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Do I Need Dump Truck Insurance to Drive Legally?

by Insurance Trucking Expert in Truck Insurance

Dump truck insurance is necessary if you own this type of vehicle. Any truck that is driven on the road must be insured. It’s a legal requirement that will also financially protect you should the unexpected occur.

Consider the amount of money you invested into your dump truck or the amount you will invest when you buy one. The vehicle itself can cost between $100,000 and $150,000 to buy new. Used models can fall between $15,000 and $100,000, depending on model, age, and condition.

Then there are the thousands of dollars you may have to put into maintenance over the life of the truck. Newer models may come with warranties, but eventually, the cost will fall to the owner. Tires alone can cost upwards of $1,000 each.

The estimated cost of the average dump truck is over $100,000 with more than $700,000 in related expenses over a seven-year lifespan.

The cost will vary, but it’s easy to see how an initial purchase and basic care and maintenance can quickly add up. This is an investment that you will want to protect with dump truck insurance.

Dump Truck Insurance and Accidents

Dump truck insurance also helps protect owners from financial ruin after an accident. This type of vehicle shares the road with smaller passenger cars and trucks. They are used to transport loose material, haul garbage, or dispose of hazardous waste. All three of these come with added risk while the vehicle is in motion.

Their weight and size alone is a threat to other people on the road. Dump trucks are primarily designed to be driven around job sites, which means they are not usually built with regular street driving in mind. When a dump truck is involved, an accident is more likely to be catastrophic.

Even an experienced licensed driver can wind up in an unexpected situation. You need to know that your dump truck insurance will be enough to cover damage to your property as well as the property of a third party and medical expenses if needed.

The U.S. Department of Transportation reported that an average of 500,000 truck accidents happen on highways and roads across the country each year. Approximately 75% of those are caused by smaller passenger vehicles.

The Bureau of Labor and Statistics found that there is an average of one dump truck-related fatality per week in the U.S. You need to be prepared before you or an employee takes your truck onto the road.

What Dump Truck Insurance Do I Need?

Dump truck insurance falls under the general commercial vehicle category. You must have enough liability coverage to drive legally.

A basic commercial dump truck insurance policy will give you the mandatory coverage needed to drive. This will include minimum bodily injury and property damage liability amounts based on your state’s laws.

Meeting your legal obligation is the first thing you should do. However, it may not be enough if you truly want to be protected in case of a dump truck accident claim. You should consider adding the following to your policy to fully protect your investment.

  • Motor Truck Liability Insurance – Motor truck liability will protect you in case your vehicle causes damage to a customer’s property.
  • Motor Truck Cargo Insurance – Cargo insurance covers the materials that your truck hauls. This may be required to operate legally.
  • Physical Damage Coverage – Physical damage coverage will pay for damage to your dump truck. This is usually required when leasing from a dealership.
  • Collision Insurance – Collision coverage will pay to repair damage to your truck if you collide with an object or another vehicle.
  • Downtime and Rental Reimbursement – This coverage provides funds to continue business operations while your dump truck is being repaired after an accident. It will also cover commercial losses if you cannot continue to operate.
  • Environmental Insurance – Pollution coverage will pay for fines, clean-up, and other expenses related to pollution caused by your vehicle.
  • Off-Season Comprehensive Insurance – If you operate seasonally, then off-season comprehensive insurance will cover your vehicle when it is not in use. You have financial protection and pay less when you aren’t driving.

How Much Will I Pay for Dump Truck Insurance?

The amount you will have to pay to keep dump truck insurance will vary. It’s impossible to provide an exact amount without requesting an Insure Trucking quote. However, you should be aware of several factors that will impact the average cost of coverage. These include:

  • Where you are located and operating from
  • You or your driver’s motor vehicle report (MVR)
  • Any past claims or losses incurred from driving
  • Any past speeding tickets or accidents on record
  • Your operating radius
  • The make, model, and year of the truck
  • The number of vehicles in your fleet
  • Your business’ years in operation

Anyone who owns a dump truck wants to get the best insurance coverage for the lowest rate. There are a few things you can do to help keep your costs low. One is through a proactive workplace safety program.

Have safety policies in place to reduce the risk of accidents in or around the vehicle. You should conduct regular safety meetings. Business owners should also have a thorough vetting process in place when hiring new drivers.

Make a pre-trip inspection mandatory every time the dump truck is used.

These steps will lower the risk of an accident. Fewer accidents and claims mean that your dump truck insurance rates will stay as low as possible.

How Do I Get a Dump Truck Insurance Quote?

