Trucking insurance varies widely due to numerous factors. Some are within drivers’ control and others are not. The driver's age, type of vehicle and what commodities are being hauled tend to be fixed. Let's examine some of the factors that you do have control over and how they impact your insurance needs.
This is one of the biggest factors in determining your tucking insurance premiums. In some cases you will earn credit if you have driven loss-free for a certain period of time. Having and maintaining a solid driving history helps reduce the cost of your trucking insurance.
It is often possible to reduce the annual premium by paying the entire amount when you purchase the policy, as opposed to setting up monthly payments. Typically a processing charge is added if the payments are semi-annual or quarterly.
Some types of coverage are required by USDOT regulations and, therefore you must carry them. An example is liability coverage, which reimburses other drivers for damages to their vehicle or medical expenses that were caused because you were at fault.
You may choose to buy collision coverage, which reimburses you for damages to you vehicle. There are many more coverage options that you can discuss with your independent insurance agent to ensure you get the proper protection.
Evaluate the Lease
If you will be operating a truck under the authority of someone else, be sure to read the lease to find out what insurance coverage is provided. Although primary liability coverage may be provided, you should consider physical damage coverage since you may be liable if damage occurs to the trailer you pull.
If you are operating under your own authority, you will need both UIM and PIP. UIM is uninsured motorist coverage. Unfortunately, motorists without insurance populate the roads and if you find yourself in an accident with an uninsured motorist, this coverage can protect you financially by paying for repairs and medical expenses.
PIP is personal injury protection and is beneficial because it is no-fault. This means fault does not need to be determined before the benefits of the insurance are provided. Medical bills can be paid immediately. Physical damage coverage is also necessary to protect tarps, chains, electronic equipment and more. Finally cargo coverage is also necessary to insure the goods being hauled.
Your independent insurance can help you find the best combination of policy and price, so you can hit the road with peace of mind.
Are you covered? Call Turrentine Insurance Agency at (281) 476-0557 for more information on Houston trucking insurance.