We Make Insurance For Tankers Easier
Heavy duty vehicles like tanker trucks have their unique set of challenges and risks. The operational costs of tanker trucks can be massive, according to research and studies conducted on cost analysis of commercial trucking by the American Transportation Research Institute. Tankers transport bulk cargo, oil, chemicals and other liquids and gases. The nature of goods hauled by tanker trucks is often hazardous or sensitive and these vehicles are expensive. It is difficult to repair or replace many parts of the vehicle. Tankers can prove to be a big source of income for the owners, but the risks they carry are also magnified manifold.
With a high center of gravity, it is challenging to maneuver tanker trucks. Often, it is difficult to turn them due to their grand size and low cutting radius. During the loading or unloading process, drivers have to be careful about the hoses being in place. In an accident, tankers can get overturned, there may also be cargo spills. They can incur and bring about massive damage leading to costly lawsuits. It is imperative to be covered when you own a tanker truck. Tanker insurance calls for high premium, yet it is crucial to be insured to protect you from shattering financial burdens that a tanker truck accident can cause.
Cost of Tanker Coverage
The decisive factor for determining minimum coverage for tanker trucks depends on the freight hauled in the tanker. Tanker trucks commonly haul water, milk, oil, gas, chemicals, liquid nitrogen or dry bulk. While premiums might be lower at around $9,000-12,000 for water or milk, coverage costs might rise up to $30,000-50,000 for hazardous material like chemicals and gas.
The minimum coverage varies according to several other factors. One of the most important aspects that influence premium is the business area and distance covered by the tanker truck.
You may also choose from different payment plans. While monthly installments may seem easier on your pocket, in the long run they cost higher and you may want to consider paying the yearly premium upfront. You would also need to decide on the deductibles that stand for the amount that you would compensate from your side in the case of an accident. A higher deductible means a lower premium, but can also lead to a massive financial liability for you in an accident. You can specify your minimum coverage limit. Typically, a lower limit would have a lower premium, but it would also mean higher risks for you and the possibility of greater financial loss in case of accident damages.
Types of Insurance for Tankers
A combination of different coverage schemes would be required to get adequate, reliable and overarching protection for your livelihood and your vehicle with a commercial tanker truck.
- Liability Insurance: This is the basic mandatory coverage required by all commercial truckers and protects the public when you are at fault in an accident. It covers medical expenses for bodily injuries to motorists, driver or any other who has been harmed on the road due to your fault. It also compensates for damages to property that may have occurred during the accident.
- Collision Coverage: A tanker truck is an expensive investment and this one is required to protect the vehicle and compensate for its repair and any damages it may have incurred in an accident with another vehicle.
- Comprehensive Coverage: This covers you for losses incurred due to other circumstances like theft, fire and others.
- Combined Additional Coverage: This is coverage for a specific type of damage or a specified peril that you choose to be protected from, for instance fire.
- Cargo Insurance: This is coverage for the goods being hauled in your tanker in the case of an accident. The insurance premium rises for hazardous goods.
- Pollution Liability: This is a very unique and specific coverage that is specially required for hazardous goods being hauled in your tanker. If the freight spills and causes pollution, this coverage would be a significant savior.
- Debris Removal: This covers for spilt cargo and is specially recommended for oil tankers.
- Earned Freight: Due to the accident if you are unable to deliver the goods, this coverage compensates for your income loss.
Making the Right Choice for Your Tanker
Your commercial tanker operation faces specific risks and challenges that require a carefully considered repertoire of coverages. At East Insurance Group, our experts offer their analysis, costs and benefits of various insurance plans for your heavy duty vehicle. After a detailed consultation, you would be equipped to make an informed decision about the minimum coverages and the types of coverage schemes that work best for your tanker truck. A massive commercial trucking entity like a tanker truck deserves a comprehensive protection plan that effectively secures your income, your vehicle, as well as others and saves you from crushing financial losses.
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