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Dump Trucks Insurance

As sturdy and tough as they may seem, dump trucks are damaged often as they frequently deal with heavy-duty industries where accidents and emergencies are more prone than, for example, cars in a residential neighborhood. The difference in their working environments makes industrial vehicles such as dump trucks' insurance policies far different than that of personal automobiles such as cars. One obvious difference is how much more capable a dump truck is of causing damage to other people and property than a much smaller commercial car. Other than that, dump trucks can tip over if their weight isn't properly distributed during loading/unloading, and they can be hazardous when moving in reverse as the driver has limited vision of what is behind his dump truck. These and other factors make dump truck insurance much more expensive than automobile insurance, making research of their insurance policies beforehand crucial to getting the best insurance deal for dump trucks.

Commercial Truck Insurance

When buying Dump truck insurance, it is always important to know the policy in detail: how it works, how much it covers, how much it costs, and the like. But learning about your insurance policy can be hard. The concept can be difficult to understand for first-timers, or for others purchasing insurance for a unique coverage might struggle to find corresponding information. Such policies might be totally exclusive in and of itself, or they could be a small sub-category of a bigger class of policies. For example, dump truck insurance is a minor sub-category of vehicle insurance. Information on motor insurance is readily available but may be concentrated on personal automobiles rather than industrial vehicles, as the former are much more common than the latter. This article aims to alleviate the trouble that dump truck drivers and trucking companies have in finding the appropriate information for their vehicles: everything you need to know about dump truck insurance will be summarized below.

How Dump Truck Insurance Premiums Are Determined

There are a number of factors that determine the price of truck insurance premiums. Some are dependent on the driver, others on the truck itself. Factors include:

  • Truck driving experience of the driver; the more experienced a driver, the less likely he is to be involved in accidents, therefore insurance rates go down as experience increases. The driver's accident record is also taken into consideration; the lesser amount of accidents he has been involved in, the lower his insurance rates. In fact, if a driver has been involved in one too many accidents, insurance companies may completely refuse to provide premiums. Also taken into consideration is a driver's employment history; if he has been employed to the same company for a long time, this may reflect his good driving skills as well as familiarity with the company's equipment and trucking routes, decreasing the risk of accidents and thus decreasing insurance rates.
  • Age of driver; based on studies, middle-aged drivers (around 30-65 years of age) tend to drive safer than very young and very old drivers, thus insurance rates will be higher for those aged young and old.
  • Number of drivers associated with the truck; most trucking companies will have one truck operated by more than one driver to maximize usage of the truck. Generally, the more drivers you have operating a truck, the higher the insurance rates, as it becomes more likely for the truck to be involved in an accident.
  • Insurance history of the truck; if the truck has been previously insured by a different company, your new insurance company may ask why you are making a change. If the reason is based on cancellation due to not paying premiums or other negative reasons, your insurance rates may increase.
  • Length of time the policy owner has been operating; the older a company is, the more settled-in they are in their field of business. A newly operating trucking company may have other problems that can increase the possibilities of accidents, such as poor management. Thus, older and more established companies may enjoy lower insurance rates.
  • Area in which the truck will be driven; if the area poses any threats such as proneness to natural disasters or poor road conditions, insurance rates may increase.
  • Cargo: the type of cargo loaded on your dump truck will affect the insurance rate, as some cargo items may be easier to steal or more easily damaged than others.
  • Condition of truck: the poorer the condition of the truck, the more likely it will be damaged, and thus the higher the insurance rates become.

Components Of Dump Truck Insurance Premiums

There are multiple components to dump truck insurance. The most basic component is probably the liability insurance. This is what most people assume vehicle insurance to be: coverage for injuries and damage to physical property. In case of an accident, liability insurance will pay for the expenses of any bodily injury caused to yourself or to others including medical bills, rehab, lost income during hospitalization, pain and suffering, and funeral expenses, and any physical damage to property whether it be other vehicles involved in the accident, or other property (houses, traffic lights, etc) that were damaged in the accident. It may even cover for legal expenses in the case that you are sued for the accident. Of course, the extent of the expenses to which the liability insurance will cover for depends on how much you pay for the premium, which is dependent upon its limits. A limit is how much maximum money an insurance premium will pay for, and will apply to all of the following components as well.

The next main component is physical damage coverage, which will cover damages to your own dump truck. Physical damage coverage includes collision insurance and comprehensive insurance. Collision insurance, as the name suggests, covers for damages caused by a collision of your dump truck into another vehicle or other objects. Comprehensive insurance will cover for physical damage caused by accidents other than collisions, such as fires or storms, and also covers costs if your dump truck is stolen.

An insurance premium component unique to dump trucks is the motor truck cargo insurance policy. This policy insures the freight that is being carried in the load of the dump truck. The premium covers costs such as damages caused by cargo falling out of the truck upon an accident including costs of cleaning up the spillage, preventing further loss of cargo, legal expenses in case of any lawsuits, and of course the cost of the cargo that was lost in the accident.

Rental reimbursements are also an option for dump truck owners. If you are a private for-hire dump truck operator that relies on your dump truck for daily business, having your truck involved in an accident can mean your business can come to a halt as your truck may no longer be available to use. Rental reimbursements will cover rental costs of a different dump truck while yours is being repaired.

Uninsured motorist insurance is an optional component of dump truck insurance. In the case that you are involved in an accident caused by a driver who is not covered or sufficiently covered by insurance to cover the costs of the damages, the uninsured motorist insurance can cover the damages caused to you and your property.

Non-trucking liability insurance is another option for private operators of dump trucks. If your dump truck is involved in an accident while it is off-duty, for example driving your dump truck to run daily errands such as picking up your children from school or going to the grocer, then non-trucking liability insurance can cover costs of these accidents that normal liability insurance may not cover as the accidents were not related to trucking purposes.

For trucking companies, they may want to consider fleet coverage versus single truck coverage. Most insurance companies will provide a discount for fleet coverage policies while providing the same insurance as a single truck coverage would provide.

Buying Dump Truck Insurance

When coming to buy your dump truck insurance, there are several things to consider other than what determines your insurance premium rates and what type of policies there are to purchase. First of all, you should be aware of the benefits of being insured. Each policy has different benefits, and the benefits depend on the limit that you set. Know how much coverage your insurance policy provides. Also know that applying for dump truck insurance isn't just a matter of formality that can be overlooked to save costs: if there is the slightest chance for an accident to occur, which there always is, insurance is a must. Next, control whatever rate-determining factor that you can. Some factors are impossible to control, such as how hazardous the area in which you operate is. Others can be monitored to an extent, such as how experienced your drivers are. It may be more expensive to hire experienced drivers, but the payoff could come in the form of lower insurance premium rates. Finally, always get quotes from established and trusted companies. Lower rates may be available from smaller and newer insurance firms, but their lack of experience could come at a cost to your company in case of an accident. Established companies will be able to provide you with a higher level of assurance and confidence, even if it means at a higher dollar price.

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Available Dump Truck Insurance Coverages by State

Each state has different commercial truck insurance coverage limits, rules, and restrictions, and the pages below show the coverage levels allowed by law in each state for dump truck insurance.

The links above do not represent all coverages available in each state or a full discription of services we offer. They are intended to only give an example of some of the dump truck insurance coverages available.