Insurance

Many different types of trucking businesses exist – with hotshot trucking being a popular area.

As this is a unique type of trucking, it comes with its specialized insurance requirements. This is why hotshot trucking operators need the right insurance policy that matches their business needs and operations.

If you only offer hotshot trucking services, taking out a regular commercial trucking insurance policy could waste money.

To help you out, here are some of the critical things you need to know about hotshot commercial truck insurance.

What is Hot Shot Trucking?

Hot shot trucking is a trucking and delivery service that involves transporting relatively small, time-sensitive loads. With hot shot trucking, you use smaller trucks, typically one-ton or medium-duty trucks. These are classified as less-than-truckload (LTL) vehicles.

Unlike traditional freight services that use large semi-trucks or tractor-trailers, hot shot trucking utilizes smaller vehicles that can quickly transport goods and cargo to their destination.

Hot shot trucking can cater to various industries, including oil and gas, construction, agriculture, and manufacturing, where the fast delivery of smaller loads is necessary.

The advantage of hot shot trucking is faster delivery times and more personalized service compared to larger freight carriers. This niche transportation service is valuable for its flexibility, speed, and quick response to time-sensitive transport needs.

Who Needs Hotshot Trucking Insurance?

Hotshot trucking insurance is essential for anyone who offers this trucking service.

This insurance is essential for owner-operators running smaller trucks or small trucking companies specializing in rapid delivery. Freelance drivers offering on-demand services may also need a hotshot trucking insurance policy.

Hotshot truckers require specialized insurance coverage to protect against liabilities, cargo damage, and unforeseen incidents on the road.

Getting the right hotshot trucking insurance provides financial protection and peace of mind for the transporter and their clients in the event of accidents or mishaps during transit.

Hot Shot Trucking Coverage

Hotshot trucking insurance refers to commercial trucking insurance that can be applied to specialized hotshot truckers. Coverage can include:

• Liability Insurance: Covers bodily injury or property damage liabilities arising from accidents while operating the truck.
• Comprehensive Insurance: Protects against non-collision incidents like theft, vandalism, or natural disasters.
• Collision Insurance: Covers damages to the truck resulting from collisions.
• Cargo Insurance: Protects the value of the cargo being transported against damage, loss, or theft during transit.
• Loading and Unloading Insurance: Covers liabilities during loading or unloading cargo.
• Towing and Storage Insurance: Covers costs related to towing and storing the truck in case of breakdowns or accidents.
• Bobtail Coverage Insurance: Covers the truck when operated without a trailer, such as when driving back to the home base.
• Downtime Insurance: Provides coverage for income lost due to downtime resulting from accidents or covered incidents.
• Earned Freight Insurance: Covers the income lost if the cargo can’t be delivered due to a covered incident.
• Equipment Coverage: Protects additional equipment used for transportation, such as trailers, chains, and tarps.
• Debris Removal Insurance: Covers costs associated with the removal of debris resulting from covered incidents.
• Broadened Pollution Insurance: Covers liabilities for environmental damage caused by hazardous material spills during transit.
• Loss Mitigation Insurance: Covers expenses incurred to prevent further damage or loss after an incident occurs.
• Medical Payments Insurance: Covers medical expenses for injuries sustained by the driver or passengers in the truck.
• Family Emergency Expenses Insurance: Provides coverage for emergency expenses incurred by the driver’s family due to a covered incident.
• GAP Coverage: This covers the difference between the truck’s actual cash value and the amount still owed on a lease or loan in the event of a total loss.
• Umbrella Insurance: Provides additional liability coverage beyond the limits of primary insurance policies.

Cost of Hotshot Trucking Insurance

The cost of hotshot trucking insurance policies varies based on a range of factors.

Most importantly, your premiums depend on what types of coverage you have. The more comprehensive coverage your policy offers, the more expensive your insurance will be.