You should request a dump truck insurance quote before you buy or drive the vehicle. Getting one is easy. Visit InsureTrucking.com and click our “Get a Quote Now” button. Answer the questions provided and we will email or call you with your personalized quote.

You can also call us at 866-307-5480 to speak to an insurance agent. Let us help you find affordable dump truck insurance that will protect you, your drivers, and your business.

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Is Trucker Insurance Right for Me?

by Insurance Trucking Expert in Truck Insurance

Do I Need Truckers Insurance?

Truckers insurance is a necessity when you own or drive a truck. On a good day, you should not need to use your coverage. It may seem like an extra expense in an industry that already has so many costs associated with it. However, don’t overlook this essential resource. Truckers insurance will suddenly become very, very important if you or one of your employees are ever in an accident.

Situations can change. When this happens, you may wonder if you really need to buy truckers insurance or continue coverage that you already have. It’s important to understand the consequences that come with not having the right level of coverage.

Is Truckers Insurance Right for Drivers with a Good Record?

If you have a clean driving record and have never been in an accident, that’s good news! However, that doesn’t mean you should skip truckers insurance. You may be cautious, but you never know what you may encounter while on the road.

Being in an accident without truckers insurance can have severe consequences. If you are at fault, then you will likely have to provide compensation for injuries and damages. That means paying out of pocket if you don’t have a valid policy.

Federal law requires truck drivers to have a minimum level of coverage. All trucking companies must have at least $300,000 in public liability insurance for freight moved in trucks that weigh up to 10,000 pounds. Coverage of $750,000 to $5,000,000 is required for tractor-trailers. Cargo insurance is also needed when transporting household goods.

Make sure you stay legal and protected in case the unexpected happens.

Do I Need Truckers Insurance if My Truck Is Parked?

If you become injured or ill, you may not be able to work. That means your truck will remain parked for an extended time. It seems wasteful to pay for truckers insurance if you aren’t driving, especially when your finances may be limited due to a loss of income.

You may be able to cancel some or all your coverage, as long as you won’t be driving. However, keep in mind that if your vehicle has a lienholder, this could cause problems for you. The lienholder may require you to keep your coverage to protect their financial interest in your truck.

You will still be responsible for any damage that occurs while the truck is parked. Weather damage from hail or wind could lead to costly repairs. Theft, vandalism, and even fire can also pose an expensive threat if you don’t have truckers insurance to pay for it.

If you have questions or are struggling to keep up with payments, contact Insure Trucking. We can discuss your options to find a solution that works for your business.

Is Truckers Insurance Needed if Someone Else Drives?

There is a misconception about employee drivers. Some people believe that any employee is covered when driving a truck for the business. The truth is that the policy will determine who is covered and who is not.

Some insurers only cover drivers who are named on the policy. Others use something called permissive use. That means that the driver is covered as long as the owner has given permission for them to use the vehicle.

Even if the owner decides to leave the driving up to their employees, truckers insurance is still required. Make sure you know how your policy works to ensure that you are covered in case of an accident.

What If My Trucks Are Used Seasonally?

Some businesses only operate for part of the year. Their trucks are put into storage during the off season. This is another situation where it may seem wasteful to pay for coverage you know you aren’t using.

Insure Trucking can discuss your coverage needs and determine if comprehensive-only truckers insurance is a better option while your business is closed. Comprehensive means that damage caused by something other than a collision is covered. This could be broken glass, fire, vandalism, theft, or wind.

Remember that comprehensive-only truckers insurance will not protect you if you are driving the vehicle. You must ensure that adequate coverage is added before your trucks are back on the road during the working season.

Which Truckers Insurance is Right for Me?

The right truckers insurance for you is based on your circumstances and business needs.

Your truck is an investment in your future. It represents your livelihood. That’s why you should always carry insurance to protect it. The level of coverage needed may vary, but it’s usually best to avoid a lapse.

Insure Trucking covers everything from big rigs and dump trucks to long and local haul trucks and more. Instant certificates and online policy services are available to current customers. New customers are welcome to contact our team for a quote. You can get started by dialing 866-307-5480 or by visiting our website and clicking the “Get a Quote Now” button.

You can protect your vehicle and save money with the right truckers insurance. Contact Insure Trucking now to find out how to get fast quotes and coverage that meets your driving needs.

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The Cost of Truckers Insurance and Why You Need to Pay It

by Insurance Trucking Expert in Truck Insurance

Truckers insurance is one of those things you must have and should never go without. If you drive, you need to be covered.

Driving without insurance can lead to serious financial and legal problems. Accidents can quickly get into the tens of thousands of dollars or more. You could jeopardize your future and the future of your company if you don’t have adequate coverage.

