Things To Know About Flatbed Truck Insurance

Posted on January 24, 2017

A flatbed truck is a kind of truck used to carry loads. The load could be heavy metal sheets, machinery, bikes and vehicles, etc. These trucks are also used for towing. Either rigid or articulated, the truck’s load-carrying body is completely flat, with no roof or sides. As a result, the goods carried on a flatbed truck are more vulnerable to externalities than goods on any other kind of truck. Besides the usual hazards facing commercial truck drivers, a flatbed truck driver must also worry about unfastening straps and dislodging cargo. Several small things – such as potholes or bumpy pavements or sharp braking – could put the truck, its driver, and cargo in danger. Fortunately, a flat bed truck insurance would help protect against these jeopardizing uncertainties, keeping your cargo and you protected.

Flatbed Insurance Types

Flatbed insurance can be categorized, depending on your requirements and the type of goods you’re transporting. The final impact of the accident may vary based on what’s being loaded and these covers take that into consideration as well.

• Liability coverage: This is a mandatory coverage, which covers the damage inflicted upon others’ property due to your fault.

• Collision coverage: This coverage pays for your flatbed hauler damage caused by an accident where usually another motorist is involved.

• Comprehensive coverage: This cover insures your flatbed trailer and tractor from damage induced by external elements other than a vehicle, which could be theft, fire, or an animal suddenly crossing your path on the freeway.

• Ramp, tarp, binder, and chain coverage: Unlike other insurance covers on this list, this coverage is unique to flatbeds as it safeguards cargo-securing equipment.

• Cargo insurance: As the name indicates, this insurance type covers damage to flatbed truck-hauled freight.

• Unloading and loading coverage: An insurance to cover vulnerabilities that may arise when a commodity gets unloaded or loaded.

• Storage and towing coverage: This coverage covers vehicle towing and storage.

• Combined deductible: Post an accident, you are supposed to pay just one deductible instead of deductibles each for cargo, liability, collision, etc.

• Loss mitigation: This cover insures against any extra losses post a documented accident.

• Debris removal: This cover pays for the removal and pick up of cargo that’s spilt on the road post an accident.

• Earned freight: This insurance type covers income lost if there is an accident and the shipment cannot be delivered.

Generally, the bigger the vehicle, the larger is the insurance cost since the risk for the insurance company is bigger. As aforementioned, a flatbed truck is different from traditional load-transporting trucks. Therefore, some modifications have to be done to regular truck insurance policies to accommodate the flatbed truck, particularly if the flatbed truck is only used for cargo transportation.

Costs

The cost of a flatbed insurance could be anywhere between $7000 and $12000 per year. This variation exists because the insurance cover is based on several factors, such as location and operating region, driving experience and record, preferred coverage type, coverage limit, and deductibles.

Though the initial two factors are not within your control, the last three variables can be customized to decrease the premium. If you are keen on a low cost, you may go with minimum coverage, a high deductible, and a low limit. However, heed caution because if you’re on minimum cover and you happen to be in an accident, you may end up remitting huge out-of-pocket expenses.

One effective method to decrease the insurance costs sans giving up complete coverage is shopping around and getting quotes from various flatbed insurance firms. Comparing several commercial insurance agents’ rates was not that easy before. However, several firms have made the process easier in the recent past. A simple form-filling exercise is all it takes.

The Future Of Trucking

Posted on January 24, 2017

With digital transforming almost every sphere of work and life, even the truck industry is uncertain about how exactly the future of trucking would be like. Will digital transformation take over the industry or is all the buzz more hype and less content? Let’s find out.

If one has to go with what the world of autonomous technology claims, teamsters (truck drivers) would become obsolete within the next decade. Apparently, complete self-driving automation is in its final stage and one shall expect the technology taking over our roads starting 2025.

As aforementioned, the technology required to make this happen is in its finishing stages, with tests being carried out on non-public roads. In fact, some of the transportation that’s happening between the Nammuldi, Hope Downs and Yandicoogina mines in Western Australia are courtesy driverless trucks. Remote operators supervise the trucks, which respond to GPS. There have also been experiments carried out on public territory.

The rationale behind getting driverless trucks on the road is to increase safety and reduce costs. However, reducing expenditure by limiting the workforce is a controversial topic that needs a completely separate discussion. As far as safety goes, the majority of road accidents and related deaths are due to human error. It therefore makes perfect sense to bring about technological improvements for supporting or replacing the driver during emergencies.

Systems such as adaptive cruise control can reduce truck-related collisions, especially rear-end accidents, which are the most common. The technological advancements are expected to further reduce these dangers and positively influencing costs simultaneously. Better traffic flow management would translate into lesser fuel consumption.

The next biggest cost factor is the driver. In the initial stages, it’s expected the driver would still be around the steering wheel of a driverless truck, donning the role of a supervisor or manager, and taking control of the truck whenever required. The driver can also utilize idle time behind the wheels to arrange meetings, appointments, gather data about the traffic scenario or unloading and loading points, or take care of private matters.

However, the major requirement for this innovation has got to do with the software. The sensor input processing needs to be so practical that the vehicle is not just able to comprehend the immediate surroundings, but also adapt to unknown scenarios, obey street laws, be constantly aware of the vehicle’s exact position on-road, and consider vehicle movements to make the optimal route. Also, the truck should be able to integrate a failure-operational architecture, which safeguards against technical debacles and covers system failure. Moreover, the per-unit expenses have to be reduced further.

Driverless driving hasn’t had the same reception in different parts of the world. Legal hurdles are preventing completely autonomous driving to take shape, which calls for the establishment of a fresh legal framework. But there’s one major question: if the driver is completely removed and there is an accident, who would be responsible for the accident?

Some experts and institutions believe autonomous vehicles would cause disruption in both the private and public sector. Forecasting growing social tensions is not that difficult, as employees would certainly become job-insecure or struggle to stay relevant in or adapt to the new environment, which would be primarily managerial instead of operational. Therefore, the big question is whether institutions and politicians in general can guide the change in the right direction.

The current reports on the autonomous technology maybe miscalculated the pace with which the changes would take place; it is not easy to take all variables into account. On the other hand, there could be underestimation too. Ultimately, as far as technology is concerned, the pace of disruption would always exceed expectations.