Trucking insurance is a little different from other types of insurance. It also covers a wide range of policy types. The insurance needs of a trucker can be very complex. For instance, some drivers may be in need of ‘leased operator insurance’. They have a need, like all drivers, to protect their livelihood. And if they’re leased to a motor carrier, then they’ll be in need of coverage that coincides with their lease agreement.
The trick in this situation is in knowing that, while many employers will offer to provide the trucker with this coverage, if the trucker would shop around, the odds are he/she could find it cheaper by purchasing it for themselves. Plus they would have more flexibility for customizing their policy to suit their particular needs.
Most carriers are going to provide the largest part of the driver’s liability insurance. But it’s a good idea for the driver to buy some of their own damage insurance and ‘non-trucking’ liability coverage. This ensures coverage even if they should be driving the truck on their own time.
Again, trucking insurance is a little different due to the various needs and coverage types involved in covering these drivers. Another form of insurance that’s exclusive to trucking is ‘bobtail’ insurance. This is insurance liability coverage that protects the driver after dropping off a load and the truck is no longer in the act of business on behalf of the carrier. It’s a type of insurance for the trucker that covers the tractor that’s traveling without a trailer.
It may sound like bobtail insurance and non-trucking liability are the same thing, but they’re not. They can be used interchangeably, but they’re still different. The bobtail insurance will cover the tractor even when it’ being driven without the trailer, regardless of if it’s under dispatch or not.
Another form of insurance that’s associated with truckers is ‘Cargo Insurance’. It’s pretty much what it sounds like. The carrier will take out cargo insurance to protect against the loss of any cargo during transportation that’s under their custody and care. The type of freight and it’s value will determine the limits of this coverage. It’s good to be sure about how much is needed prior to shipping, as under-insuring can really wreak havoc on a trucking operation.
For the trucker, trucking insurance can be one of the biggest expenses. But it’s also the most necessary. Financial devastation can occur from one incident of being uninsured or under-insured. And it’s not always the insurance that’s cheapest that’s what you need. Understanding just how much you need, and exactly what type you need, will go a long way to easing your mind about what could happen if an accident occurred.
Trucking insurance is a little different, but in many ways it’s just like other insurances. It’s the same in respect to getting as many quotes as you can for comparisons, and researching the company you want to deal with thoroughly. Go through the different rating services and find some regulatory agencies to check with before deciding who you’ll do your business with. Get a company that’s established a good reputation, even if it costs more than some that haven’t. It’s worth it.