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.
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.
The current state of our economy causes many to lie awake at night and worry about the security of their jobs. That said, the long haul trucking industry is one area in which the future seems bright. Simply put, in demand goods will always need to be transported from point A to B. In fact, the Bureau of Labor Statistics forecasts a whopping 21 percent job growth within the trucking industry throughout the next three years. According to rough calculations, this means more than 330,000 new trucking jobs will be added to the current economy by the year 2020.
With these types of statistics, it is easy to see why many job seekers would flock to the trucking industry—but there are many things to consider, as trucking is far more dangerous than you may realize.
The dangers of being a truck driver:
Let’s start with the long hours. The majority of truck drivers are expected to be on the road up to fourteen hours each day, and truckers typically receive only about ten hours off in between long haul shifts. Sure, laws that regulate a trucker’s time on the road do exist, but they are all too commonly broken. Unsparingly, exhausted individuals paired with long haul trips often equals danger. Sadly, the chance of perishing while on the job is significantly higher in this profession than in others. Auto accidents involving truckers account for 12 percent of work-related deaths in the U.S.
Time off and burnout is also exceptionally high in this profession, as truckers seldom get more than a single day off each week. This schedule often means missed time with family and loved ones, especially around the holiday season when shipping demands increase.
If you think the average trucker’s pay would make up for these sobering statistics you’d be wrong. The average trucker typically earns about $38,000 per year. That doesn’t sound too bad until you break it down a bit further—an excess of 4400 hours each calendar year, equals an hourly wage of about $8.70 per hour.
Poor nutrition is another danger of the road. Truckers very rarely eat three square meals each day, as most of us are accustomed to. Most drivers tend to survive on high calorie, packaged meals during driving hours. These types of foods are usually nutrient diffident and contain very high levels of preservatives, which can wreak havoc on the human body. Often when drivers arrive at their destination for the night, they will treat themselves to a large—and often times unhealthy—meal before heading to bed. It goes without saying this cycle of binge eating, without a regular exercise regime, can quickly lead to obesity, which only exacerbates any existing health problems.
This organically lends itself to another health issue many truckers experience: infrequent medical care. The long hours on the road often make it impossible for drivers to maintain regular checkups from their family doctors. Unsurprisingly, this greatly limits health care options when and if there is a problem, which leads many truckers to ignore symptoms or work through a common illness, such a cold or the flu, rather than taking time off to rest when they become ill.
Additionally, depression is rather common among the truck driver community due to the time spent alone, distance from family and general loneliness.
Additionally, planning ahead for important dates, whether it is a birthday, anniversary, wedding, etc., is a bit of a minefield for a long haul truckers. Unfortunately, scheduling often comes down to dispatchers, loads, and traffic conditions, so even if a driver has done his or her best to make it back on time, they will often miss important dates and events due to circumstances beyond their control.
The trucking industry is one that carries with it high vehicular risk just by virtue of the fleet being on the road as much and due to the transportation of goods and services. As such, it is important for small-business truckers, owner-operators, and small fleets to get high-quality owner operator truck insurance to meet the unique needs of the fleet and drivers. Below, are some options to look for when deciding on the best owner operator truck insurance for you. Take the time to scrutinize the following options, and match the owner operator truck insurance companies you are considering against the same.
What To Look For In An Owner Operator Truck Insurance Service
1. Range of options and available customization
The more options an owner operator truck insurance service or company can provide you with, the better. This is true for both standard and customized offerings. One or two standard options may not be fitted with the features needed to meet your owner operator needs. As such, a wide range of options, especially if some of the same can be customized to suit your unique operations and needs may just be what is needed. A wide range of options include both varying features, coverage and policy options, and varying price points. For example, convenient monthly payments may be available alongside large upfront ones.
2. Is customer-focused
Yes, it is true that companies enter business markets to make money and be profitable. Owner operator truck insurance coverage and policy provider companies are no different. Still, even with this mind, success and profits should not come at the expense of the customers. Therefore, as you seek out your owner operator truck insurance service providers, be sure to pay attention to their tone when they speak of their clientele and the services and coverage or policy options they provide. This will help determine if an owner operator truck insurance company is likely to value you and take into consideration the unique needs of your business and fleet.
