There are unique safety and liability considerations to be made when operating a dump truck. Therefore, dump truck insurance is available exclusively to the operator of such a vehicle as a specialty line of truck insurance products. Source: www.truckinsure.com.
Due to the specialized nature of insurance products for dump trucks, you may have questions about insuring them. Here are answers to a few of the most common.
1. What Are the Different Types of Dump Trucks?
Most people are probably most familiar with the “end dump” configuration in which the back of the vehicle is the dumping location. There are also side dump and center dump configurations. Insurance products are available to cover each type of dump truck.
2. What Factors Influence Insurance Costs?
There are many factors that can have an effect, such as vehicle age, location, the radius within which you operate, etc. Basically, anything that an insurance company assesses as a higher risk has the potential to increase the price of your dump truck insurance premium.
3. Are There Things You Can Do To Save Money on Insurance?
Maybe so. Your insurance company may offer you discounts on your rates if you take steps to promote safety, such as the following:
- Vehicle inspection before every trip
- Proper maintenance
- Driver screening process
You may also be able to decrease your premium by increasing your deductible. It is always a good idea to ask your insurer about any specific discounts available.
There are many coverages that go into creating a complete insurance policy for a trucking business. Some of these cover activities that take place on your business’ premises while others cover the goods that you will be transporting. As you build out your new policy, here are two coverages that are specifically designed to cover your truck that you should plan to include in your policy.
Truck Liability Insurance
Truck liability insurance protects you in case you involved in an accident in your truck and you’re at fault. Like personal auto coverages, your policy would cover the cost to repair or replace the third party’s property and cover any related medical expenses. Because of the high amount of risks associated with driving a truck, this will be the most expensive part of your policy.
Physical Damage Truck Insurance
Physical damage truck insurance is first-party coverage that’s there to cover your truck and trailer equipment in case they become damaged. You can choose to carry coverage for specific events or go with comprehensive coverage which is likely to be more expensive. With the number of ways your truck can get damaged being virtually limitless, it’s recommended that you go with comprehensive coverage to eliminate the risk of a claim getting denied.
Of course, your policy will need to include various other coverages in order to keep your business and investment protected. Working with an experienced commercial truck insurance agent will ensure that your policy contains the appropriate levels of coverage.