Commercial Truck Insurance: Stay Independent and Stay Covered
Commercial Truck Insurance: Stay Independent and Stay Covered
If you work as an independent owner/operator truck driver, then you probably value your independence. It is one of the most rewarding parts of this type of work. You never have to be tied down to one particular company, and you also get to make most of your business decisions for yourself and for your own interestsincluding your commercial truck insurance policies.
It is important, however, that you realize what you are exchanging for that freedom. Large motor carriers have the money to provide truck insurance coverage for their various drivers, trucks, trailers, and cargo. Some of this coverage can be extended to you if you work for them as an independent, but not always all of it.
If you want to continue operating independently, you need to be sure that you have the proper truck insurance coverage needed to keep in the driver's seat.
Bobtail Insurance
This is the main type of truck insurance coverage you will want to consider because it can save you some serious annual dollars. As you know, motor carriers' commercial truck insurance will cover independent owner/operators while they are under dispatch. This provides you with important liability coverage in the case of an accident.
Unfortunately, this coverage is invalid when you are not actively on the job. Any incidents are your sole responsibility. If you do not wish to purchase your own full primary liability policy, bobtail insurance might be the way to go.
It covers you at all of the times when you are not covered by the trucking company's policy. This way, you pay only for times when you are not otherwise covered. This can really help to cut costs.
Other Options
If you already have your primary liability insurance covered, you may want to consider adding some other types of commercial truck insurance. Physical damage insurance, for instance, will cover costs of damage to your own property, whether it is your fault or not.
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