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Truckers: Protect Yourself From Gaps in Insurance Coverage

Trucker Insurance to Cover Gaps

The demand for commercial truck drivers is high right now, and many new truckers are hitting the roads. If you’re new to commercial trucking, you may not know what insurance coverage you should have (check out some basic information trucking insurance information here). Today we’re going to take a closer look at two types of commercial truck insurance you may need to protect yourself from gaps in coverage.

Trailer interchange

Trailer interchange coverage provides physical damage coverage if a semi-trailer you do not own is damaged by accident, fire, theft, or vandalism while under your care, custody, or control. Say for example, you have a contract with XYZ shipping company to haul between Tampa and Orlando. You drive your tractor truck to Tampa, pick up a trailer and drive it to Orlando and drop it off. You then pick up another trailer and bring it back to Tampa.  Since you don’t own these trailers they will not be covered under the physical damage portion of your insurance policy.

The company that owns the trailers you haul may require you to have trailer interchange coverage, and will likely set the amount of coverage required. Trailer interchange coverage is not necessarily more or less expensive than the cost of insuring your own trailer.

Non-trucking liability

If you’re under contract with a motor carrier company, you should have primary liability coverage through them (your contract will indicate this). In order to purchase non-trucking liability, you must have primary liability coverage through the company you are contracted to. Non-trucking liability covers you when you’re not doing something that benefits the company you have a contract with. For instance, if you have an accident while driving your tractor truck home at the end of the day, non-trucking liability would pay for damages or injuries you cause to other people or their property.

Insuring a tractor truck you use for commercial purposes can be a complicated business, but L & M Insurance Group can help. We are independent agents who represent several quality commercial trucking insurance carriers. Give us a call at 813-672-4100, or contact us online and we’ll be happy to answer your questions or give you a quote.

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Insure Your Rig: Commercial Trucking Insurance

Photo courtesy Chris Sharkman via Pixabay

Need Insurance for your Rig? We’ve Got you Covered.

Whether you’re an independent owner-operator, or you manage a fleet of trucks, L & M Insurance Group can provide all your commercial trucking insurance needs. We cover all types of trucks, including tractor trucks, semi-trailer trucks, tow trucks, box trucks, and dump trucks.

Commercial Trucking Insurance Coverage Types

Commercial trucking insurance protects your assets and your business in the event of an accident. Here are the major types of coverage your policy can provide:

 

  • Liability coverage is mandatory. This pays for any legal liability you have towards others for physical damage as well as injuries caused by the truck in an accident. Liability limit requirements depend on the type of truck, what you’re hauling, and whether or not you operate intrastate (only in Florida) or interstate (crossing into other states). Call L & M Insurance Group and we can help you determine what limits you need.
  • Bobtail/deadheading or non-trucking liability coverage protects a driver’s or company’s liability when the truck is traveling without a trailer (“bobtailing”) or with an empty trailer (“deadheading”).
  • Cargo coverage protects your truck’s load (cargo). Some shipping companies require it. We bundle cargo coverage with liability coverage to save you money.
  • Physical damage coverage covers the truck and/or trailer itself if it’s damaged in an accident, or other covered peril, such as fire or theft.

Get a Commercial Trucking Insurance Quote

To get an accurate quote, you’ll need a copy of your current insurance policy’s declarations page (“dec” page), the driver’s license numbers of all drivers, vehicle identification numbers of all trucks, and information on any safety features of the trucks. You’ll also need your DOT number and your FEIN number.

 

How to save money with Commercial Trucking Insurance

Commercial trucking insurance isn’t cheap, but there are ways to save money. Some companies offer a three to 10 percent discount up front if you give them access to the information from your truck’s electronic logging device (ELD). Insurance companies periodically check the information from your ELD to evaluate driving habits and number of safety inspections compared to other drivers in the industry. The more safety conscious you and your drivers are, the larger your discount will be—even rising as high as 18 percent of your policy premium.

 

Other factors determining your premium include the type of equipment your truck has, the type and value of the cargo you typically carry, and your route.

 

Protect yourself and your business by buying a commercial trucking policy that best fits your needs. Call L & M Insurance Group at 813-672-4100 for a free, no-obligation quote.