According to earning statistics, owning and operating a dump truck can net you a nice yearly income, the average being $131,073 a year for owner-operated dump trucks.
However, before your dump truck hits the streets, it's important that you take out the right coverage for it. Getting dump truck insurance will keep you compliant with your state requirements and protect you from potentially heavy and unexpected financial losses.
Without adequate commercial dump truck insurance, you run the risk of facing fines and liability claims, losing money, losing your truck, and even going bankrupt in some cases.
However, before you rush out and settle on the first dump truck insurance package you find, there are some things to consider while shopping for coverage.
If you want to secure the best insurance for the best price, it's essential to know what to shop for. Continue reading as we dive into the top considerations you need to keep in mind while looking at coverage plans.
The Types of Dump Truck Coverage Available
One of the first things you need to know when shopping for dump truck insurance is what coverage types there are. Dump truck insurance includes several coverage options, some of which are mandatory to have.
Here is a list of the most common coverage types.
Trucker's General Liability Coverage
One of the primary and most important insurance types for dump trucks is truckers' general liability coverage. Under this insurance, you will be covered for bodily and physical damages incurred by your dump truck to other people or their premises.
For example, if your dump truck backs into someone's gate or a pillar, some or all of these costs will be covered by general liability insurance.
Physical Damage Coverage
Another important form of coverage is physical damage insurance.
Within damage coverage, there are two further subsets of insurance. These are:
- Collision coverage
- Comprehensive coverage
Collision coverage will help you fix or replace your dump truck in the event of accidental damage or a collision. Comprehensive insurance covers these events, as well as a number of other types of damage. Depending on your package, this may include vandalism, theft, falling objects, etc.
Medical payment caters to the costs of injuries to the operator or passenger in your dump truck. If you are hiring an operator, this is an important coverage type to look into.
If you are operating the truck yourself or buying it for personal use, dump truck insurance of this kind might not be necessary, especially if you already have a comprehensive health insurance plan.
Commercial Auto Liability Insurance
Commercial auto liability insurance is mandatory in most states for dump trucks. This insurance helps you meet any legal obligations you may have if your truck is involved in an at-fault accident.
When shopping for commercial auto liability insurance, make sure that you choose a plan which includes bodily injury liability and property damage liability.
Bodily injury liability will help you cover the medical expenses of the other driver and any passengers. Property damage liability will assist you to pay for repairs or replacement of the other driver's vehicle.
What Dump Truck Insurance You Need by Law
Auto insurance requirements vary on a state level, so you will need to check your individual state's laws to find out what is required of you.
However, there are only two states in the US that do not require auto insurance. Therefore it's safe to say that you will need to, at a minimum, take out commercial auto liability insurance before legally operating on the road in almost all cases.
Without this, you will be breaching the law and running the risk of fines and penalties.
Additionally, just because the other types of commercial dump truck insurance aren't mandatory, that does not mean you don't need them to keep your business and your investment safe.
What Insurance You Need to Keep Your Business Safe
Optimally, it would be best to take out most of the above-listed insurance types. This way, you know you are protected from all the common accidents that can happen when operating a dump truck.
Trucks are heavy and powerful vehicles, which means any damage inflicted by them is usually severe and costly to repair.
What's more, trucks are also expensive pieces of equipment. If you do not protect your investment with the right insurance coverage, you could sustain a serious loss through theft or accidental damage.
How to Save on Your Dump Truck Insurance
As we just stated, it's usually wisest to take out most of the above insurance types for your dump truck. However, this can add up to a hefty insurance bill.
Fortunately, there are several ways to optimize your dump truck insurance costs. These include:
- Implementing thorough maintenance on your dump truck
- Keeping clear maintenance records
- Instituting clear workplace safety policies
- Conducting and recording safety meetings
- Giving on-going safety training
- Screening operators thoroughly
- Doing regular vehicle inspection routines
These practices can net you better rates because commercial dump truck insurance providers want to see that you are a low-risk client. The higher risk you are, the more likely you will submit claims, and the higher your premiums will be.
If you can supply clear evidence that you operate at exceptionally high safety standards, you're likely to secure lower rates.
Besides supplying evidence of safety-centric practices, you should also shop around for quotes to get the best dump truck insurance prices you can.
Another way you can lower the dump truck insurance cost for your business is to ask for discounts and select a provider that specializes in the trucking industry. Specialist providers will have a far more in-depth knowledge of your industry, be able to assess your needs accurately, and net you better rates.
Do You Need Affordable Dump Truck Insurance You Can Trust?
Taking out dump truck insurance is not only required by law, but it's also essential for protecting you from the unforeseen.
Are you wondering where to find the best dump truck insurance at the lowest rates? We specialize in dump truck insurance, and our expertise enables us to find you the best rates while maintaining comprehensive coverage you can count on. Besides this, we also offer all of our clients tailored advice and risk assessments to ensure you have the coverage you need—at the right price.
Want to know more? Request a quote today and find out how we can save you time and money in the insurance shopping process.