There are various types of coverage you can get for your long-haul truck.
Owner operator truck insurance should be a necessity for operating a trucking business. Since you’re likely working as a one-man team, you need to make sure you have the best insurance policy to provide good insurance coverage.
This is especially true when operating a long-haul operator truck fleet. Policies for this usually include medical payments, non-trucking coverage, and physical damage coverage. Some are more specific, such as bobtail liability coverage or equipment coverage.
Other related insurance products may also come into play as we will see.
There are various types of coverage you can get for your long-haul truck.
Several factors contribute to affecting the cost of long-haul trucking insurance. There are two categories that they fall into and have been classified under.
Most insurance companies go through a checklist to take into account factors that will determine long haul trucking premiums for the trucking company they are examining. These factors include:
When putting forward valid applications for long haul owner operator truck insurance, the applying business has to abide by the requested documents. Here are some of the ones outlined:
If you lack owner operator truck insurance you would be technically in violation of the law. Assuming you’re even able to keep your operator truck without getting caught, you’re one accident away from disaster.
Your costs will balloon from the sued damages to property and personal injury and even continuous loss of salary. Not only will you be jailed and fined for lack of operator truck insurance, you can also be sued further for it.
Try to keep two things in mind:
1. Find trucking insurance coverage that can be customized according to your needs. Some policies and regulations may change depending on the state you work in and become potentially disadvantageous.
2. Consider the insurance company’s rating before you buy into it. Utilizing a company with a significant rating for reliability and financial stability will mean less things to worry about, especially for owner-operators like yourself.
Owner operator truck insurance acts as a subset for commercial truck insurance. You as the owner-operator who manages their own semi-truck are required by federal law to carry a minimum of $750,000 in liability coverages.
Federal Motor Carrier Safety Administration (FMSCA)
The FMSCA is a separate government authority from the Department of Transportation. Its mission is aimed at reducing crashes and injuries that involve buses and large trucks. Its website also provides information on current rules and regulations.
US Department of Transportation
The DOT website has a separate section for Trucking and MotorCoaches. These can provide tips and other detailed research regarding road safety practices.
The ATA is the largest national trade organization that advocates for the local trucking industry. It has the power to carry out arbitrations between customer and company when loss or damage is incurred.
There are a number of tried-and-true strategies for keeping your long-haul trucker protected that might just work for you. These include:
When purchasing owner operator truck insurance for your long-haul trucker, you need to find the best fit for your needs. Some liability coverages may seem extraneous and aimed for the most unlikely incidents, but insurance is all about preparing for the worst-case scenario.
Prioritizing your long hauler and personal safety even during non-business hours is important. Prevention and insurance are two of your best allies on the road.
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