What Affects the Cost of Dump Truck Insurance?

If you have a dump truck business, you know you need to have the right insurance. Your trucks and your business are your livelihood, so you need to make sure that they’re protected. However, getting insurance for dump trucks sounds expensive. We’re going to explain what affects the cost of dump truck insurance for your business and give a few tips for lowering the cost of it.

What Affects the Cost of Dump Truck Insurance?

There are a lot of things that can affect the cost of insurance for your business. Every business is different, so every business is going to see unique insurance rates based on a multitude of factors. There’s no set “price” for business insurance, so the cost of dump truck insurance will vary from business to business.

That being said, here are some factors that affect the cost of your dump truck insurance:

  • The dump truck
  • Your drivers
  • Your location
  • What you’re hauling
  • Where you’re hauling it

1. The Dump Truck

Your insurance rates can be affected by the type of dump truck you have. The bigger the truck, the higher your insurance rates could be. The insurance company wants to know what kind of vehicle they’re insuring and how hefty it is. It does make sense that the cost of dump truck insurance would be influenced by the dump truck itself, right? It is what you’re getting the coverage for.

2. Your Drivers

Another factor that can influence the cost of your dump truck insurance is the people who drive them. Insurance companies want to make sure that the people operating the dump truck will do so safely and properly. That’s why your drivers can affect the cost of your dump truck insurance. If they have a bunch of tickets or accidents on their record, that doesn’t help you make your case to your insurance company. Insurance companies don’t necessarily like risk.

3. Your Location

Your location can also have an effect on the cost of dump truck insurance. The insurance company is probably going to be pretty interested in where your business is and where you haul. This is another factor that can indicate how much risk your dump trucks face – and what kind of hiccups you might experience.

4. What You’re Hauling

The material you’re typically hauling can also play a part in your dump truck insurance rates. Some dump truck companies haul sand, while others haul gravel or asphalt. Maybe you haul loads of dirt. Some businesses focus on debris removal. The type of load you’re usually transporting is also of interest to your insurance company.

5. Your Hauling Radius

The place you’re taking the load can also impact your business. For example, let’s say you do construction debris removal. It can cost more to take the debris to a landfill than a transfer station.

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Ways to Save Money on Dump Truck Insurance

If you’re worried about how much your dump truck insurance is going to cost, there are things you can do to save money on your rates.

The following can help you lower your rates:

Keeping a Clean Loss Record

If your business is committed to safety, you can typically avoid accidents. That, in turn, can help you get lower rates on your dump truck insurance. As we mentioned above, insurance companies don’t exactly love risk. If you have a clean loss history and you’ve put an emphasis on dump truck safety, you could see lower rates because you’re less of a risk.

Don’t Forget Discounts

Different insurance companies offer different discounts. Make sure you’re asking about discounts so you can see if you could save some money easily. Who doesn’t like to score a discount and save some money when they’re buying something they need? Every little bit counts.

Raise Your Deductible

The deductible is the amount of money you’ve agreed to pay if you have a claim (with the insurance company jumping in to cover the rest of the loss up to the policy’s limit). While having a low deductible might seem like a great idea, you may get lower dump truck insurance rates by choosing a higher deductible if you’re financially able to do so. Consider how much you could comfortably afford to pay if you had a claim. If you find you could raise your deductible, you might just see lower premiums.

Pay in Full

If you’re able to pay for your insurance all at once instead of in installments, you might be able to save money when you’re getting dump truck insurance. It’s definitely something to think about or ask about if you feel that you could comfortably pay for your insurance in one swoop.

Shop Around

It’s also important to get multiple quotes for dump truck insurance. That way you can look into different options and prices (make sure you’re not sacrificing coverage for the sake of paying less on your insurance).

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Summing Up

Our team can help you get quotes for your dump truck insurance. We want to help you get great coverage for a great rate. All you have to do to get started on your dump truck insurance rates is fill out our online quote form, give us a call, or message us on LiveChat.