Are You An Owner-Operator Of A Truck? Tips To Help You Get The Right Insurance Policy

Posted on: 4 September 2015

If you're the owner-operator of your own truck, you understand how costly your truck was, and how much it can hurt you financially if you happen to have an accident that causes damage.  Because of this, it's vital for you to select the right insurance policy so you can make sure your truck is covered properly.  However, obtaining commercial truck insurance is a bit different from simply getting insurance for a passenger vehicle.  Use this information to learn more about what to look for when choosing a commercial truck insurance policy.

Check For Distance Restrictions

One of the most important items that you want to check for when obtaining truck insurance are any distance restrictions.  Some insurance carriers place restrictions on truck insurance policies because they design their product mainly for local or regional drivers.  If you use your truck to drive long distances, you definitely want to make sure that the policy you select will cover you no matter how far you travel away from your home base.

Keep in mind that the distance restrictions usually only apply to the liability portion of the insurance policy.  Some insurers who won't provide liability coverage beyond certain radius restrictions will still offer physical damage coverage no matter where you travel.  This is important because you may find that you're able to save money by getting your liability coverage with one insurance company, while obtaining a physical damage insurance policy at another.

Always Protect Your Cargo

Getting a rider on your insurance policy that protects your cargo is absolutely key for owner operators.  You will likely be hauling pricey cargo over the roads, and if your policy doesn't cover cargo, you could find yourself on the hook for paying back your clients if the products you are carrying happen to become damaged.

When adding your cargo rider, be sure that the limits are high enough to cover the costs of the average truckload.  For example, if you regularly have a client that hires you to haul $100,000 dollars worth of goods, you want a rider that will pay this amount in full so you won't have to dig into your profits, or risk losing a valued client.

Getting commercial truck insurance doesn't have to be difficult if you know what to do.  The next time you need truck insurance, use these tips so you can get a policy that can increase your peace of mind when you're on the road.

To learn more, contact a commercial truck insurance agency like Metropolitan Insurance Service Consultants