It is no secret that operating as a truck driver and hiring truck drivers have their risks. In fact, if you have been shopping for high risk commercial truck insurance then you should understand by now exactly how difficult it is to find the right plan. Luckily, despite its tendency to be difficult to find, getting the right trucking insurance is not impossible.
6 Steps to Finding High Risk Commercial Trucking Insurance
1. Know what you need and can afford upfront.
Insurance is seldom a “one size fits all”. As such, the first key to finding the right insurance is knowing what you need and how much you are able to pay for it. Admittedly, you may have to compromise on one or both factors but the compromise should not be so drastic that it negatively affects your bottom line.
2. Don’t buy before you compare.
It may be tempting to pick whatever is available but please don’t! In most cases, your prospects of a decent insurance plan are not so grim that it eliminates shopping around as an option. Once the option exists, use it.
3. Do your research before you start shopping.
Shopping around can have a negative impact if it is done incorrectly so beware! In some cases, being turned down by multiple providers can make it harder to find the right high risk commercial truck insurance. Therefore, it is best to do your research and ensure the company is a proper fit before applying. Granted, this does not guarantee a “yes” but applying to unsuitable companies is a sure way to have those rejections pile up fast.
4. Drive or Hire Wisely.
The amount of claims made during your last insurance period has a lot to do with your ability to find insurance. Therefore, every attempt should be made to (legitimately) limit submitted claims. Competent drivers who play by the book will not eliminate all risks (especially in an insurer’s eye) but they are likely to look better on paper.
5. Have your paperwork in order.
Speaking of paper, shopping for high risk commercial truck insurance can be a tedious task so try not to make it worse. Being disorganized or constantly searching for an important document/form is just one way to further complicate the process. At some point you are bound to frustrate yourself and/or your potential insurer.
6. Use a professional to search.
When all else fails, or when you simply do not want to do it yourself, enlist a professional to find the right insurance package for you. This works because it allows you to hand over the hassle to someone who is experienced in handling it.
As a professional service that connects you to suitable insurers, Ratemytruckinsurance.com has a dedicated team of people who know what to look for, where to look and the pitfalls to avoid when shopping for high risk insurance.
Services like ours allow people like you to get what you need without investing the arduous amount of time it can take. The result is more time to focus on doing business while knowing your high risk commercial truck insurance needs are being handled competently.
Dump Truck Insurance is specialty insurance offered for dump truck operators. If you are leased on to a trucking company hauling aggregate or bulk cargo then you will also want to confirm any additional coverage needed like non-trucking liability or physical damage. There are a small number of insurance companies with access to this type of insurance.
Owner operator insurance coverages can vary, but generally an owner operator with a lease agreement with another motor carrier will want to understand the differences between non-trucking liability, bobtail insurance, unladen liability, physical damage, and passenger accident insurance.
Non-trucking liability insurance is similar to bobtail coverage although will only apply if the driver is not under dispatch. This coverage will apply even if the tractor is pulling a trailer, but only if it’s not under dispatch.
Bobtail Insurance is used to protect the tractor when it’s being operated without a trailer. This coverage can apply if the truck is under dispatch or if it’s being use for personal use. Bobtail coverage is often a requirement for owner operators leased onto a motor carrier. Non-Trucking Liability is a similar coverage that also can provide additional coverage to owner operators.
Trailer interchange insurance is designed to cover any non-owned trailers that may be pulled by a tractor. This coverage will need to be added to a policy in the event that a driver pulls a third-party trailer.
On-hook towing insurance will pay to replace or repair a non-owned vehicle being towed or hauled that is damaged by a covered peril such as collision, fire or explosion, theft, or vandalism. It is a common coverage obtained by tow truck companies.
Hotshot insurance needs can vary depending on the size and type of trucking operation. Hotshots must still abide by many of the same regulations as for-hire motor carriers although there are some differences depending on if the hotshot hauls freight above or below 10,000 lbs. There are still requirements that must be met.
Dry van insurance requirements are different based on the needs of each individual trucking company. The common cargo coverage for this type of equipment is $100,000 although it is not uncommon to see higher limits of $250,000 or even $500,000 in the event the trucking company is transporting high value products or cargo.
Reefer or refrigerated insurance is an important coverage to understand if you are involved in the refrigerated trucking. A common type of coverage is called reefer breakdown. Reefer breakdown insurance protects against spoiled refrigerated cargo because of a breakdown or mechanical failure of the refrigeration unit on a reefer trailer for commodities covered under that policy.
