Minnesota Commercial Truck Insurance
Minnesota truckers trust NITIC for all of their commercial truck insurance needs! Join thousands of truckers nationwide just like you and partner with NITIC for all of your trucking insurance needs. Whether you have one truck or a fleet, NITIC offers custom commercial truck insurance coverage for all. We have over 3 decades of experience delivering tailored trucking insurance solutions to our clients, an A+ rating with the BBB, and hundreds of 5-star Google reviews. At NITIC, you get the best value for the money you spend on your truck insurance.
Start Your Commercial Truck Insurance Quote with NITIC Today!
Whether you are an owner-operator or a private carrier, we offer bespoke insurance solutions to all. We have over 3 decades of experience in providing comprehensive coverage at the most affordable rates in Minnesota. Our customer base has grown to a great level in the state. Many people are dependent on us for their trucking insurance needs. Contact us and get complete protection at a minimum cost.
What Can We Offer Minnesota Commercial Truck Drivers Like You?
NITIC offers reliability, exceptional financial strength, quick issue redressal, quick claim settlement, and constant customer support. We maintain a B++ Rating with A.M and an A+ rating with the Better Business Bureau. No matter what type of truck you own, we specialize in providing custom-made insurance solutions to our customers. Reach out to us and get your policy quotes today!
Areas we cover in Minnesota
We offer bespoke insurance coverages in almost every city of Minnesota including:
- Eagan
- Brooklyn Park
- Blaine
- Burnsville
- Coon Rapids
- Apple Valley
- Bloomington
- Duluth
- Eden Prairie
- Minnetonka Lakeville
- Plymouth
- Rochester
- Edina
- Maple Grove
- Richfield
- Maplewood
- Minneapolis
- St. Cloud
- Richfield
- St. Paul
We offer several discounted offers on all types of truck coverages. Contact us and see how much you can save on your next policy plan!
Commercial truck insurance in Minnesota
Whether you use your vehicles for personal purposes or money-making, you need truck insurance. This coverage protects your business operations and trucks from all possible risks on the road. With every passing year, the cost of medical, repairing, or replacing heavy-duty trucks is skyrocketing. A single accident can put a hold on your trucking operations and impact your finances. To avoid paying for hefty expenses out of your own pockets, you need to have adequate commercial truck insurance in Minnesota.
What does Minnesota commercial truck insurance cover?
Every trucking business in Minnesota is required to meet state minimum requirements that contain liability coverage. But primary liability insurance pays out for the third-party property damage and medical expenses. Protecting your own trucker, vehicle, and business operations are also essential. If you opt for the following coverage, you will be comprehensively secured from all likely risks on the road.
- Medical payment
- Collision coverage
- General liability
- Comprehensive coverage
- On-hook towing
- Bobtail coverage
- Uninsured motorist
- Motor truck cargo insurance
- Physical damage
Minnesota Commercial Truck Insurance Requirements
Minnesota state law mandates that local truckers and new ventures maintain a minimum amount of liability insurance, determined by the type of freight carried and its transport locations. For trucks operating solely within Minnesota, an intrastate-only USDOT Number is required along with the following minimum insurance coverages:
- $300,000 for Liability Insurance (Household Goods)
- $750,000 for Liability Insurance (General Freight)
- $1,000,000 for Liability Insurance (Oil Transport)
- $5,000,000 for Liability Insurance (Hazardous Materials)
- $50,000 per vehicle and $50,000 per catastrophe for Cargo Insurance (Intrastate household goods movers and interstate contract carriers)
Truck drivers traveling out-of-state must meet these requirements and also comply with federal regulations for semi-truck insurance, which typically demand liability limits between $750,000 and $1,000,000. These comprehensive insurance requirements ensure adequate protection for trucking operations both within Minnesota and across state lines.
How Much Does Commercial Truck Insurance Cost in Minnesota?
The annual cost of commercial truck insurance in Kentucky varies based on the type of truck and the chosen limit of liability coverage. For dump trucks, box trucks, tow trucks, and tractor trailers, the annual premiums for a $300,000 liability limit are approximately $11,200. Increasing the liability coverage to $500,000 raises the annual premium to around $12,200. For a $750,000 liability limit, the cost is about $13,200 per year. The highest coverage limit of $1,000,000 results in an annual premium of approximately $14,200 for each truck type.
Example Minnesota Commercial Truck Insurance Cost Estimate
The below scenario assumes a clean driving record. Your personal driving history will affect your Minnesota insurance cost and premium. See below for a more thorough list of factors that can influence your truck insurance premium.
|
Limit of Liability
|
$300,000
|
$500,000
|
$750,000
|
$1,000,000
|
|---|---|---|---|---|
|
Dump Truck
|
$11,200
|
$12,200
|
$13,200
|
$14,200
|
|
Box Truck
|
$11,200
|
$12,200
|
$13,200
|
$14,200
|
|
Tow Truck
|
$11,200
|
$12,200
|
$13,200
|
$14,200
|
|
Tractor Trailer
|
$11,200
|
$12,200
|
$13,200
|
$14,200
|
Minnesota Commercial Truck Insurance Filings
Both Minnesota and the U.S. Department of Transportation (DOT) require specific insurance filings to ensure that your commercial truck operations meet all legal requirements. These filings must be submitted by your insurance agent or insurance company. The insurance agent will complete and submit these forms on your behalf, notifying the government that all your DOT truck insurance requirements are fulfilled. These filings are essential for processing your operating authority. Here are some of the common forms involved:
Form H: This form is used to verify cargo insurance coverage. It ensures that your trucking company has sufficient cargo insurance to cover any damages to the goods being transported. This form is especially important for carriers handling household goods and other valuable cargo.
The BMC-95: This form is a Certificate of Insurance for freight forwarders and brokers. It verifies that the company has the necessary liability coverage to protect against claims arising from loss or damage to the cargo during transportation.
Form MCS-94: The MCS-94 form, also known as the Endorsement for Motor Carrier Policies of Insurance for Public Liability, is required by the FMCSA. It confirms that the motor carrier has the necessary public liability insurance to cover bodily injury, property damage, and environmental restoration.
Form E: This state-specific filing verifies that a motor carrier has obtained the minimum required liability insurance coverage as mandated by state law. It is typically filed with the state’s Department of Transportation or equivalent agency to ensure compliance with state insurance requirements.
Before your authority to operate can be processed, these forms must be completed and received by the appropriate regulatory agencies. Ensuring that all necessary filings are accurately submitted helps maintain compliance with both state and federal regulations, allowing your trucking operations to proceed smoothly. Working closely with a knowledgeable insurance agent at NITIC can simplify this process and ensure that all required documents are properly handled.
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