covers	Required?	Typical Cost
Auto Liability	Damage you cause to others	Yes — FMCSA requires $750K-$5M	$8,000-$20,000/year
Physical Damage	Your own truck (collision, fire, theft)	Required by lenders	$2,000-$5,000/year
Cargo	Freight damage, loss, or theft	Required by brokers	$800-$2,500/year
General Liability	Bodily injury at your premises, loading dock damage	Often required by shippers	$500-$1,500/year
Bobtail / NTL	Truck when not under dispatch	Required by most motor carriers	$300-$800/year
Occupational Accident	Medical/disability for owner-operators	No, but smart to have	$100-$300/month

Federal Minimums (FMCSA)

Interstate general freight: $750,000 liability minimum
Household goods: $750,000
Oil / hazmat: $1,000,000
Explosives / radioactive: $5,000,000
All carriers need: BMC-91 (insurance filing) or BMC-34 (surety bond) on file with FMCSA

What Drives Your Rate (7 Factors)

Authority age New = expensive. Most carriers see rates drop 15-25% after 2 years with clean history.
Driving record Violations and accidents are the #1 rate driver. A single at-fault accident can double your premium.
Truck value and year Higher value = higher physical damage premium. Older trucks can cost more to insure if parts are scarce.
Cargo type Hazmat, oversize, and high-value freight cost more. Dry van and flatbed are generally cheapest.
Operating radius Long haul = more exposure = higher rates. Local/regional operations are cheaper to insure.
Credit score Yes, it matters. Many carriers use credit-based insurance scores. Poor credit can add 20-40% to your premium.
Claims history Even claims that weren't your fault can affect rates. Frequency matters more than severity.

Red Flags in Insurance Shopping

Agent can't explain your coverage

If they can't tell you what your policy covers in plain language, they probably don't understand it either.

Quotes with no breakdown of what's included

A single lump-sum number without line items for each coverage type is a red flag. You need to know what you're paying for.

Pressure to bind same day

Good deals don't expire in 24 hours. If an agent is rushing you, ask why. Legitimate quotes hold for at least a week.

Unrealistically low quotes

If a quote is 40% cheaper than everyone else, they're probably excluding required coverage. Ask what's NOT included.

Agent doesn't ask about your operation

A good agent needs to know your radius, cargo, driving record, and authority age to quote accurately. If they don't ask, they're guessing.

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Trucking Insurance Cheat Sheet

What's on the Cheat Sheet

6 Coverage Types Explained

FMCSA Minimums

What Affects Your Rate

Red Flags to Watch For

Get the Full Cheat Sheet

Trucking Insurance Cheat Sheet

The 6 Coverage Types

Federal Minimums (FMCSA)

What Drives Your Rate (7 Factors)

Red Flags in Insurance Shopping

Related Resources

Premium Estimator

Coverage Wizard

New Authority Checklist

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