The following factors can also affect how much your insurance policy costs:

• Type of equipment being covered
• Coverage limits
• Driving history
• Cargo
• Location
• Deductibles

The bottom line is the more you need to be covered, the more expensive your policy will be.

Lowering the Cost of Hotshot Insurance

Want to get the best deal on hotshot trucking insurance? It’s possible to lower the cost of your premiums by:

• Comparing quotes to see which company offers the best deal
• Increase deductibles to lower your monthly premiums
• Get only essential cover to reduce how much you pay

If you want to purchase hotshot insurance on a budget, only cover the essentials. This could add risks over the long run, but it will decrease your monthly premiums.

How to Find Hot Shot Insurance Cover

Contact insurance companies specializing in commercial trucking or freight transportation and ask if they offer any specialized hotshot insurance options. Request quotes tailored to your specific needs and the nature of your hot-shot trucking business.

Comparing multiple quotes and understanding the details of coverage options will help you choose the most suitable insurance broker for your operations.

Final Thoughts

The right commercial truck insurance policy is essential for the smooth operation of any trucking business. Make sure you compare quotes and understand exactly what coverage options you have. Choosing the right policy can make a significant impact on your business.

If you’re in the hotshot trucking business, you must acquire the right vehicle. At Mission Financial Services, we make it easy for owner-operators to access the financing they need to purchase a commercial truck. Get in touch with us to see how easy the application process is.

The right food truck insurance policy is essential for anyone operating a mobile food business.

Insurance for food trucks is vital, as it can cover your vehicle, business, and customer-related incidents. Choosing the right commercial insurance broker is essential in starting a food truck business.

Here’s everything you need to know about this insurance.

What Is Food Truck Insurance?

Food truck insurance is a specialized type designed to protect owners and operators from various risks and liabilities associated with running a mobile food business.

This insurance covers potential losses and damages that could occur while operating a food truck.

Who Needs Food Truck Insurance?

Quite simply, food truck insurance is essential for anyone operating a business with a food truck.

Regardless of the scale of operations, whether it’s a small local food truck or a more extensive mobile catering business, having proper insurance is essential to protect against unforeseen accidents, damages, liabilities, or interruptions to your business that could result in financial losses.

Basic Food Truck Insurance Cover

While each commercial insurance broker offers different plans and types of coverage, basic food truck insurance coverage typically includes two cover areas.

General Liability Insurance

General liability insurance for a food truck typically covers:

• Third-party bodily injury: This covers medical expenses if someone is injured due to your food truck’s operations.
• Third-party property damage: If your food truck or your operations cause damage to someone else’s property, this coverage helps pay for repairs or replacements.

How much commercial general liability insurance do food trucks need? This depends on your specific business and operational plan.

Commercial Auto Insurance

Commercial auto insurance for your food truck covers:

• Accidents and collisions: This coverage helps pay for repairs to your food truck if it’s damaged in an accident, regardless of fault.
• Liability for auto accidents: If your food truck is involved in an accident that causes injuries or property damage to others, this coverage helps cover related expenses.

Other Insurance Coverage You Might Need

We’ve covered the foundations of food truck insurance. However, depending on your food truck operation’s specific needs and risks, additional business insurance coverage options might be worth looking into.

While this raises food truck insurance costs, it could be valuable for the right business.

Here are some extra options to consider:

• Business Interruption Insurance: Helps cover lost income and expenses if your food truck business is temporarily unable to operate.
• Commercial Umbrella Insurance: Provides additional liability coverage above the limits of your general liability, commercial auto, or other primary policies in case of a significant claim.
• Inland Marine Insurance: Protects movable or specialized property (e.g., equipment, tools) when transported over land. It can cover items off your premises, such as when your food truck is in transit.
• Product Liability Insurance: Covers costs if someone claims your food products harmed them.
• Liquor Liability Insurance: If your food truck serves alcohol, this insurance covers liabilities from alcohol-related incidents, such as injuries or property damage.
• Employment Practices Liability Insurance: Protects your food truck business against claims related to employment issues like discrimination, wrongful termination, or harassment.
• Equipment Breakdown Insurance: Covers the cost of repairing or replacing essential business equipment that breaks down due to mechanical or electrical issues.
• Food Spoilage and Contamination Insurance: Reimburses the cost of spoiled or contaminated food due to equipment failure, power outages, or other covered causes.
• Workers’ Compensation Insurance: Provides medical benefits and wage replacement to injured employees. It’s mandatory in most states if you have employees working on your food truck.
• Hired and Non-Owned Auto Insurance: Covers liability expenses when using vehicles not owned by your business (such as employee-owned vehicles used for business purposes) or renting a vehicle for business use.