Accessibility is another feature of customer-centric service offerings. Owner operator truck insurance companies that ensure the following are customer-centric:
– you have all the information you need about their services (both online and offline)
– are willing to answer all questions and address your concerns
– provide you with several options regarding securing the use of their services
3. Experience and certification
The experience that an owner operator truck insurance company has, will go a long way in determining the quality of their services and coverage or policy options. Companies and service providers with significant experience are likely to have just about ‘seen it all,’ and so are usually better equipped to provide you with the best possible options. In other words, they have had time to get it right, tweak what is available and make it even better. Of course, this is not to say that newer companies can’t provide equal value (number of years is not the only marker for experience). What must certainly be taken into consideration, however, is that the companies you are considering are certified by insurance licensing and governing bodies in your town, city and/or state. This must be present irrespective of the number of years in operation or even past successes. Current certification is a must-have. No compromise.
High security transportation services can move hazardous materials while avoiding potentially dangerous situations. A large number of hazardous materials are shipped by government agencies. They are also outsourced to carriers who maintain their own fleet. These carriers are approved by the concerned agencies. Each agency has its own standard of approval for transporting different kinds of hazardous materials.
Hazardous materials, because of their nature, should not be on the road even a little longer than necessary and expedited shipping is the ideal and popular way to ship these products so that they reach their destination in the quickest and safest way possible. As some hazardous materials can cause radiation and various other harmful threats, meticulous and effective training to handle and transport them is required.
Biological and chemical wastes that can cause diseases like anthrax, swine flu, bird flu, etc. have to be shipped and disposed of without allowing any room for even minute errors. Hazmat suits are worn by people who handle sensitive, hazardous chemical, biological and radioactive materials. The word ‘Hazmat’ is labeled with appropriate signs on the shipments that carry them.
Apart from radioactive and biological products, shipments that carry explosives, weapons, ammunition and other items that are dangerous in nature are termed hazardous. Flammable liquids, gasses and other combustible materials are also hazardous and apart from the necessary outfit, the person handling these products has to be trained correctly. Standard hazmat module 1 training is required to handle hazardous materials legally.
Extra special precaution must be taken while handling and transporting hazmat products. Even if the person driving the vehicle carrying the container is an experienced skilful driver and has the necessary skills to transport dangerous items to their destination, he needs the mandated training prescribed by the federal government. The in-depth training hazmat module 1 modulus devised by the concerned authorities trains drivers in security awareness, comprehensive safety training and provides in-depth familiarization with the different kinds of hazardous materials.
The training for hazmat handling is not a onetime course. The driver has to repeat the training once every three years. He has to keep himself updated about the latest in technology, innovation and know how to transport various waste quickly and safely.
The individuals who enroll for the hazmat module 1 basic course will gain knowledge about the regulations and guidelines laid down by the Department of Transportation (DOT). They are taught how to make the right decisions regarding identification and classification of materials and about the right way to ship them. They are also given training in shipping paper requirements and communication.
If ever there was an industry that is neglected and taken for granted, it would be the trucking industry. Still, in many ways, the trucking industry drives the American economy, and such businesses must attain high risk trucking insurance. Currently, the trucking industry hires about 7 million people across The United States. Approximately 50% of these employees are drivers/truckers. They transport goods and materials that are integral parts of our daily lives. Businesses, households, and by extension the micro and macro economy alike just simply would not be able to function. Yet, this group of workers (truckers) and the businesses who hire them, are among the most underrepresented in the country – both where unions and insurance coverage are concerned. This is perhaps due to the fact that both the truck industry and the truckers who work on the front-line are considered ‘high risk.’
Trucking Insurance and The Trucking Industry
Trucking insurance is considered high risk for several reasons. One obvious reason is the fact that truckers (and by extension their trucks) are always on the road. This exposes trucks and truckers to increased risk of accidents, as well as the truck is likely to experience more wear and tear due to their constant load bearing functions – which in some cases include carrying explosives, rocks, and other hazardous materials. Just about every kind of good or raw material is transported on a truck at some point in time. No commodity is left untouched. None of the above scenarios auger well for the trucking industry and its truckers where matters of insurance are concerned.
