Owner operator truck insurance – Whether you are under permanent lease or work under your authority, having the right protection for your trucking business is a must. Thus you need to buy owner operator truck insurance that provides different type of coverage depends on your need. Since it is the beginning of your trucking business, you may curious about the detail explanation of insurance coverage available for owner operator truck. So, follow this post to get inspired.
Types of Coverage of Owner Operator Truck Insurance
If you are an independent driver leased to motor carrier, the need of auto insurance may be determined by the lease agreement you have made with motor carrier. Motor carrier basically provides primary liability insurance coverage that will help you to pay for the injuries or damage by other people when you are at fault in an accident.
But, you also need to buy other owner operator truck insurance coverages such as non trucking liability insurance, physical damage coverage and motor truck cargo insurance.
Non trucking liability insurance coverage is very effective to protect your truck when you use it outside business purpose. The coverage will be very helpful when you use your truck for your daily need such as going to theatre or even visiting your friend in another city.
The coverage will cover medical expenses that related to injuries or damage suffered by other. There is another option of coverage you need when you want to protect your vehicle namely physical damage coverage.
Physical damage coverage includes collision and comprehensive insurance. Collision insurance is very essential to secure your vehicle when there is severe damaged in an accident. The coverage will pay your vehicle if it collides with another object.
Meanwhile, comprehensive coverage will protect your vehicle from unexpected situation such as fire and theft other than collision. Lastly, you may also need motor truck cargo insurance.
Motor truck cargo insurance coverage is a must have coverage because it will protect your cargo if there is something bad happen to your goods. The insurance coverage will pay the loss if your stuffs are lost or damage due to fire or collision.
Owner Operator Truck Insurance Cost
If you ask me about the average cost you need to pay for your truck insurance, actually the answer is not that easy. There are several reasons that affect the price of your insurance policy and it usually depends on particular situation.
The amount of money you should pay for the insurance can be affected by your age and the condition of the truck itself. Moreover, the routes you drive and the cargo that you carry is also essential as the main factor to determine your premium rates.
The amount of money you should pay for primary liability insurance can vary from $5,000 to $ 1 million a year and it’s depend on the policy you choose to protect your business. You can lower the price by choosing higher deductible and taking discount offered by the insurance company.
If you feel like impossible to find affordable rates, you can find an independent insurance agent that will provide several options of insurance companies that will likely give you the best option.
After you get the most affordable premium rates, make sure to keep your owner operator truck insurance in check. You can review your quotes and most importantly you can renew the insurance policy if you think that it’s not appropriate for protecting your business.
For more detail information, you can go to insurance company directly and contact the customer service to have better knowledge about the coverage.