What Influences Food Truck Insurance Premiums?

It’s important that you understand how food truck insurance costs are calculated. Here are some of the main factors that can influence food truck insurance premiums.

Type of Coverage

The extent and types of coverage you choose for your food truck insurance will directly impact the premium.

More comprehensive insurance for food trucks or higher coverage limits typically result in higher premiums.

Location

The area where your food truck operates can significantly affect insurance costs.

Urban areas with higher population density or areas prone to higher crime rates or traffic accidents might have higher premiums on the food truck insurance policy.

Value of Equipment and Assets

The value of your food truck, cooking equipment, appliances, and other assets you want to insure will influence the costs of food truck insurance policies. Higher-value items generally mean higher premiums.

Claims History

Your insurance history and past claims for food truck businesses play a role in determining premiums.

If you’ve had previous claims or a history of frequent claims, it might increase your food truck insurance cost.

Driving Record

If your food truck requires commercial auto insurance, the driving records of the operators can affect premiums. A clean driving record usually results in lower premiums.

Business Experience

The length of time your food truck business has been operating can influence premiums. Established businesses with a track record of safe operations might qualify for lower rates.

Security Measures

Installing security systems, fire suppression systems, or implementing safety protocols can potentially lower insurance premiums by reducing risks of theft, fire, or accidents.

Number of Employees

Your number of employees can impact premiums, especially for workers’ compensation insurance and insurance covering medical costs or lost wages. More employees may result in higher premiums.

Final Thoughts

Take time to choose and compare food truck insurance policies carefully. Like commercial property insurance, the right policy can enormously affect how your business operates.

Looking for financing for a new commercial vehicle? Then get in touch with us at Mission Financial Services – we make the process of obtaining financing easy.

 

 

 

Multiple insurance companies offer commercial truck insurance policies, and their terms vary based on several factors. Identifying the best trucking insurance provider from the many options available can be challenging if you’re a new commercial truck driver.

To make things easier for you, we’ve curated a list of the best insurance choices for new truck drivers you should consider.

We weighed how well each company meets the insurance needs of new commercial truck drivers in terms of coverage types, policy customization options, pricing, state and federal filings, customer service, and more.

Commercial Truck Insurance For New Drivers

Tailoring commercial truck insurance is crucial for new drivers. Company truck drivers may not need coverage for equipment breakdown, while lease owner-operators must scrutinize agreements for additional required coverage.

Owner-operators under their authority should ensure comprehensive coverage for their vehicle and cargo to support commercial operations.

General Requirements for New Drivers

Both federal and state laws provide specific guidelines that truck drivers must meet to prove they have sufficient coverage to protect their commercial vehicles if an accident occurs.

These laws vary from state to state, but there are a few general requirements your trucking insurance policy must have, including:

Primary Liability Insurance

Primary liability insurance is the minimum auto liability coverage mandated for owner-operators. It provides compensation for bodily injury and physical damage in at-fault accidents.

The Federal Motor Carrier Safety Administration (FMCSA) has specific filing requirements for commercial truck drivers, and states set minimum insurance limits for compensation. Check your state’s requirements before purchasing to determine your commercial truck insurance cost.

Physical Damage Coverage

Physical damage insurance protects commercial vehicles against several risks while on the road. These risks include collisions, theft, vandalism, physical damage due to harsh weather, and more.