Due to the high risk nature of the trucking industry, there are not many insurance companies willing to insure trucking companies or their service providers. This problem was further compounded if the trucking companies were small operators. Thankfully there are companies, like Reliance Partners, willing to provide high risk trucking insurance options to the trucking companies that need it. We provide comprehensive insurance tailor made to suit small businesses and larger enterprises alike. Our experience providing high risk trucking insurance to several different businesses and companies (all sometimes having unique needs) have taught us a thing or two. Below, we look at how trucking businesses can apply due diligence when seeking out high risk trucking insurance coverage.
4 Things Owners And Managers Of Trucking Companies Should Do To Help Them Secure High Risk Trucking Insurance
1. Be clear about your needs
Being honest about your company’s needs and the current state of your affairs is critical to getting a high risk trucking insurance plan that works for you. The kinds of information you need to be clear on with your prospective insurance company includes your trucking business’ area of operation, the kinds of goods or materials your trucks are used to transport, and the overall history of your business’ operations up to the point of seeking high risk trucking insurance.
2. Be proactive
Planning ahead is a key component in business. This is especially true if you are seeking high risk trucking insurance coverage for your business. By being proactive, you can put everything you need in place – including all the information high risk trucking insurance companies need to know – so as to facilitate a smoother process. Insurance is costly, and careful consideration and preparation regarding your insurance needs and how you are going to be able to pay for it must be taken into consideration. For example, physical damage insurance which covers and pays for the repairs or replacement of damaged parts of vehicles may be a feature of the kind of high risk trucking insurance you desire for your company.
3. Be aware
The more you know about what’s out there in terms of available high risk trucking insurance options, the more likely your are to be prepared to confidently talk specifics as it relates to your own business’ high risk trucking insurance needs and possible options. Being aware will also give you some idea of what your brand of high risk trucking insurance is likely to cost.
4. Check off your checklist
Preparing a checklist can help you pull all the information you need to secure an accurate high risk trucking insurance quote. As such, take the time to prepare an easy to overview checklist with the following information to help you get a more accurate quote:
– The employees who will be driving trucks in your fleet
– The training, CDL license(s) or other kinds of qualifications that your drivers may (or may not) have
– Are the trucks in your business used to haul any hazardous materials or heavy equipment
– How often and far will your trucks travel each week and for the year. What does your yearly mileage look like
– Exactly where your trucks will be operated – be sure to list all the relevant states
All of the information in this checklist will be an easy to read resource that any high risk trucking insurance agent can use to assist you. It will help the agent quickly and easily which resources you need in your insurance.
While many companies shy away from high risk trucking insurance, it is an area we specialize in. After years of studying the needs of the trucking industry, we have been able to create insurance coverage options that provide trucking companies and their drivers with the kind of coverage they need. We do not only do the bare minimum with our coverage options. Our options are flexible, varied, and comprehensive.
Getting started using our insurance options is easy. All you have to do is contact us by phone or email and speak with a competent member of our team. Our team members are highly trained to assist you with any questions or concerns you may have. We assess your situation and provide you with a host of options that are appropriately suited to the same. Contact us to get your high risk trucking insurance quote today! We look forward to hearing from you.
Common carrier vs contract carrier are two expressions that refer to different methods of conveying goods to various destinations. Depending on the goods you are moving, you can choose either a common or a contract carrier. However, before making your choice, it is vital to look at both options and understand the one that is just right for you.
Understanding a common carrier
A common carrier is simply a business enterprise that transports goods and people from one location to another. Trucking firms, shipping firms, bus lines, airlines and rail services fall under the common carrier category.
Features of common carriers
The relevant regulatory body usually regulates common carriers. In addition, these firms are legally bound to carry passengers and goods as long as the fee has been paid and there is space. Common carriers that refuse to carry people or goods unjustifiably may be sued for damages.
Service characteristics of common carriers
This article is looking at common carriers from the perspective of the trucking industry. Below are some of the service characteristics of common carriers with emphasis on the trucking sector.
Accessibility
Highway carriers provide great accessibility. Pickups and trucks give excellent delivery service and the best part is that they can serve long distance and short distance customers.
Flexibility and fast delivery
Trucks have a definite advantage over rail and barge because they can be loaded faster than these options. In addition, the large number of truck lanes and highways means that trucks can deliver goods efficiently with minimum delay.
