Protect your dump truck and company with a policy from Tipton Hill Insurance.
Dump Truck Insurance is a specialty commercial coverage within Truck Insurance policies. Dump trucks differ in configuration and they are used for transporting dirt, sand, rock, asphalt, gravel, and other bulk goods used mainly in constructions, quarries, mining, fracking, and road work. Dump truck stands for a vehicle where the body is raised up for unloading the cargo. Because dump trucks have different structure compared to the majority of other types of trucks, they can withstand the use off-road and on construction sites. However, they are considered heavy-duty commercial vehicles due to their specific design and large size (with large trucks weighing over 55,000 pounds), and can become a safety hazard in the event of incorrect loading of the materials.
Things To Consider:
As a professional dump truck operator, you understand the importance of protecting your investments with appropriate dump truck insurance coverage. Looking for a professionally designed policy which is specifically tailored to your needs can be overwhelming. This is why our independent agents at Tipton Hill Insurance can help you in finding appropriate coverage for your dump truck. The licensed professionals at our company will look for the quotes from multiple insurance carriers across the US, in order to find the most suitable insurance policy at the best rate, with our services at no cost to you.
Since dump trucks are specifically designed for use on construction sites and off-road, they have a heavy built that can withstand overturns and collisions. This is why the accidents with dump trucks more often involve back-ups and overturns. Maintaining adequate liability and physical damage coverage is essential to avoid large out-of-pocket expenses. Tipton Hill Insurance works with multiple carriers nationwide, and we can find the right policy for your truck, whether it is a standard tandem dump truck, transfer dump truck, end or side dump, tractor pulling the dump body trailer, super dump truck, 6 or 10-wheeler, or any other commercial dump truck.
Commercial Dump Truck Insurance Coverage You Need:
Commercial dump truck insurance includes several types of coverages. In order to know what coverages you need to include to protect your company fully, carefully revise the available coverages and use the services of an independent insurance agent who will be able to explain what coverages your business needs and why.
In the majority of the US states, you are required by law to carry a minimum amount of Primary Liability coverage. This includes Bodily Injury and Property Damage Liability, so in the event when you are at fault in an accident, the policy will pay for the driver’s or passenger’s injuries and the damages to the other driver’s vehicle or property. Within their state of operation, truckers have to file form E. This form is to certify that the liability insurance purchased by the trucking company complies with their state’s laws regarding financial responsibility. Large construction companies using dump trucks may require higher liability limits. In this case, you can purchase a Commercial Umbrella Insurance policy, or “excess liability” coverage.
Besides the basic liability coverage required by law, you can purchase the following additional coverages:
- Collision – covers the damage from collisions with another vehicle,
- Comprehensive – covers damages from accidents other than collision, such as weather damage or collision with an animal,
- Medical payments – the coverage will pay for your and your passengers’ injuries in the event of an accident, regardless of fault,
- Non-trucking liability – protects your vehicle when you are driving it while not on dispatch,
- Motor truck cargo coverage – protects your cargo if it is damaged in the transportation process, which is especially relevant for for-hire operators of dump trucks,
- Environmental insurance – protects from pollution and environmental liability, such as accidental discharge of cargo into a water source,
- Loan gap – protects from falling behind on your loan or lease in the event of your truck’s depreciation,
- Rental reimbursement – protects your income in the event your truck is inoperable after an accident and you have to rent another dump truck.
How to Get the Best Dump Truck Insurance Rates:
Since dump trucks are large in size, the damages resulting from incorrect use of those are substantial. There are several factors that influence your dump truck insurance rates and your policy design. Such factors include:
- The type of dump truck you operate, along with its value,
- Your status as the owner/operator, for-hire operator, or a motor carrier, along with your driving record and your experience in operating the dump truck,
- The type of cargoes you haul, along with the hauling radius,
- Your state of residence, and
- Your available budget to spend on dump truck insurance coverage.
Established trucking companies with good driving records of their employees receive the most competitive rates on dump truck insurance. If you are a new trucking venture, with inexperienced drivers, expect to pay a higher rate. The type of your dump truck will most likely be the deciding factor in your dump truck insurance quote. It is more expensive to insure larger trucks because in the event of an accident such trucks will cause more damage that smaller vehicles. For example, the costs of tri axle dump truck insurance per year can reach on average $7,500, which is way above the average rate on dump truck insurance per year for smaller dump trucks. As an owner/operator of a smaller vehicle, be prepared to spend within the range of $2,500 to $8,000 on commercial insurance for dump truck. Keep in mind that having a cheap dump truck insurance does not necessarily mean good coverage, so make sure that the company providing you with coverage offers good timely service. Nevertheless, there are several ways for you to save on insurance for dump truck.
Shop Around to Get Dump Truck Insurance Quotes
Insurance carriers have different prices on dump truck coverage, so shopping around will be the best way for you to find a free insurance quote on dump truck and the best rate. Shopping around for coverage on your own can be difficult as you would have to request quotes online or over the phone entering your information over and over again. This is where an independent agent will be of help. At Tipton Hill Insurance we ask for your information only once, and then browse the quotes from multiple insurance carriers nationwide in order to find the best rate for you. The services of an independent agent are absolutely free and extremely beneficial for someone who looks for affordable dump truck insurance tailored to their individual needs.
Set a Higher Deductible and/or a Lower Limit
A deductible and a limit are two characteristics pertaining to every insurance policy. If you select a lower limit and a higher deductible on your insurance policy, you will pay lower monthly premiums on your insurance and achieve your goal of having the cheapest dump truck insurance. However, keep in mind that lowering your limit and increasing your deductible means that you will have to pay more out of pocket in the event of an accident.
Bundle Your Insurance Coverages
Insurance carriers often offer discounts on insurance when you purchase multiple coverages from the same provider. In order to know whether your insurer offers bundling discounts, you can contact your insurance carrier directly or use the services of an independent agent who can contact several companies for you. If you represent a fleet of dump trucks, there should be an option to get a discount if you purchase the coverage for every truck from the same provider.
Pay Online and Pay in Full
With policies paid on an annual basis, you usually save money compared to the policies paid monthly. Moreover, some insurance carriers offer a discount if you would like to pay your premiums electronically or sign up for auto-pay.
Check Out Seasonal Insurance
There are dump trucks that are only used in the summer. If this is the case for your company, look for the insurance companies in USA covering dump truck who offer seasonal insurance. This way, you will only pay your premiums when you use your dump truck and not year-round. Our licensed independent agents can assist you with researching the carriers offering seasonal commercial dump truck insurance.