You can purchase physical damage liability insurance in two ways:

• As collision coverage to cover your truck after crashes
• As comprehensive coverage to protect your truck against all collision and non-collision losses, including fires, theft, vandalism, bad weather, you name it.

General Liability Insurance

General liability insurance covers bodily injuries and physical damages involving your trucking business but unrelated to driving your truck. It covers incidents from your day-to-day commercial operations, like loading delivery errors and slip-and-fall accidents.

Non-trucking Liability Coverage

Non-trucking liability insurance covers you when driving your truck for non-business purposes.

Motor Truck Cargo Insurance

Motor truck cargo insurance is vital for freight transportation, particularly hazardous cargo. Coverage requirements vary by state; in Mississippi, which has affordable commercial truck insurance, hazmat transporters need a minimum of $5M, while household goods movers require $300,000.

In addition to the general requirements above, new drivers can benefit from several optional insurance coverage options. Some include rental reimbursement, medical payments, and trailer interchange insurance. Check out our comprehensive guide on commercial vehicle insurance to learn more about this.

Best 5 Commercial Truck Insurance Providers for New Drivers

The best commercial truck insurance companies for new drivers have several features. They meet state insurance liability requirements for different commercial vehicles, offer discounts to help you save on monthly premiums, provide assistance in filing several federal and state paperwork, and have stellar customer service.

With this in mind, here are the top 5 commercial trucking insurance carriers to consider if you’re a new driver:

1. Progressive Commercial Insurance Company

Progressive Insurance, with a solid nationwide reputation, provides comprehensive commercial truck insurance for various vehicles, including optional coverage like garage keepers liability and roadside assistance.

The company handles insurance needs, from filing documents to assisting with liability claims.

Note, however, that primary liability coverage is restricted in Hawaii, Louisiana, Alaska, and New York for owner-operators with an operating radius over 500 miles.

You must also liaise with an agent to purchase coverage, even though the website provides detailed info about the company’s policy offerings.

Pros

• Being one of the largest and oldest insurance companies, progressive offers competitive pricing for new and experienced drivers.
• Offers several discounts to reduce monthly payments, including discounts for using electronic logging gadgets and bundling multiple coverage types
• Offer free online insurance quotes.

Cons

• Some coverage options are limited to the driver’s operating radius.
• New drivers may not qualify for some discounts.

2. Nationwide Insurance Company

Nationwide is another highly-ranked commercial truck insurance company that offers several coverage options. On top of all essential coverage, Nationwide provides specialty coverage options for specific types of motor truck cargo and trucks not offered by most competitors. The company also has specialized pricing for new drivers, plus discounts for using anti-theft devices.

Pros

• Excellent customer service
• Affordable specialty coverage that most competitors don’t provide
• Online quotes are available
• Tailored pricing for new drivers and discounts

Cons

• You can only purchase insurance through a local agent
• Coverage has higher monthly premiums than other insurance carriers
• It’s not available in some states.

3. Sentry Insurance

Unlike Progressive and Nationwide insurance carriers, Sentry specializes in commercial trucking coverage. The company only caters to the commercial insurance needs of truckers. It has in-house insurance claim adjusters who are trucking specialists.

Pros

• Excellent customer service team with professional experts on commercial truck insurance coverage
• Offers flexible coverage for new and experienced drivers
• Available in all states
• They have a user-friendly online portal for making monthly payments and filing claims

Cons

• Services are available through local agents only
• They don’t offer online quotes.

4. Lancer Insurance

Lancer Insurance Company is highly sought after for its customer-centric approach. With a team of independent agents, it connects trucking companies and owner-operators with tailored commercial truck insurance.

The company’s call center operates 24/7, offering around-the-clock claims reporting and coverage maintenance. Additionally, they provide free towing for damaged trucks after covered accidents through their commercial auto and garage system.