Safety
Trucking is a relatively safe method of transporting goods. The regulatory agencies insist on speed control, weight limitations, working hours and vehicle safety inspections. This results in less damage to the cargo and this saves the customer a lot of money.
Types of vehicles
Some of the vehicles used in the trucking business are the dry van, open top and tank trailer. Others are the refrigerated truck, flatbed and high cube. In some cases, special vehicles are designed to accommodate unique cargoes like heavy machinery, automobiles and gases.
Understanding contract carriers
A contract carrier is simply a trucking or shipping company that serves specific customers. Contract carriers do not carry freight for the public. They only work for organizations or firms that are contracted to them. A contract carrier could be a single person with a delivery van or a large multinational company with a fleet of trucks, ships or aircraft. Like common carriers, contract carriers are strictly regulated and must obey the rules that govern their operations.
Why you need contract carriers
Contract carriers offer specialized services so you need them if you require specialists to deliver certain goods. For instance, you need a contract carrier if your firm delivers gases that are under pressure. In this case, the contract carrier is expected to have experts in the oil and gas industry to handle and deliver these gases. Again, you need contract carriers for medical transport. Transporting blood, organs for transplant and sensitive medications requires expertise and logistics. You cannot entrust sensitive products of this nature to common carriers so it makes sense to get contract carriers to do the job.
Factors to consider before choosing a contract carrier
Before choosing a contract carrier, you need to be sure that the carrier has the equipment needed for the job. You should also consider the cost and the professional effort involved in this special service.
Common carrier vs contract carrier
The common carrier and the contract carrier serve different purposes. The one you choose depends on the goods you are moving and the destination of these goods. Carry out elaborate research and opt for the carrier that is perfect for your needs.
No one can predict the future, meaning that it would be wise to plan for it should anything go wrong. Your truck is your livelihood, and it can cost a lot to repair or replace it. An interruption could delay your work, unless you think ahead and purchase physical damage truck insurance. You should be aware of what this type of insurance can do for you and why it is important for you to consider, even if your truck is paid off.
The Dangers Truckers Deal With
Being a truck driver can be profitable, but it also happens to be one of the most dangerous jobs around. Statistics show that collisions, and other types of accidents, make truck driving one of the deadliest jobs.
It is recommended that you stay vigilant, and do not overlook any safety measures to make sure you are safe on the road.
One thing you have to worry about is other drivers. Yes, about 80 percent of all truck-related collisions were actually caused by car drivers.
What should be understood is that most car drivers believe they are fast enough to outmaneuver you, or they are simply not paying attention. These collisions can end up costing you a lot more than you could imagine, making physical damage insurance an important commodity that can help alleviate some of the damage your truck suffered. This is especially true if you own the truck outright because some of the cost might fall on you. Most people cannot easily come up with enough money to repair a truck.
Tips to Protect Yourself On the Road
There are about 150,000 truck-related collisions per year, so it is definitely a possibility to prepare for. Repair cost for some truck-related accidents can end up costing around 55,000 dollars, and that is just the average.
It is clear to see how physical damage insurance coverage can keep more cash in your pocket and get you back on the road quicker. Still, one of the smartest things that you can do is take precautions to prevent an accident from even happening.
There is a lot that you can do on your own, like making sure your truck is serviced as recommended, paying particular attention to your brakes and the steering system.
Loading your cargo correctly should help you keep control of the truck, so try to spread the load evenly on the trailer bed.
As mentioned earlier, the biggest danger is other drivers, and you should always drive accordingly. There are a few signs of a bad driver that you can look for like drivers who speed or change lanes without signaling. You might also want to pay attention to drivers who keep reaching for something, which could be a phone.
Drivers who constantly sway may also be dangerous as they could be distracted or under the influence.
You want to either slow down if you can, or try to pass these vehicles as far as possible, just to keep yourself safe. You can also honk your horn if you believe a vehicle cannot see you to get his or her attention, but you should only do this if you believe it is an emergency. A honk could be startling, which could end up causing an accident, too.
What Physical Damage Insurance Can Help With
An accident can still happen, no matter how much time you spend protecting yourself or driving carefully. Like mentioned earlier, there is no telling what the future holds, which makes purchasing physical damage insurance a wise decision.
