Dump truck insurance is imperative to have if you own a dump truck, or if you operate a dump truck leased to a motor carrier. Considering your dump truck is a crucial component of your business, maintaining financial protection for it is a necessity. Besides being the right thing to do, you may be legally required to obtain dump truck insurance.
Is a Dump Truck Policy Like Any Other Insurance?
Dump truck insurance is a special kind of commercial vehicle insurance intended to cover the specific risks involved with the operation of dump trucks. Dump truck insurance is a necessity for drivers for dump truck companies, independent contractors, and dump truck owner/operators. If you are in any way responsible for the operation of a dump truck, you should make certain that dump truck insurance covers the truck.
Due to their immense size, accidents involving dump trucks can cause very severe damage and injuries that end in a higher financial loss than most accidents involving passenger vehicles.
Insurance Coverages Designed for Dump Trucks
Many types of coverage exist for commercial vehicles like the dump truck. Because of the range of choices, you can easily customize your policy to fit the needs of your business. The specific coverages of commercial vehicle insurance policies fall into two main categories, liability and physical damage insurances.
Just as with a car, liability insurance for a commercial vehicle is generally required by law. The following coverages would fall into this category:
- Bodily Injury Pays medical expenses incurred by the affected party in an at-fault collision.
- Property Damage Pays for property damage sustained by another party in an at-fault collision.
- Non-trucking Liability Insurance This additional protection provides coverage when the truck is being driven during periods between jobs.
While liability insurance keeps other drivers financially safe in the event of an at-fault crash, physical damage insurances protect your finances as well. If your truck or its load suffers damage, physical damage insurance can help to cover costs and get you back in business. This category of coverage includes:
- Collision As the name would suggest, offers reimbursement for losses sustained in a traffic collision.
- Comprehensive Offers reimbursement for losses incurred from most non-collision incidents. Depending on the policy, this coverage may extend to damages caused by severe weather.
- Cargo Insurance Offers replacement costs for loads transported in the vehicle at the time of the accident. This coverage is especially necessary for independent contractors hauling a client's property.
Regulations Concerning Commercial Vehicle Insurance
There are federal and state insurance filings required that certify you are meeting mandated commercial insurance requirements. These requirements are dependent on the type of business you operate with your dump truck and the location you do that business. If you have compliance questions, your insurance provider can help.
Where to Buy Dump Truck Insurance
Dump truck insurance is readily available through companies which offer commercial auto insurance coverage. Some of these companies offer dump truck insurance quotes that are easily accessible online.
Make sure to do some comparison shopping between multiple companies so you can purchase a policy at the best price with coverages that meet your needs.