Dump Truck Insurance Plans: Coverage vs. Price

When shopping around for dump truck insurance, it is important to understand the various coverage options, and what factors will affect your insurance premiums. Because dump trucks are classified as heavy commercial vehicles, the options for coverage vs. price will be different than that of personal auto insurance.

What Is Required?

Dump trucks have specific policies and lawful requirements because they fall under the heading of heavy commercial vehicles. As with personal auto insurance, liability coverage is required by law in order to operate a dump truck. If all you plan to have is liability coverage, you should still shop around, as different companies will still vary the price of their premiums for you.

Optional Coverage

Cargo coverage, while not required by law, is more or less a must for dump truck insurance policies. It is important that if anything should happen to whatever it is you are transporting, that you are covered for it. In fact, some companies may not even hire you for hauling their materials if you don’t have cargo insurance. Whatever the cost, it is a very good idea to get some form of cargo coverage.

Purchasing a type of accident-damage coverage is always a good idea as well, for obvious reasons. There are other types of insurance as well, such as coverage for your materials (primarily, your own possessions) that are in the cab, as well as common types of coverage such as fire, theft, etc. Be sure to pick up whatever insurance you deem is absolutely necessary, but remember that every type you pick up is only going to increase your premiums.

Save Money with Insurance Packages

Many companies will offer a discount over all by going with different insurance packages. So instead of paying the full combined price of liability, cargo, fire, and theft coverage, you can obtain them all at a discount price from their total. Ask about the different package policies that a company has as you shop around.

Also, if you have more than one truck to insure, you may qualify for fleet coverage. Fleet coverage is essentially a single policy (or a package policy) that covers multiple trucks, usually 5 or more. Obviously, this is going to cost you drastically more than paying for 1 truck, but you can usually get a deal off the combined total of paying 5 separate premiums for dump trucks.

In addition to all these factors, remember that there will always be things you can’t change that will affect your premiums in a large way, such as the record of your drivers or the exact type of truck you are insuring.


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