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MOST REQUESTED COVERAGE’S
Auto Liability, Motor Truck Cargo Coverage, Commercial General Liability, Medical Payments, Uninsured Motorist, Underinsured Motorist
Personal Injury Protection (PIP), Owned Auto, Non-Owned Auto, Hired Auto, Collision Coverage, Comprehensive Coverage and Trailer Interchange
It is important for commercial truck operators in the state of New Hampshire to understand their commercial truck insurance and the requirements. Operating without the proper insurance or understanding of what type of coverage is needed can lead to big problems later on. This webpage will evaluate the laws and regulations concerning commercial truck insurance in New Hampshire, as well as some of the specifics related to acquiring the necessary coverage.
We’ll also provide insight into the different types of coverage available, why it’s important, and what operators should consider when selecting a policy. Ultimately, the goal is to educate operators on the essential information needed to protect themselves, their business, and their cargo while operating in New Hampshire.
Montana Truck Insurance Requirements
Operating a commercial vehicle in New Hampshire requires individuals to obtain proof of financial responsibility in order to obtain a permit from the Department of Safety (DOS) Division of Motor Vehicles (DMV). The three primary options for achieving proof of financial responsibility are self-insurance, surety bonds, and liability insurance. A self-insurance certification must be obtained from the DOS if an entity owns more than 25 vehicles; those with fewer can obtain bond or liability insurance from a provider authorized to offer this coverage in New Hampshire.
Types of Commercial Truck Insurance
When selecting a commercial truck insurance policy in New Hampshire, operators should consider the different types of coverage available. Policies can include general liability coverage for items such as legal fees, property damage, bodily injury, personal injury protection, and medical payment protection.
Other common forms of coverage include physical damage protection, which covers damage to vehicles resulting from an accident; uninsured motorist protection; and cargo coverage, which covers loss of or damage to freight while it’s in transit. Most commercial truck insurance policies also offer optional coverages that can be added on at an additional cost. These coverages may include increased limits for certain aspects of coverage, higher deductibles, and specialized coverages related to environmental hazards or an operator’s specific liability risks.
It’s also important for operators to understand minimum liability requirements for vehicles registered in New Hampshire. Any commercial vehicle registered in the state must carry at least $750,000 minimum liability protection. This protects other drivers from financial losses due to an accident involving your vehicle and may be necessary for certain types of cargo being transported. Some states also have additional requirements regarding cargo liability insurance; operators should check with their state’s specific regulations as they may vary by location.
Cost
The cost of commercial truck insurance in New Hampshire can vary significantly depending on a variety of factors including the size and type of vehicle being insured, the type and amount of coverage elected, driving history, prior claims filed, geographic location and more. Generally speaking, base premiums for general liability coverage begin at around $2,500 annually for smaller vehicles and could reach upwards of $10,000 per year for larger rigs or businesses operating multiple vehicles. The amount paid for physical damage coverage depends on the value of the vehicles being insured and may range from a few hundred dollars per rig to a few thousand dollars annually for larger fleets.
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Risk Assessment
Selecting the right commercial truck insurance policy will depend in part on an operator’s risk profile—the level of risk he or she is willing to assume. Operators can reduce their overall cost by increasing deductibles or decreasing limits but should make sure they are not assuming too much risk by doing so—if an incident occurs that exceeds their limits they could be left with personal financial responsibility. To get an accurate assessment of an operator’s individual risk profile it’s best to consult with an experienced independent insurance agent who is familiar with regulations specific to New Hampshire.
Below are the classifications of commercial big rig trucking policies.
• Symbol 1 – Any auto, don’t have to schedule them. Covers any auto as long
as the insured is using it. (This is rare nowadays especially for Big Rig Trucks))
• Symbol 2 – Any owned auto. Covers only autos that the insured owns.
Includes autos you acquire ownership of after the policy begins.
• Symbol 3 – Owned private passengers autos only. Covers private passenger
autos. Includes autos you acquire after the policy begins.
• Symbol 4 – Owned autos other than private passenger autos only. Covers only
those autos you own that are not private passenger and for liability for trailers
you don’t own while attached to power units you own. Includes those autos
not of the private passenger type you acquire after the policy begins.
• Symbol 5 – Owned autos. Subject to No Fault State.
• Symbol 6 – Owned autos. Subject to Compulsory Uninsured Motorist Law.
Form you attach when the state requires and insured can not reject uninsured
motorist coverage. It includes autos you acquire during the policy period after
the policy begins.
• Symbol 7 – Specifically described autos. Covers only described autos.
Coverage follows power unit. Non owned trailers have liability with this form. (Most common for Big Rig, Box Trucks and other For-Hire operations)
• Symbol 8 – Hired Auto Only. Covers auto you lease, hire, rent or borrow.
This does not include any auto you lease, hire, rent or borrow from any of your
employees, partners or members, etc.
• Symbol 9 – Non-Owned Autos Only – Coverage auto you do not own, lease,
hire, rent or borrow that are used in connection with your business. Includes
auto owned by your employees, partners, members, etc.
We can easily insure the following New Hampshire business types. >Click here to get your free New Hampshire Big Rig Truck Insurance Quote<
CEMENT CONTRACTING – COAL HAULING – CONSTRUCTION – COURIER SERVICE – COURTESY PASSENGER TRANSPORT – DEBRIS REMOVAL – DEMOLITION – DIRT, SAND & GRAVEL – ELECTRICIANS – EXPEDITERS – FARMING – FIREWOOD HAULING – BULK FLORIST Refrigerated DELIVERY – FOR-HIRE TRUCKING – FROZEN FOODS TRANSPORT – FURNITURE DELIVERY – GARBAGE COLLECTION – HAZARDOUS MATERIALS HAULING – HOTEL SHUTTLES – HOTSHOT TRANSPORT – ICE CREAM VENDOR – IMPOUND LOT – INTERIOR DECORATING – INDEPENDENT TRUCKING – LANDSCAPING – LEASED-ON BIG RIG TRUCKING – LINEN SUPPLY – LOGGING – LONG-HAUL TRUCKING – MOTORCYCLE DEALERSHIP – OWNER-OPERATOR – PIANO MOVING – PLUMBING – ROCK QUARRY HAULING – RECYCLING SERVICES – REFRIGERATED GOODS TRANSPORT – RETAIL FOOD MARKET – ROOFING – SHOPPING MALL DELIVERIES – SNOW PLOWING – TOW OPERATION – TREE SERVICE – WIDE LOAD HAULER – WRECKER SERVICES and much more.
Understanding commercial truck insurance requirements and options is essential for any company or individual operating in the state of New Hampshire. By identifying potential risks and selecting a policy that works best for their individual operations, operators can protect their assets and their clients from financial loss due to accidents or other events that put cargo or property in danger. Additionally, it is important for operators to understand their obligations under the law concerning minimum liability thresholds, as failure to comply could lead to hefty fines or other penalties imposed by local authorities.