The insurance should cover your truck and trailer. The insurance rate or premium is not set in stone; it is usually based on your driving history and the overall value of your equipment. You should remember that the insurance company will try to pay the fair market value of the truck and trailer should something happen, so make sure that the truck is not being undervalued or overvalued.
This type of insurance can also cover you if you strike an object or roll over for any reason. It is important to make sure you are aware of the types of accidents the insurance will cover. Be sure to ask about what kind of rollover coverage you are going to be purchasing.
One of the main reasons a truck rolls over deals with weather and another has to do with bad tires. It is important to find out the extent of the coverage.
You should also ask your insurance representative if any discounts are available should you take safety classes or install certain safety features on your vehicle. This should help lower premium payments.
Another addition to this type of insurance is a comprehensive insurance. This addition should help you recover from other types of problems like fire, theft, floods, hail, windstorms, lightning, and earthquakes. These are real dangers that could damage your truck as well. It is important that you have a plan set in place to deal with these possible setbacks.
It is important to find out about the deductible before you agree to a particular coverage so you know how much you might be responsible for should an accident occur. Do not sign anything until you are comfortable with the number.
You should also ask about any limitations concerning your insurance, and try to find a way to deal with those limitations if you need to. There are some insurance plans that will not cover livestock or hazardous materials that you might be transporting, and some insurance plans will not cover coal either.
So make sure that you are covered for certain types of cargo should you depend on them for your job, and strive to be as safe as possible while you are on the road. It is clear to see just how important the right physical damage truck insurance really is and the kinds of dangers a trucker faces without good coverage. Do not delay because your livelihood is worth every penny and every minute of your time.
If your company moves vehicles for any reasons you may want a car hauler. A car hauler is a common sight on the highways of America. They are the long trailers that can carry multiple cars at the same time. Usually, when you see them, they are transporting cars to a new car dealership. They are used by a myriad of different companies.
Companies that move cars for people across the country can benefit greatly from a top of line car hauler. They are also widely used by car repossession companies. You may be surprised at just how many different companies can benefit from the use of a top of the line car carrier.
There is one thing that you should know about car haulers. They can be very dangerous. This is true with any kind of trailer that is attached to the back of semi truck. This is especially true when that trailer is carrying a lot of cars that could easily roll off of the trailer if they are not secured correctly. Carriers can also be dangerous because of the fact that they are carrying so much extra weight compared to other trailers that trucks might be pulling.
It is important to have commercial car insurance for a car hauler. They are very expensive pieces of equipment. A well-insured car hauler doesn’t just protect other cars on the road in the case of an accident. It also protects other cars that it is transporting and the actual hauler itself. Because car haulers are so expensive you might be surprised at how much it costs to get repairs done on one. Commercial auto insurance is an important thing to have for any company.
Commercial coverage is very important. One of the most important aspects of purchasing insurance for any item is deciding what level of insurance to get for it. There are many different kinds of insurance that come at different price points that one can purchase for a car cHere are some of the different levels of insurance that you can get for you car carrier.
Liability – Liability insurance is the most basic level of insurance that you get purchase for an item. It basically only covers the damage that is caused to other people’s property if there is an accident. This is usually the most basic level of insurance that a state will require in order to be able to even operate a truck in that state. Those drivers that don’t have liability insurance may not even be able to get their license or certification to drive a truck that is pulling a trailer,
Liability insurance doesn’t only cover the property of another person in an accident. It can also cover any bodily harm that could occur as a result of the accident. Liability insurance usually won’t cover the car hauler itself in the event of an accident. It is the minimum amount of insurance required by most states to operate a car carrier. It is advised that drivers get insurance with more coverage, though.
Comprehensive – Comprehensive coverage covers more things on a car hauler than liability insurance. It does cover all of the things that liability insurance covers. It also covers the hauler itself if something were to happen to it. It doesn’t just protect the carrier in the event of a road accident. It protects against just about anything that could happen to the hauler as a result of natural disaster or vandalism. There is almost nothing that comprehensive coverage will not cover on a hauler.
Collision – This type of insurance coverage protects a car from anything that could happen to it on the road. It covers the car carrier when it does something like turn over or if it is struck by another car on the road. This is an important level of insurance to have because it protects the hauler and the contents of the hauler if it is struck by a car on the road that does not have car insurance coverage.
