Dump Truck Insurance: What Is It, Benefits, and Cost
There’s a reason our clients consistently send their friends to us for their dump truck insurance policies. They know we’ll get them the best deals and amazing service.
Read on to learn the answer to questions like, how much is insurance for a dump truck? And what are the benefits of dump truck insurance?
If you have questions or want to check the current prices, you can contact us today and get all the information you need fast and free!
What is Dump Truck Insurance?
Dump truck insurance is a type of commercial auto insurance. If you are an owner of a commercial dump truck, you are required to have liability insurance to drive your vehicle for business purposes.
Insurance for a dump truck is especially useful because heavy-duty vehicles such as dump trucks can cause significant damage in case of an accident.
Why Do You Need Dump Truck Insurance?
Natural hazards, accidents, diseases, etc., are present in everyday life and even more so when running a dump truck business.
Even though you pay attention and take measures to prevent accidents and damages, it isn’t easy to control external factors.
That’s why getting dump truck insurance coverage is important, where the risk is transferred in exchange for your premium. Accidents that happen at any time can cause serious losses and major economic imbalances.
Do you have the resources to deal with an eventuality?
What if your dump truck accidentally collides with another late model as a BMW, Mercedes, Audi, Volvo, Ferrari, Porsche, etc.? Commercial dump truck insurance can help you cover the losses caused to another vehicle and to repair yours.
Dump Truck Insurance Requirements
In most states, dump truck drivers are required to carry a certain level of liability insurance. Liability limit requirements are different from state to state. For example, in Texas, dump truck drivers are required to have $500,000 in liability coverage.
If your dump trucks cross the state line, your company must register with the FMCSA to obtain a Motor Carrier Number (also known as MC number) and file your insurance with the FMCSA.
How Much Does Dump Truck Insurance Cost?
Wonder, how much is dump truck insurance? Usually, the average dump truck insurance costs range from $4,000 to $14,000 per year. The cost of a commercial dump truck insurance policy depends on several factors, including:
- Number of trucks you have
- The type of the truck
- The type of cargo
- Driver’s experience
Sometimes, the number of years in business will also impact the cost of the insurance policy. For example, trucking companies that exist for over 2 years and have a good driving history with experienced drivers can expect to pay less for their dump truck insurance.
How to Lower the Costs of Dump Truck Insurance
To get cheap dump truck insurance, you can do a handful of things:
- Bundle your insurance: If you are a business owner, one of the best ways to get cheaper truck insurance is to package your policies.
- Ask for a discount: Sometimes, insurance companies offer discounts for drivers with a CDL.
- Pay your insurance in full: Usually, policies that are paid yearly are cheaper than those that are paid month-to-month.
- Shop around: Look for at least three quotes from different insurance companies before you make the final decision.
What Does Dump Truck Insurance Cover?
Typically, commercial dump truck insurance includes these coverages:
Primary liability insurance covers damages and injuries to other people or their property.
Physical damage insurance covers your commercial truck and trailer in case of an accident, theft, fire, vandalism, and flood.
Medical Payment or Personal Injury Protection
Medical payment coverage pays medical bills to the driver and the passengers in your commercial vehicle who got injured in an accident.
Downtime coverage covers lost income if you have a loss that is covered. This type of policy can help you keep your dump truck payment and other bills.
Loan or Lease Gap
Loan or lease gap covers your vehicle in case it depreciates faster than the equipment financed value.
Truck Rental Reimbursement
This additional type of dump truck insurance helps you rent a replacement truck and trailer, so you don’t have to stop working in case of an accident.
Dump Truck Insurance That Costs Less
What if your dump truck gets stolen and you don’t have the truckers’ insurance to recover it? Do not take chances. Contact the best dump truck insurance companies today. There are so many insurance plans to cover your needs for protection and no-obligation quotes.
Personal use dump truck insurance can be comprehensive in coverage, limited or basic forms of payment that can be annual, semi-annual, quarterly, or monthly. Hopefully, you may never have to use insurance, but if necessary, you will have adequate dump truck driver Insurance to save your skin. Risk exposure is there, and no one can be sure they can outsmart it. The right thing to do is to get insured as soon as possible.
Filings for Dump Truck Operators
If you started the insurance process, you would most likely need specific filings from federal and state agencies. Don’t worry because East Insurance Group can help you with your dump truck insurance filings and ease the process. Here are some filings we can help dump truck operators with:
- Federal filings BMC-91 and BMC-91X
- MCS-90 endorsement
- State Form E filings
Are you still confused, or do you need some help getting a dump truck insurance quote for your business? Contact us today and get all the information you need fast and for free!
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