No one wants to have to make payments, but it’s far better than the potential setback of being in an uninsured accident. Chances are you won’t need to use truckers insurance most days, but when the time comes, you’ll be glad you have it.

Penalties for Driving without Truckers Insurance

Federal regulations require all commercial vehicles to carry liability insurance. That includes semi-trucks. Freight trucks need to have between $300,000 and $5 million in coverage based on the type and weight of their cargo.

If you are in an accident while uninsured, you will have to pay for damages out of pocket. In some states, you may have to pay whether you are at-fault or not. You may also be on the hook to pay the excess amount for injuries if the total is higher than a certain threshold.

The Insurance Research Council released a report in 2014 that found that around 13% of drivers, or 1 in 8, do not have insurance. If you are driving without truckers insurance, you and your employer could be required to pay. Damages can include medical expenses, lost wages, and amounts for pain and suffering.

Each U.S. state has different penalties for getting caught driving without insurance. Some may charge a $200 or more fine for a first offense. Others may include a lengthy license suspension. Penalties can get much worse if this isn’t a first offense. Some are over $500 to $2,000 for fines with possible jail time.

The reality is that driving without truckers insurance isn’t worth the risk. You could potentially lose a lot of money, cost your employer money, lose your job, or even face jail time.

Truckers Insurance Cost Breakdown

The cost of truckers insurance will vary based on several factors. You should speak to an insurance agent to request a quote based on your needs.

An owner operator with a good driving record will usually pay around $9,000 to $15,000 per truck annually. If you’re new, you may pay between $12,000 and $18,000. However, that’s only a rough estimate. Some end up paying more than $30,000.

If you are an owner operator who is leased onto a motor carrier, then you may pay between $2,000 and $4,000 depending on the value of your truck. That’s because you most likely only need bobtail and physical damage coverage.

Here is a quick breakdown of what you can expect to pay on average for semi truck insurance:

  • Primary liability – Between $5,000 and $12,000
  • General liability – Between $500 and $800
  • Physical damage – Between $1,000 and $3,000
  • Umbrella Policy – Between $500 and $700
  • Uninsured/Under-Insured Motorist – Between $50 and $100
  • Cargo Insurance – Between $400 and $1,200

You may also incur additional costs for occupational accident coverage which will vary based on your criteria.

What Determines the Cost of Truckers Insurance?

Your rates may be higher or lower depending on your circumstances. Different factors come into play when calculating a quote for your truckers insurance, including:

  • Number of years in business
  • What type of cargo you haul
  • Your average distance traveled
  • The value of your semi-truck
  • Your age
  • Your CDL experience
  • Your credit history
  • The payment plan you choose
  • The insurance company you choose

All of these things combined will determine the amount you have to pay annually to keep your truckers insurance. If you have questions about coverage, your insurance agent can help. You can also request a breakdown, so you know exactly what you’re paying for each type of insurance.

How to Get a Quote for Truckers Insurance

If you need truckers insurance, then you should begin with a quote. This will give you an exact amount based on your history and details.

You can start by visiting InsureTrucking.com and using the online quote form. You will need to provide your name, email address, phone number, and DOT number (if known). If you prefer to do it by phone, you can call us at 866-307-5480 to speak to an insurance agent.

We can provide instant certificates the same day you contact us. Our services include policies for one truck or fleets of 10 or more. We charge competitive rates and can give you the peace of mind you need to drive with confidence. Get in touch now to find out how you can get affordable truckers insurance today.

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Do You Meet the Requirements for Commercial Truckers Insurance?

by Insurance Trucking Expert in Truck Insurance

If you want to drive for a living, then you need commercial truckers insurance. While it is not something that you’ll likely daily, when you do need it, you’ll be glad you have it.

Truckers insurance should be considered an essential part of your business. Everyone on the road needs to have adequate coverage. Not doing so is illegal and can land you in a lot of trouble. The average auto liability claim is $3,638 for property damage and $15,270 for bodily injury in the United States. That is for all vehicles.

A semi-truck has the potential to cause significantly more expensive damage and severe bodily harm. The average cost of a commercial truck accident in the U.S. is $59,000. One in three small businesses ends up closing permanently due to uninsured costs related to a lawsuit or accident.

When things go wrong, you must have valid truckers insurance or you could end up with an enormous lawsuit, fines, or worse.

People who are caught driving without insurance may receive points on their license, which can affect their ability to drive. They could lose their licenses completely, have their vehicle impounded, incur court and reinstatement fees, or even face jail time.

What Kind of Commercial Truckers Insurance Do I Need?

