In the state of Alaska, commercial truckers are required to carry a certain amount of liability insurance, which will cover damages in the event of a collision. The exact amount depends on a variety of factors, including the kind of freight they haul and where they haul it. If you need to purchase commercial auto insurance or you want to find a lower rate than you’re currently paying, contact Dunlap Agency in Fairbanks to explore your options.

How Much Commercial Trucking Insurance Do I Need?

Consider the Minimum Requirements

If a trucker causes a collision, liability insurance will cover the damages that other motorists incur. In Alaska, truckers who transport general freight must carry at least $750,000 in liability insurance, whereas those who haul household goods need to have at least $300,000 in coverage.

Because collisions involving oil or hazardous materials tend to cause more extensive damage, truckers who transport either must have even more coverage. Those transporting oil must have at least $1 million in coverage, and hazmat truckers must have a policy that covers at least $5 million in damages.

It is important to keep in mind truckers who travel out of state must abide by the federal minimum limits, which are typically higher than the above.

Consider Your Additional Coverage Needs

The above limits are for liability insurance, which protects other motorists in the event of a collision; however, commercial truckers need to purchase a comprehensive auto insurance plan to protect themselves, as well. For example, if you finance your vehicle, you will need physical damage insurance, which will cover the cost of repairs following a collision. You should also consider purchasing cargo insurance, which will cover cargo that gets damaged during transport.

If you need to purchase commercial trucking insurance in Alaska, then turn to Dunlap Agency in Fairbanks. Their knowledgeable team will ensure you get all the coverage you need for the best rate possible. Visit their website to learn more about purchasing commercial auto insurance, or call (907) 456-5202 to discuss your coverage needs today.