As you can see, getting car hauler insurance is a little more complicated than you may think. Ther are many different levels of insurance that a company should consider before it makes its purchase. The minimum amount required in most states is liability insurance. This level of insurance is not advised, though. It is recommended that most people get comprehensive and collision insurance on top of their liability coverage.
You never know what may happen to your car hauler. The road can be an unpredictable place. The risk is exponentially bigger when a car carrier is transporting a large amount of cars. Insurance for car carriers is very important because it doesn’t just cover the trailer itself. It also covers all of the contents of the carrier.
Whether you are a small or large business offering trucking services, it’s essential to protect your interests with suitable commercial trucking insurance. While truck insurance may seem costly, especially for firms that own only one or two trucks, there are numerous benefits that come with investing in insurance. Options available differ according to the type of truck, the risks incurred, the driver’s experience and the type of goods. Choosing the right insurance package and or provider will depend on several factors, and understanding some of the most critical factors will help you make the right choice.
Specialization
Companies that insure trucks, motor carriers and drivers vary widely. You want to choose a company that specializes in trucking insurance. For instance, only a specialized company will be knowledgeable about motor-carrier filing requirements of various state agencies. A specialist understands that when your truck is out of service, you’re out to lose plenty; they’ll get an experienced adjuster to the scene of an accident in the middle of the night, if needed.
Experience
Find out how long the company has been in business, and how long it has specialized in trucking insurance. There’s no harm in doing some background checks to know more about any company you’re considering. Get to know the company’s financial outlook and overall ratings. The company you choose should have sufficient reserves to pay claims on time. You can take advantage of information provided by national rating companies which continually monitor the customer service performance and report on the financial strength of insurance companies.
The financial strength of an insurance carrier is a critical factor you can’t afford to ignore. If a large number of claims are submitted within a short time period and the company has insufficient reserves, the insurance carrier may be overwhelmed with more obligations than it can cover. Such a distressed insurer may be forced into receivership or eventually go out of business still owing lots of money in claims.
Coverage
Knowing how much to pay and the coverage to buy require that you ask the right questions and know what to look for. Commercial trucking insurance works like a personal car policy. It offers standard coverage such as motorist protection and liabilities, as well as collision and comprehensive cover. It also helps to know that there are special protection plans for commercial trucks. Review the terms, conditions and extent of coverage. Make sure you understand the damages and contingencies covered by the policies, and whether or not the policies can be adapted to the specific needs of your business.
Price and Cost
The cost of a policy can vary widely depending on your type of vehicle, age, and the type and range of commodities to be hauled during the life of the policy. One of the most crucial factors in cutting costs is your driving record. Minimizing losses is the best ways to keep your premiums down. However, different insurance carriers will treat driving records differently, so be sure to seek clarifications when choosing a carrier.
As with most things, if it sounds too good to be true, it probably is. When examining a policy, compare not just the prices but also the extent of coverage as well as the terms and conditions. Low prices often mean less coverage, but it’s important to understand which benefits you’re giving up to save costs.
A Few Things That Will Lower Cost
Better working and safety conditions for your truck may translate to lower premiums. If your trucks will be delivering or hauling different kinds of cargo, make sure you have the right coverage. It’s also important to check whether the company offers any discounts for security systems, secure storage for vehicles and warning stickers. Some carriers will even offer discounts for certain safety classes or certifications. There are several small things that can work towards reducing your premium eventually adding up to bigger savings.
An insurance policy is meant to buy you more than just peace of mind. When investing in insurance, you want to get superior service in return. A policy may seem affordable but it’s also important to consider the cost of managing your relationship with your carrier. Consider, for example, the time and effort you’ll spend to comply with the insurance company’s rules and regulations. Establish whether the claims process is thorough and simple, or whether it will rob you of valuable time. You also want to work with employees who are accessible, knowledgeable and helpful. Some low priced insurance policies will carry hidden costs that will only become apparent when you request documentation, file a claim or ask for assistance from a company trying to cut down on labor costs.
Determining the value of a policy and the relationship with your carrier may not be a walk in the park, but it’s essential to invest some time and effort so you can get the best value for money.
