There are plenty of dangers and hazards involved with operating a tanker truck. If you run a company and want to protect it, getting tanker truck insurance is a must. That being said, this type of insurance doesn’t come cheap. Therefore, many truckers dread searching for quality insurance.
So, if you run a tanker truck business or operate one then here are some helpful tips for selecting the best insurance. Let’s get started.
Choosing the Best Tanker Truck Insurance is Vital
As mentioned above, operating a tanker truck involves numerous risks. For instance, if your hoses are disconnected during the loading/unloading process you could be left with a huge mess and lost cargo.
Also, these trucks are at a greater risk of a rollover due to their length and high center of gravity. This is because the liquids you’re carrying will be sloshing around and could possibly throw the trailer off balance if you take a turn too fast. Of course, insurance companies know about these dangers and most make up for this by charging higher rates.
To avoid costly rates, truckers must research reliable insurance companies and get multiple quotes. Before choosing an insurance company, make sure you do some research on what each carrier is offering. Comparing their prices and services is arguably the best way to get the best deal.
The Average Cost of Tanker Truck Insurance
The items you transport in your tanker truck will greatly influence the cost of your insurance. Of course, carrying hazardous materials will be more costly.
Here’s a general list of what is typically hauled in a tank truck:
- Dry goods
- Liquid nitrogen
- Flammable liquids and gases
- And so on
If you’ve been operating a tanker truck for a long time and have managed to maintain a squeaky clean record then you may be eligible for discounts.
Here are a few other factors that can affect your premium:
- Your hauling radius
- The location of your business
- The year, make, and model of your tanker trucks
- Your chosen deductible
- Whether you make monthly vs. yearly payments
- The type of commodities you haul
- Your coverage limit
- The age and experience of your drivers
What Does Tanker Truck Insurance Cover?
If you’re at fault in an accident and cause property damage to another party then this will cover their repairs.
If you’re found at fault in an accident then this will cover the other party’s medical bills if injured.
Collision and Comprehensive
Collision coverage pays for any damage your truck incurs regardless of who’s at fault. Comprehensive coverage will compensate for any damages due to non-collisions. This can include fallen tree branches, vandalism, fire, and so on.
If you’re unable to deliver a shipment due to lost or damaged cargo then this coverage will compensate for your lost income.
This coverage is particularly important for tanks that transport oil or other liquids. This will pay for the cleanup around the accident site.
Cargo insurance will compensate for contaminated or lost cargo. This can get pretty expensive since many tanker trucks carry oil or hazardous goods.