Pros

• Responsive customer service with a 24/7 call center
• Handles claims in-house
• Free towing if you get involved in an accident covered in your policy

Cons

• Although licensed nationwide, not all coverage options are available in each state.

5. Evolution Insurance Brokers

Evolution Insurance offers commercial truck insurance to high-risk entities. By high risk, we mean owner-operators who haul hazardous cargo, those with poor driving records, and those with previous criminal or other legal records. The company is well-versed in the trucking industry and can advise on the best specialized high-risk coverage options for such trucking businesses.

Pros

• Offers a range of specialized trucking insurance options that meet the needs of various short and long-haul trucking businesses.
• It has an easy-to-use mobile app for fast claims reporting and more.

Cons

• Average pricing on coverage is higher compared to most competitors

What Commercial Truck Insurance Does Not Cover

Most commercial truck insurance providers have a list of commercial truck operations and items they don’t cover. These exclusions differ per insurer. It’s advisable to confirm whether an insurance company has any exclusions before signing up with them. A few of these may be:

• Intentional damage – commercial insurance companies don’t cover injuries or damages as a result of deliberate harm to third parties or their property
• Personal property of drivers
• Business property in the vehicle involved in a covered accident

Final Thoughts

When choosing the best commercial truck insurance, consider your current and future business needs. You want to purchase a policy that fits your business like a glove and offers enough room to expand your business operations.

All the insurance choices on our list provide the necessary commercial insurance new drivers need, and their customer service is supportive.

When comparing quotes from multiple insurers, there are several critical features you need to look for. Check out our detailed guide on everything you need to know about commercial truck insurance for small businesses for more on this.

You can also visit our blog to learn more about commercial insurance, including how much trucking insurance costs.

Using a commercial vehicle for personal reasons is quite common among business owners. However, it’s essential to realize that your insurance may not cover such usage.

If you’re driving your commercial vehicle for personal errands or even heading home after work, you might not have the right insurance coverage.

To ensure you’re adequately protected in these situations, follow these steps when using your commercial vehicle for personal purposes.

Understand Your Insurance Policy

Start by reviewing your current commercial vehicle insurance policy.

It’s vital to know what is covered and any limitations on personal use. Some commercial policies may have restrictions or exclusions for personal use.

If you need help understanding each point in your commercial auto insurance policy, then reach out to your insurance provider to explain it to you. You must take time to understand all the technicalities of your policy, as this will allow you to make a more informed decision.

Contact Your Insurance Provider

Once you know exactly what your commercial vehicle insurance covers, it’s time to discuss your policy with your broker.

Contact your insurance company or agent to discuss your intentions to use the commercial vehicle for personal use. They can advise you on how to proceed and what changes may be necessary.

After checking your policy, your insurance company or agent will offer valuable insights on the best way to switch to personal auto insurance coverage. Make sure you hear them out before making any moves.

Add Endorsements or Coverage

Transitioning from commercial vehicle insurance to personal use insurance can often be a relatively simple process. Nevertheless, it’s essential to ensure that your policy adequately covers your needs.

Depending on your insurance provider and the nature of your commercial vehicle, you might be required to incorporate particular endorsements or coverage options into your policy to guarantee comprehensive coverage for personal use. This could include:

• Non-Owned Vehicle Coverage: This extends your policy to cover non-owned vehicles, like your personal car, when you use them for business purposes. It can also be useful for personal use of commercial vehicles.
• Personal Use Endorsement: Some insurance companies offer this endorsement, which explicitly allows for personal use of a commercial vehicle. It can help bridge the gap between private and commercial insurance.

Of course, different commercial auto insurance providers have different rules and coverage limits when you insure your commercial vehicle for personal use. Added endorsement or coverage depends on the provider you’re using and what your specific policy covers.

Discuss Usage Patterns

When taking out a commercial auto insurance policy covering personal use, you must establish exactly what kind of personal use you’ll get out of the vehicle.

