Dump Truck Insurance

The majority of dump truck companies spend between $4,000 and $14,000 per vehicle per year in insurance. Premiums for dump truck insurance are determined by a variety of criteria, including the number of vehicles covered, the kind of truck, the cargo being transported, the destination of the cargo, the truck drivers' expertise and driving records, and, in certain cases, credit history and years in company. In general, if a trucking firm has been in operation for two years or more, has a solid loss history, high safety ratings, and experienced drivers, they will get the most competitive insurance premium. On the other hand, if your trucking business is young, has losses, or employs inexperienced drivers, you will pay a higher rate.

Dump truck insurance falls under the category of commercial auto insurance. To be deemed lawful, most jurisdictions need a minimum auto liability coverage of $750,000.

Every dump truck insurance policy should begin with auto liability coverage, which covers physical injury and property damage in the case of a truck accident. Physical damage to your dump truck caused by you or other risks such as fire, theft, and other threats may also be covered under your policy's physical damage coverage. Additional coverages such as medical payments, motor truck cargo, truckers general liability coverage, and downtime coverage, to mention a few, may be offered.

Dump truck insurance may be costly due to the potential damage a typical dump truck can do. Consider this: the typical automobile weighs between 2,000 and 4,000 pounds, but a commercial vehicle, such as a dump truck, may weigh up to 40,000 pounds. If you're still not persuaded, try stepping in front of a charging bull vs a kid on a bike. To summarize, all states require trucking companies to have a minimum auto liability insurance of $750,000 in case the worst possible scenario occurs.