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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
For many business owners, ensuring a commercial truck is properly insured is one of the most important steps in the process of running a successful business. South Dakota is no different, as the state has specific regulations that commercial truck owners must abide by to stay in compliance when purchasing insurance coverage. In this document, we will explore South Dakota commercial truck insurance requirements and how they apply to business operations within the state. We will discuss what types of coverage are available and how they provide protection, as well as how to adjust coverages and deductibles to determine if taking on a higher premium is worth the added protection offered.
What is South Dakota Commercial Truck Insurance?
South Dakota Commercial Truck Insurance is a form of insurance coverage that helps protect commercial truck owners from financial liability in the event of an accident or other incident that could occur during the course of their business operations. It typically provides coverage for bodily injury and property damage inflicted on others, and may provide additional coverages such as uninsured/underinsured motorist coverage and cargo insurance. Such insurance can be obtained through private carriers or through a self-insurance program administered by the South Dakota Department of Revenue, Motor Vehicle Division.
Types of Coverage Available in South Dakota
In South Dakota, commercial truckers must have liability insurance to legally operate their vehicles on roads and highways. Liability insurance protects commercial truckers against claims for bodily injury and property damage caused to others in an accident. Most policies also include some form of protection against uninsured/underinsured motorist coverage claims, which can help pay for medical bills or vehicle damage if another driver is at fault and does not have insurance. Additionally, cargo insurance may be purchased to protect goods from possible damage or theft during transit.
In terms of bodily injury and property damage coverage, South Dakota requires a minimum amount of coverage for any business with vehicles registered within the state. The minimum coverages are:
•$25,000 per person for bodily injury
•$50,000 per occurrence for bodily injury
•$25,000 per occurrence for property damage
These coverages provide protection against claims that may be brought against the business if someone else is hurt or killed in an accident caused by one of its drivers.
In addition to these minimum requirements, many businesses elect to purchase additional coverages beyond what is legally required. For instance, they may choose to purchase higher limits of liability in case a large claim is brought against them, or they may opt for a full business auto policy that covers all types of transportation risks such as rental vehicles and non-owned vehicles used by employees.
How Much Does South Dakota Commercial Truck Insurance Cost?
The cost of South Dakota Commercial Truck Insurance varies based on a number of factors including the type and amount of coverage chosen, the type of vehicle being insured, its age and condition, and the driver’s record. Premiums can also be affected by any additional risk factors that the business may face, such as the type of cargo being hauled or the routes traveled. When determining what level of coverage to purchase, it is important to consider not only current needs but also potential future risks. Taking on a higher premium now can help reduce the financial burden if a large claim is filed against the business later on.
Adjusting Deductibles and Coverage Limits
When purchasing South Dakota Commercial Truck Insurance it is important to consider your deductible and coverage limits. The deductible is an amount that must be paid first before your insurer will cover any damages incurred in a loss; typically this amount ranges from $500 – $2,000 depending on the policy chosen. Higher deductibles equate to lower premiums while lower deductibles translate into more expensive policies; it’s important to strike a balance between cost and coverage when setting your deductible amount.
The second factor to consider when purchasing South Dakota Commercial Truck Insurance is coverage limits. The dollar amount you select here will determine how much your insurer will pay out for a particular type of claim e.g., property damage or bodily injury – remember that this limit does not include compensation or damages paid out for legal fees and other costs associated with defending against claims e.g., court costs or expert witness testimony. It’s important to select limits that are high enough to provide adequate protection in case of an accident but low enough so as not to increase premiums too much.
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 South Dakota business types. >Click here to get your free South Dakota 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.
Running a successful commercial trucking business requires staying compliant with state regulations when it comes to insurance requirements. With South Dakota’s specific rules around commercial truck insurance, it’s important that both new business owners and experienced ones alike understand what types of coverages are available as well as how much they should expect to pay given the type and amount of coverage they wish to obtain. By adjusting deductibles and coverage limits thoughtfully, businesses can get the protection they need while keeping premiums in check.