Be honest with your insurance provider about how often and for what purposes you’ll use the commercial vehicle for personal use. This will help them determine the appropriate coverage and premiums.

It’s important not to lie here in an attempt to save on costs. By being honest, you’ll ensure your vehicle is adequately covered for all scenarios.

Consider Liability Limits

When taking out auto insurance coverage, one of the most important considerations is your liability limit.

Ensure that the liability limits on your policy are sufficient for both personal and business use. If you’re using the vehicle for personal use, it’s essential to have adequate coverage in case of an accident.

Chances are, business vehicles require greater coverage compared to a personal car insurance policy. So, make sure that your coverage is sufficient for the driving you plan to do.

Pay Attention to Premiums

Of course, one of the most important considerations for any commercial or personal auto insurance policy is the premiums.

Adding personal use coverage to your commercial policy may affect your premiums. Discuss any potential cost increases with your insurance provider.

While affordable insurance is always attractive, it’s also important to note that cheap insurance policies aren’t always worth it. It’s a good idea to compare different commercial insurance options and see how high the premiums are for various insurance coverage solutions. This will help you choose the best value policy that provides enough coverage.

Maintain Accurate Records

Insuring a commercial vehicle for personal use can get confusing – especially if different rules apply to your commercial auto policy and personal auto coverage. This is why it’s so essential to document all of your driving carefully.

Keep detailed records of how you use the vehicle, including dates, times, and purposes. This documentation can be helpful if you need to file a claim or prove that you were using the vehicle for personal use.

This information is also helpful if you want to renew your insurance policy, as you’ll have a more detailed and realistic overview of how you use the vehicle for business and personal use.

Drive Safely

Regardless of the use of your vehicle, it’s essential to drive safely and follow traffic laws to avoid accidents and insurance issues.

Make sure you understand the leading causes of commercial truck accidents and pay attention to any of these potential issues arising. By being alert, you’ll be able to drive safer – which is vital for your commercial and personal insurance.

Many insurance providers offer incentives for safer drivers – something that can help you secure lower insurance premiums. So, whether you’re using your vehicle for personal or commercial use, driving safely is essential.

Conclusion

Remember that the process of insuring a commercial vehicle for personal use may vary depending on your location, the insurance company, and the specific vehicle. To ensure you have the right coverage, always consult with your insurance provider and ask them to clarify any questions or concerns you may have.

Looking to purchase a new commercial vehicle? Then speak to us at Mission Financial Services, where we can help you secure easy vehicle financing.

 

Unlike most commercial vehicles, dump trucks operate off the road and in construction zones. Because of this, their unique design, and massive size – they require a specific type of commercial auto insurance known as dump truck insurance coverage.

The best dump truck insurance policy can protect your trucking business from losses when your truck is on the road and at work on various sites.

Whether you’re the owner-operator of one dump truck or a manager of several, here’s everything you need to know about dump truck insurance to secure your business and thrive.

What Is Commercial Dump Truck Insurance?

Commercial dump truck insurance is a legal agreement between a dump truck business owner and an insurance company.

The agreement covers vehicles that transport dirt, sand, asphalt, rock, gravel, and other loose materials required in road work, quarries, building construction sites, and many other locations.

Often, the vehicles covered are heavy-duty vehicles with a back part or bed that tilts sideways or backward to dump the loose material.

Some types of dump trucks include:

• Standard tandem dump trucks
• Transfer dump trucks
• Side dump trucks
• End dump trucks
• Super dump trucks
• Semi-trailer bottom dump trucks

With a dump truck insurance policy, you don’t have to worry about the risks associated with running your dump truck business. The policy eases the financial burden of dealing with accidents involving your trucks and other unforeseen events related to your business operations.

Like most commercial truck insurance, dump truck insurance coverage works on a risk-sharing principle. As the policyholder, you pay your insurance company a reasonable monthly or annual premium. In exchange, the company takes financial responsibility for various liabilities or damages, including

• Paying for the medical treatment of victims if your insured vehicle gets involved in an accident.
• Providing compensation for property damage as a result of the accident.
• Covering losses due to unexpected events like fire, theft, vandalism, and bad weather.
• Paying settlement claims and legal costs for lawsuits you may face after an accident.

