Owner-operator truck drivers know that their livelihood depends on their truck. They need their truck running right and always on the road. Anytime the truck is down due to an accident or there is damaged cargo, there is also a loss of income for the driver. Knowing what your owner operator insurance in South Carolina can do for you will help you keep your truck on the road and your income in tact.
All states, including South Carolina, require that every motorized vehicle on the road has a minimum amount of liability insurance. This type of insurance covers damages caused to another vehicle due to an accident. When you finance a vehicle, such as a semi truck or other commercial vehicle, your lender will typically require that you also hold comprehensive and collision insurance as well. This insurance will protect you and your truck from any damages that might be the result of an accident.
1. Protecting Your Truck
Your comprehensive and collision insurance will pay for any damages to your truck that are the result of an accident so you can get back on the road as soon as possible. If the truck suffers serious damage that requires down time in the shop, your collision and comprehensive insurance pays for you to get a rental truck so you can stay on the road, even when your truck is not.
2. Protecting Your Cargo
You know that the cargo you are carrying is what the customer is paying for. If the customer does not get their cargo, you do not get paid. When you are in an accident, it is typical that the cargo you are carrying has been damaged which often leads to the customer not paying for the load. Owner operator insurance helps to defray these setbacks. The insurance offers you cash for the load so you don’t have to worry about losing out when an accident happens.
3. Protecting Yourself
You know that your truck is bigger than everybody else on the road; unfortunately, that does not deter the occasional stupid driver from cutting you off, squeezing you out of your lane and ultimately causing an accident where their vehicle is much more damaged than yours. Your liability insurance will pay for damages done to another person’s vehicle as well as any medical bills they may incur as a result of that accident. There are many times when an accident may be the result of another vehicle labels you as “at fault,” which is where your liability insurance will protect you.
It is important for every owner operator to know what their rights are, what insurance options are available and how to get these options at the right price. Contact us today to find out what we can do to help you with all of your owner operator insurance needs.