How Do I Find the Best Dump Truck Insurance?
If you work in construction, then you need to find the best dump truck insurance. Heavy equipment and vehicles are very expensive to buy. It’s an important investment for your company – and one that you want to protect. Insurance does that and more.
What happens when you or one of your employees is in an accident? Someone will have to pay for damages, injuries, and other related expenses. These can quickly skyrocket based on the severity of the incident. The vehicle itself is only part of the equation. There is also the cost of medical expenses for all people involved as well as damages to other vehicles and property.
The bottom line is that you cannot afford to not have good dump truck insurance. It doesn’t just cover the cost of your investment. It also protects you and your business from financial ruin in case of an accident. InsureTrucking.com wants to shed light on what makes an insurance policy a good one.
What Should Your Dump Truck Insurance Cover?
The best dump truck insurance should cover several areas. Make sure your policy includes all of these in adequate amounts to keep you legal and to protect you in case of an accident.
- Auto Liability Insurance – Every dump truck insurance policy should include auto liability. This covers the costs incurred by the other driver after an accident. If you are on the job and at fault, auto liability will kick in.
Your policy should include bodily injury coverage to pay for the other driver’s medical expenses as well as pain and suffering. It should also include property damage coverage that pays for the vehicle or property of the other driver. Even the best drivers can be at fault in an accident, so make sure you are protected every time you operate your dump truck.
- Physical Damage Insurance – If your vehicle is damaged in an accident, it could be out of commission until you can fork out thousands to pay for repairs. If you have physical damage coverage in your dump truck insurance policy, then you should be able to get it up and running much faster.
This type of coverage will pay for physical damage to your vehicle after an accident. Collision will repair your truck after a wreck. If you have comprehensive coverage, then it will also pay out if your truck is damaged due to vandalism, theft, wildlife, falling objects, or fire.
- Cargo Insurance – The cargo you haul holds value. If you are in an accident and lose your load, you could face steep financial losses. You could be responsible for compensating the client for their missing materials. Cargo insurance protects you in this instance. It can also be used to pay for lost cargo that is stolen or damaged in a fire. Talk to your insurance provider to ensure that all these examples are covered in your policy.
- Non-Trucking Liability Insurance – Non-trucking liability insurance is meant to provide coverage when you aren’t on duty. This will pay for an accident that happens when using your dump truck for personal jobs or when you are off the clock. It makes sure your legal obligation to the other driver is covered.
- Pollution Insurance – Dump trucks are designed to carry large quantities of materials. When an accident happens, those materials can end up polluting the environment. This can lead to penalties and clean up fees for you.
Pollution insurance covers this type of situation. For example, if you are hauling a load that ends up in a roadside creek after an accident, your insurance will pay to clean it up.
- General Liability Insurance – General liability insurance sounds like an extra, but it’s important for your business. This coverage will pay for damages or injuries that are not related to your dump truck. For example, if a customer visits your facility and has a bad fall, they could sue you. Your general liability will kick in to provide coverage for this type of situation.
Make sure you know what is or isn’t covered. Some policies include coverage for financial hardship caused by libel, slander, or a load that was delivered to the wrong location.
Budgeting for Your Dump Truck Insurance Premiums
The best way to save money is to make sure you always have an active dump truck insurance policy. The financial cost is much higher if you are in an accident or get pulled over while driving uninsured.
If you have a tight budget, there are a few things you can do to lower your dump truck insurance rates.
- Consider Reducing Limits – You may be able to reduce the limits of your policy and agree to pay a higher deductible to lower your insurance rates. The limits define the maximum amount your policy will pay out in an accident. Make sure you consider the financial effects this could have if you are in an accident before agreeing to lower insurance limits.
- Bundle Coverage for Cheaper Rates – Some insurance providers let you bundle coverages for a better rate. You may choose multiple coverages for an individual truck. If you have a fleet, consider getting an insurance quote for all your vehicles to take advantage of quantity discounts.
- Ask About Available Discounts – Ask your insurance provider if they offer other discounts. Some may provide additional savings for veterans, experienced drivers, safe drivers, business owners, and CDL-certified drivers. You may also get a small discount for signing up for electronic payments.
- Request Seasonal Coverage – Some companies only operate their vehicles for part of the year. Your dump truck insurance provider may offer seasonal coverage. This type of policy will remove certain types of coverage during the winter months. It is meant to provide a minimum level of protection during months when your truck won’t be used.
How Much Will Dump Truck Insurance Cost You?
It is impossible to provide an accurate dump truck insurance quote without specific details. Several factors will influence your rates, including the value of your vehicle(s), where you live, how far you drive, your driving record, and the value of your cargo. You can visit InsureTrucking.com or call us at 866-307-5480 for a free dump truck insurance quote.