Truckers often operate under the titles of owner operators. As the definition indicates, owner operators both own and operate their vehicles. Some owner operators take out leases with trucking companies. Other owner operators run their own trucking companies and operate independently.
Regardless of your OO status, you likely need trucking insurance.
Getting the Right Trucking Insurance
If you are an independent operator, you’re probably going to pay for your insurance costs on your own. However, owner operators who lease with a trucking company may be able to have the company provide parts of their coverage.
Nevertheless, both independent and leased owner operators need to carry effective truck insurance. Most truckers, by law, must carry certain coverage levels. For independent truckers, this means getting adequate liability, collision, cargo and other coverage. Leased operators must find out if their company covers some or all of the costs. If the company cannot cover all risks, the operator may need to augment their coverage.
Saving on Your Coverage
Paying for your truck insurance will likely cost a pretty penny, though exact costs will vary. Regardless of what coverage you buy, you can find ways to reduce your overall policy costs. This can help you devote your money towards other business endeavors.
- Increase your policy deductible. Your deductible is how much you will pay for damage before your insurance covers costs. Higher policy deductibles may help you reduce your cost risks in the eyes of insurers. This might decrease your costs.
- Maintain a clean record, and keep your commercial drivers’ license in good order. Insurers may also examine your safety rating from the Federal Motor Carriers Safety Administration (FMCSA). Ensure that your scores and ratings remain favorable. Safe drivers represent lower risks.
- Secure and maintain your truck’s safety. Carrying enhanced safety features on your truck may qualify you for policy discounts. For example, anti-theft or accident avoidance technology may help lower your risks.
- Manage your business finances. Your credit score is often a factor that insurers examine when determining rates. Your solvency may indicate to some insurers that you have better stability. Also remember to pay your policy premiums on time. This can help you avoid policy lapses to maintain continuous coverage.
Your first priority of you as a trucker is to be a safe driver. One of your tasks is to carry appropriate trucking insurance. Let your trucking insurance agent help you get the right coverage.
Need truck insurance? Look no further. Call Integrity Insurance Group, LLC at 512-989-6006 and we can help you get a fast, free policy quote.
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