Truck Insurance Florida Rates
Like many other states, truckers are legally required to have trucking insurance in order to continue or start their business operations in Florida.
According to Florida law, every motorist who wants to run their business only in Florida must have liability insurance with a minimum limit of $300,000. However, to run your non-hazmat trucking business in all 48 states, the laws requires a minimum liability limit of $750,000 and requires a minimum liability limit of $1,000,000 for hazmat trucking businesses.
The rates of trucking insurance vary depending on the city and state that the business is primarily located; hence the rates of trucking insurance in Florida are different from other states. In this article, we’re going to look at the trucking insurance rates for business located in Florida and the types of coverages available for truckers.
We’ll also list some of the best insurance companies that provide trucking insurance in Florida.
Understanding Florida Truck Insurance Requirements
As a commercial truck driver, you are responsible for ensuring that your vehicle is safe and secure while on the road. Because of the significant damage that large trucks can cause to property and individuals, having appropriate insurance coverage is critical. However, the insurance requirements for commercial trucks are more extensive than those for private vehicles. In this article, we will discuss everything you need to know about Florida truck insurance requirements.
Intrastate Commercial Truck Insurance Requirements in Florida
When a truck driver operates solely within the boundaries of Florida, they are considered an intrastate trucker. If the truck weighs over 26,000 GVW, drivers must carry an intrastate USDOT number. The minimum insurance requirements for intrastate truckers vary based on the cargo being transported. For example, a truck driver who transports oil must carry a minimum of $1,000,000, while hazmat truckers must carry a minimum of $5,000,000 in liability insurance. Household goods transport requires $300,000 in minimum liability coverage, and general freight transportation requires $750,000 minimum coverage.
It is important to note that Florida also requires all registered vehicles to maintain a $10,000 Personal Injury Protection (PIP) policy along with at least $10,000 property damage liability. While there are other options available, these are the bare minimums.
Interstate Commercial Truck Insurance Requirements for Florida Truck Drivers
Any commercial truck driver that crosses state lines is considered an interstate trucker. When a trucker crosses state lines, they must meet the regulations set by the Federal Motor Carrier Safety Administration (FMCSA). The current FMCSA commercial insurance minimums depend on both the weight of the truck and the freight being hauled. These minimums represent the least amount of coverage you can have and still operate legally:
- A truck under 10,001 pounds carrying non-hazardous freight: $300,000
- A truck over 10,001 pounds carrying non-hazardous cargo: $750,000
- For-hire and private carriers transporting oil: $1,000,000
- Hazardous materials other than oil: $5,000,000
It is essential to keep in mind that these are minimum liability coverages. Having other coverages is highly recommended.
Do Different Kinds of Trucks Have Different Requirements in Florida?
Yes, different kinds of trucks have different insurance requirements in Florida. For example, a dump truck used for construction requires a different type of insurance than a truck used to transport hazardous materials. It is essential to speak with an insurance agent who understands the specific requirements for your type of truck to ensure that you have the appropriate coverage.
Are Truck Insurance Requirements Different for Florida Owner-Operators Than for Those Working for a Company?
No, the insurance requirements are the same regardless of whether you are an owner-operator or working for a company. All commercial truck drivers in Florida must meet the same minimum insurance requirements.
How much Does Trucking Insurance Cost in Florida?
According to the Insurance agencies’ surveys and research,the average cost of trucking insurance in Florida is $15,354 per year.
It’s an average cost of trucking insurance, including standard liability, physical damage, and cargo coverages provided to a Trucking Company with one truck operation.
The average premiums you may need to pay in exchange for getting average trucking insurance coverages can range from $10,200 to $22,340.
However, you must keep in mind that there’s a wide range of factors that can hugely impact the overall cost of Trucking Insurance. Let’s briefly discuss the factors affecting the Trucking Insurance rates in Florida.
Factors Affecting Trucking Insurance Rates in Florida
- The type of Trucking Equipment, Not only can this define your business, but it also defines what type of insurance you need and it plays a huge role in what price you’re going to pay. For example, new trucks can bring down your liability premium because it is less risky on the road, but it may increase your physical damage premium since a newer truck costs more than an older truck.
Also, some trucks are bigger than others and some can haul more things than others.
- Type of cargo
The type of cargo your trucks are hauling can also impact the overall trucking insurance rates. A truck that transports hazardous materials, dirt, sand, autos, etc. clearly pose more of a safety risk, thus is more expensive to insure than one that hauls general freight, whether dry or refrigerated goods. Auto haulers, for example, pose a great risk; therefore, their insurance rates are much higher than other types of truckers.
- The volume of Your Business
The different aspects of your business can impact the rates of your premiums. For example, if your company has multiple trucks and drivers to be insured, you’ll most likely pay a lower premium per truck. This is not always the case, but our agency works to get as many discounts as possible for all our clients.
- Level of Coverage
Like mentioned before, Florida law states that trucking companies working only in the state of Florida must have minimum liability limit of $300,000. To run a non-hazmat trucking business in all 48 states, the laws require a minimum liability limit of $750,000 and requires a minimum liability limit of $1,000,000 for hazmat trucking businesses. Besides these factors, the truck driving experience of your drivers, the age of your trucking equipment, and the driving area can also impact Trucking Insurance rates. The higher your limit, the high your premium, but don’t let this discourage you because our agency can find you a lower price with a great insurance company with the coverages you
What are Trucking Insurance coverages available in Florida?
By collaborating with the FMCSA (Federal Motor Carrier Safety Administration), Florida has defined specific insurance requirements for Truckers. The trucking insurance coverages you’re required to get depend on whether or not you have your own authority (MC Number). If you have your own authority, you’ll be required to have your own primary liability. However, if you don’t have your own authority, then bobtail/non-trucking liabilityinsurance would cover you while you work under someone else’s authority.
The different trucking insurance coverages include:
- Primary Liability.
- General Liability.
- Physical Damage.
- Motor Truck Cargo.
- Trailer Interchange.
- Uninsured Motorist Coverage.
Insurance Companies we represent in Florida.
- Progressive Express.
- Berkshire Hathaway.
- Trisura Specialty Insurance Company.
- Knight Specialty Insurance Company.
- Sutton Specialty Insurance Company.
- Accredited Surety and Casualty Company.
- Granada Insurance Company (inside FL only).
- Northland Insurance Company.
- Canal Insurance Company.