Meeting Oregon Commercial Trucking Insurance Requirements just became easier as a new insurance provider steps in to compete for Motor Carriers.
ODOT requires Motor Carriers hauling freight for hire across state lines to get a USDOT number from FMCSA.
ODOT is the Oregon Department of Transportation.
FMCSA is the Federal Motor Carrier Safety Administration which oversees the Department of Transportation in the U.S.
Motor Carriers in Oregon must present proof of insurance:
Understanding How A Brand New Trucker’s Proof of Insurance in Oregon works:
1. Apply to become a Motor Carrier and receive a new DOT number through the FMCSA Unified Registration System.
2. Your insurance company will send proof of your coverage to FMCSA by linking to your new DOT number.
3. This proof of insurance submission is called your BMC-91X Filing.
4. The MCS-90 is simply an endorsement to your policy ensuring FMCSA compliance…think of it as a Bond.
5. Your insurance provider also sends proof of your coverage to ODOT.
6. Oregon is unique in also requiring New Motor Carrier Training. The 8 hour class covers trucking basics to ensure compliance with registration, taxes, truck safety, size and weight regulations. The program is currently conducted by the Oregon Trucking Association.
There is a State Oregon Trucking Online Portal where you can register your truck, renew your plates, pay taxes etc and learn more.
Remember when you partner with a professional Truck Insurance Broker, she will walk you through this process and share other free advice via phone. Know that working with an Insurance Agent doesn’t cost extra compared to going Direct, plus you get personalized attention tailored to your situation. Becoming a new Motor Carrier in Oregon has it’s unique challenges:)
But don’t rush into applying for your new DOT number just yet!
Before jumping in, check if the insurance works for your budget.
Hit us up first to gauge your trucking insurance costs.
It’s wise to understand your potential expenses before diving into a new gig, especially in trucking.
You will save time and energy by kicking things off on the right foot because things can get complicated.
Depending on the type of truck you drive, you may be better off hauling for others until you get all your ducks in a row.
We’ll talk it through with you.
Why is Commercial Trucking Insurance so Expensive for New Start Up Motor Carriers in Oregon?
The number of companies underwriting Trucking Insurance is limited. This is because poor underwriting results and high litigation costs have discouraged new players from coming into the field of play. A company needs a lot of financial backing and accuarial underwriting success to enter the trucking insurance marketplace.
Thankfully A new Oregon Commercial Trucking Insurance Company has finally arrived
A big financial player is introducing a new insurance option for both experienced Motor Carriers and new Mom and Pop Trucking for Hire start ups.
The nationwide launch includes Oregon, Arizona, Colorado, Texas, Oklahoma, Arkansas, Florida, South Carolina, Virgina, Ohio, Indiana, Illinois. More states are scheduled to rollout over the next few months.
This new program has kicked off with select Independent Agents, offering super competitive premiums across the board.
CIS is pumped to team up with them!
Give us a quick call today, and we’ll hook you up with all the details:
CIS: 330-864-1511
15 Minutes can SAve you BIG $$$ on your Trucking Insurance!
Commercial Trucking Insurance Limits for New Ventures in Oregon
FMCSA and ODOT require the same minimum insurance limits for vehicles hauling freight for hire across state lines:
Cargo Van and Sprinter Insurance
$300,000 CSL Commercial Auto Liability Coverage
Hot Shot Truckers and any larger Truck Units
$750,000 CSL Commercial Auto Liability Coverage
CSL = Combined Single Limit
It’s important to know that brokers and customers usually require $1,000,000 CSL Liability as an industry standard.
So while getting started with the minimum is fine, it makes sense to consider the cost of the eventual $1,000,000 in Liability.
Ever Wonder What IS Commercial Auto Liability Insurance for Truckers?
Commercial Auto Liability is the insurance that protects you when you are driving your truck and hit someone or something.
Commercial Auto Liability for Truckers is broken into 2 parts:
Bodily Injury Liability – You’ve caused an accident that includes injuries with bills, rehab, long term care, death, funerals, lost income and pain and suffering.
Property Damage Liability – You’ve caused an accident where you’ve damaged something solid, like another vehicle, building, bikes etc.
When you buy $1 Million in Commercial Auto Liability, then Bodily Injury and Property Damage can pay up to that total amount in an accident.
General Liability for Truckers is different than Commercial Auto Liability Insurance
Commercial Auto Liability is what you need to legally drive your truck.
General Liability is another type of coverage you can buy that insures you for things you do outside of driving your truck.
Examples of General Liability for Truckers usually involves Loading and Unloading or Delivery Mishaps.
But it actually covers a whole lot more and is very affordable so be sure to ask about it.
Some of your customers may also require it.
Physical Damage for your Commercial Truck is also broken into 2 parts:
Collision – Coverage for your truck when it is damaged in an accident or if it flips or rolls over.
Comprehensive – Comp is Coverage for your truck for other things that can happen to it.
Examples include theft, falling trees, wind, hail, animal hits, windshield.
When you buy Physical Damage coverage for your truck it will be with a Stated Amount or ACV, Actual Cash Value.
Be sure to include any permanently attached equipment to the value of your truck.
Think of anything from custom paint to electronic components and sleepers.
Oregon Commercial Trucking Insurance extras to keep in mind:
If the driver who hits YOU doesn’t have enough insurance, Uninsured or Underinsured (UM/UIM) Bodily Injury Protection has your back. It covers injuries for you and your passengers, including any out-of-pocket costs.
Medical Payments (MedPay) Protection assists with medical and funeral expenses if you or your passengers are injured in a crash.
Both are quite affordable, and a reliable truck insurance broker will typically include them in your proposal.
She will also help you figure out the right amount and type of Motor Truck Cargo coverage you’ll need to get started.
Want more info before you jump into starting your new DOT Authority?
Check out CIS Commercial Truck Insurance Blog for Owner Operators or simply give us a call.
We love chatting with new venture Motor Carriers!
