Dump Truck Insurance
Dump Truck Operators are required by state law to carry primary auto liability insurance for their trucks to operate. If the business wants to operate across state lines, a federal filing and a minimum coverage limit of $750,000 is required. With all the different State and Federal requirements, it is important to work with an insurance agency that understands the laws and works with the leading insurance carriers to get you the coverage you need at a price you can afford.
At 925 Partners, we represent dozens of A rated insurance companies, and our agents are trained to identify and present the best solution for your trucking company.
Dump Truck Insurance Frequently Asked Questions
How much is a $1 million insurance policy for a dump truck?
For a new authority in Florida, the average is approximately $15,000 annually per truck for a dump truck valued at $80,000. For experienced companies the annual cost can be less than $10,000 annually per truck. Important rating factors impacting your premium include city & state location, value of equipment, years in business, claims experience, and driver quality.
How much is a $300,000 insurance policy for dump truck?
For a new authority in Florida, the average is approximately $13,000 annually per truck for a dump truck valued at $80,000. It can be closer $8,000 annually for experienced companies with a clean safety record and good drivers. Important rating factors impacting your premium include city & state location, value of equipment, years in business, claims experience, and driver quality.
What coverages do I need to purchase?
Most dump truck operators purchase at least Auto Liability, General Liability, and Physical Damage on their own equipment. Depending on your home state, you may be able to operate legally with less than the $750,000 federal minimum for interstate truckers. For example, in Florida a dump truck company can operate legally with just a $300,000 auto liability limit. It is also important to check the insurance requirements of any company you plan to haul for to make sure there are no unusual requirements.
Do I need to purchase cargo insurance for my dump truck business?
Most dump truck companies we work with do not purchase cargo insurance. However, you should always review the insurance requirements of anyone you currently haul for or have plans to haul for in the future. The actual value of the dirt, sand, rock, or gravel hauled is minimal and just not cost effective to insure against a potential loss. While cargo insurance is rarely purchased by dump truck operators, a transportation pollution policy is an important coverage to consider.
Commercial Trucking Insurance – Standard Coverages
Below are the insurance coverages most for-hire trucking companies purchase, regardless of size or operation type.
- Primary Auto Liability– Coverage for bodily injury or property damage to a third party caused by an insured vehicle. If legal action is taken against you because of the accident, your auto liability insurance coverage also includes the cost of your defense, regardless of if you are found to be at fault.
- Physical Damage – Coverage for loss or damage to a scheduled vehicle/trailer. The policy should include coverage both comprehensive and collision losses. A comprehensive loss is caused by a nonmoving event (Ex: theft, fire, acts of nature, etc.). A collision loss is caused by a collision while a vehicle is moving. It is important to note that vehicles/trailers covered for auto liability are not automatically covered for physical damage. It is recommended you provide your agent with a list of all company equipment and the value of each piece of equipment. Typically, motor carries do not purchase physical damage coverage for owner/operators leased onto their authority. All Owner/Operators should purchase their own physical damage coverage for their own equipment.
- Motor Truck Cargo Coverage – Coverage for losses or damage to goods while in the possession of the motor carrier. Typically, not purchased by dump truck operations.
- General Liability- There is still a substantial amount of trucking companies operating without General Liability insurance, however a clear majority now carry a limit of at least $1,000,000 per occurrence. While this is a common contractual requirement, general liability claims are very rare as they do not provide any coverage for claims related to the moving of a vehicle. For owner/operators, or companies with less than 10 power units, the annual premium is typically less than $1,000.
Additional/Operation Specific Coverage Options.
- Trailer Interchange/Non-Owned Trailer
- Workers Compensation
- Uninsured/Underinsured Motorist Coverage
- Excess Liability
- Occupational Accident
- Bobtail/Non-Trucking Liability
- Transportation Pollution Liability
Motor Carrier Filings
Depending on where you are located and the type of business you conduct, filings may be required by federal and/or state governments. The auto liability insurance minimum for interstate (multiple states) Motor Carriers is $750,000 of Combined Single Limit (CSL) coverage. However, most motor carriers purchase at least $1 million of coverage as it is required by most shippers & freight brokers. For state filings, it is important to check the requirements of your state and discuss with a trucking insurance agency licensed in your state.
At 925 Partners, our licensed truck insurance agents will be glad to assist you with any filing questions specific to your operation.
Why choose 925 Partners Insurance for your Dump Truck Insurance?
- Trucking Specialized Staff: Our agency has a dedicated trucking division that understands how to service the insurance needs of trucking companies.
- More Competitive Quotes Options: As an independent agency, we represent over 20 A rated insurance companies to ensure our current clients and prospective clients are presented with the most competitive options available.
- Low Down Payment Options: We have an in-house premium finance company that enables us to offer down payments lower than industry average and overall, more competitive terms.
- Certificates of Insurance: Clients receive 24/7 access to a free portal where you can generate your own certificates of insurance at any time of day.
- Federal and State Filings: Our agents understand the importance of state and federal filing requirements. We work closely with the insurance companies to ensure necessary filings are submitted in a timely manner.
- No cost consultations: There is no cost for speaking with one of our licensed truck insurance agents. Give us a call at 855-925-1200 and ask for one of our many trucking specialists.
Call 925 Partners today at 855-925-1200 with any questions you have and our agents are happy to help...