Trucking isn’t the same as driving smaller vehicles, like a work van. You are hauling large quantities of cargo, often across state lines. You spend hours working in your vehicle. The rules and regulations that apply to truckers are overseen by the Federal Motor Carrier Safety Administration (FMCSA).

The FMCSA sets the rules for minimum coverage. You must prove that you meet the minimums before you are approved by the administration.

If you are a driver, then you will need to obtain primary liability insurance. This type of policy covers damage to other vehicles or people if you are in an accident. It is a requirement because it ensures that there is protection in place for the public when you drive.

If you are an owner-operator of a trucking company, then you should obtain general liability insurance. This type of policy offers the same coverage plus additional protection in case of lawsuits or false advertising, libel, or slander claims against your operation.

Truckers insurance experts usually recommend general liability for better protection. The legal minimum is at least $750,000 in coverage. There may be additional requirements enforced by the FMCSA, like proof of adequate general liability coverage when hauling cars.

What Do I Need to Apply for Truckers Insurance?

The more prepared you are, the easier it will be to set up your truckers insurance policy. The process will require:

  • A current insurance policy declarations page or dec page if you have one. If you don’t have truckers insurance, then you can use your personal auto insurance dec page or request a copy from an old policy from a previous insurer.
  • Drivers license numbers and driving history for all drivers being insured. That also includes records of any speeding tickets they received in the past.
  • The vehicle identification number (VIN) of each vehicle along with a list of all safety and security features on each. If you don’t have the VIN with you, you can provide the manufacturer, model, and year, and any other relevant details.

Even if you plan to start the process online, you should have these items available. You will need the information to request a quote and may need to submit copies for the insurer’s review and record.

What Does Truckers Insurance Cover and What Is Not Covered?

Every driver should know what their truckers insurance policy covers and what it doesn’t. General liability will cover:

  • Bodily Harm – If a person is hurt as a result of an accident involving your vehicle, their medical bills, and the potential lawsuit are covered by your insurance. This includes coverage for people who are injured after a fall on your business’ property.
  • Property or Commodity Damage – If someone else’s property is damaged by your truck, insurance will pay to fix or replace it. General liability will also cover damages that result in commodities delivered to the wrong location.
  • Delivery Location Accident – If you or your driver cause damage to a delivery location, truckers insurance will pay to repair it.
  • Slander, Libel, or False Advertising Claim – If you face a slander, libel, or false advertising claim against your brand, it will likely be covered by your insurance.

There are things that you may need that are not covered by the average truckers insurance policy. Things that won’t be paid for under general liability include:

  • Non-Truck Vehicles – Truckers insurance is meant for trucks, but not all commercial vehicles qualify for this type of coverage. For example, it will not cover limos, ice cream trucks, passenger vans, hearses, cement trucks, or buses. You should seek different types of coverage for these vehicles.
  • Driver Injury – The insurance policy will cover medical expenses for others, but not for you or your workers. You will need to obtain workers’ compensation insurance to protect your drivers in case of an injury.
  • Truck Damage – If your trucks are damaged, general liability will not pay for it. The coverage applies to other vehicles, not the ones you own. You must obtain physical damage coverage to insure your trucks. It isn’t a legal requirement, but it’s a good idea.
  • Refrigeration Related Loss – Damaged refrigeration units on trucks can lead to expensive product loss. This type of loss is not covered by general liability insurance.
  • Cargo Loss – If cargo is lost while traveling or as a result of an accident, it is not covered by general liability. You will have to pay for cargo coverage. The federal government requires some drivers to pay for at least $5,000 worth of cargo coverage.
  • Income Loss from Accidents – If you or your drivers lose income after an accident, this is not covered by your truckers insurance. Instead, you will need business interruption insurance to close the gap and protect your operation.

Other Types of Commercial Truckers Insurance

The more protection you have, the better off you will be in case of an accident or incident. It can be difficult to balance the expense of insurance with the potential safety net it provides. Depending on what you haul, you may want to consider adding other types of insurance, like:

  • Motor Truck Cargo Insurance – This type of insurance will protect your commodities if you end up in an accident, disaster, or are stranded and lose cargo as a result.
  • Bobtail Insurance – This insurance covers you if your truck ends up in an accident with no trailer attached.
  • Reefer Breakdown Insurance – This coverage would protect you in case cargo is lost due to a refrigeration breakdown or collision. Check the policy’s exclusions because some will not cover frozen food, tobacco products, or seafood.
  • Uninsured or Underinsured Motorist Insurance – If you are in an accident with an uninsured or underinsured motorist, this type of coverage will protect you.

Visit InsureTrucking.com to learn more about commercial truckers insurance or to request a free online quote.

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