Some dump truck insurance policies also offer workers compensation for dump truck operators, such as drivers and mechanics. It all depends on the dump truck insurance coverage options you go for (more about this below).

Who Needs Dump Truck Commercial Auto Insurance?

is necessary for all businesses that rely on dump trucks to operate. These include motor carriers who employ dump truck operators and owner-operators in various industries such as construction, landscaping, waste disposal, and mining.

 

What Does Dump Truck Insurance Cover?

Trucking insurance coverage differs from one insurance provider to another. However, most dump truck insurance policies offer standard categories of coverage:

1. Liability Coverage

Liability coverage compensates third parties for any injuries or property damage after an accident where you are the at-fault party. There are two main types of dump truck liability insurance coverage: primary and general coverage.

Primary Liability Coverage

Primary liability insurance is mandatory coverage required by state law. It offers two types of trucking insurance as a package: Bodily injury and property damage liability.

Dump truck businesses whose operations cross state lines must have their insurance provider file their liability insurance with FMCSA. In standard terms, this is known as BMC-91X filing or federal liability filing. Here’s a quick overview of insuring filing requirements to help you understand more about these compulsory state filings.

General Liability Insurance Coverage

Although optional, motor carrier general liability insurance is critical because dump truck businesses are generally high-risk. This coverage pays for bodily injuries and damages involving your business, but unrelated to your trucks. Examples of situations covered under this coverage option include slip and fall accidents on your business premises.

2. Physical Damage Coverage

Physical damage coverage protects your commercial vehicle against damages from collisions and other unpredictable circumstances like bad weather. It’s offered in two forms, collision and comprehensive insurance coverage.

3. Workers Compensation

Workers’ compensation insurance covers employees for work-related injuries. It’s essential if you use your trucks for construction purposes and employ several dump truck operators. Your employees may get cuts, burns, back pains, and other repetitive motion injuries from handling heavy machinery daily.

4. Additional Coverage

Besides liability, physical damage, and workers’ compensation coverage, some insurance companies offer specialty insurance coverage for more protection in various situations.

A few additional coverage options truckers find useful include truck rental reimbursement, downtime coverage, roadside assistance coverage, and GAP protection. Check out the add-on coverage options offered by Mission Financial Services to learn more about this.

How Much Does Dump Truck Insurance Cost?

On average, expect to pay approximately $4,000 to $14,000 per year per truck to insure your dump trucking business. This cost might be lower or higher, depending on several factors. Some of these include:

• Credit history: Trucking businesses with a good credit history qualify for affordable dump truck insurance rates.
• Driving records: Owner-operator truckers with clean driving records often pay less to insure their trucks.
• Usage: A trucking company using dump trucks for construction purposes will likely pay more than another using dump trucks for waste disposal because of the risk involved in their operations.
• Coverage options: Each type of coverage has its cost. The more coverage options added to an insurance policy, the higher the premium.
• The type and number of dump trucks insured: This affects the insurance rates offered and the premiums you’ll pay.

You may also want to check for any further discounts to reduce your dump truck insurance cost. Or, see if usage-based insurance can work for your type of business. It’s relatively more affordable than most trucking insurance packages.

Final Thoughts

Dump truck commercial auto insurance is a long-term investment. It minimizes financial losses and can help you maintain a steady cash flow so your business flourishes.

When looking for dump truck insurance, focus on finding coverage that will help you meet FMCSA’s mandatory coverage requirements. Large construction companies and quarries often require a high primary liability limit ($1M or more).

Make sure to apply for adequate coverage, especially if you’re a single dump truck owner-operator. For more information about the best coverage for truckers, check out our blog.

You can also reach out to us if you have any questions. We’re always ready to help!