When you first begin your job as an owner-operator, searching for truck insurance in Florida can definitely seem confusing. While you do not have to become a specialist or an expert in insurance, you do need to learn the basic requirements of commercial or owner operator truck insurance for Florida.
Familiarize Yourself With The Terms
You will also need to understand the common terminology of commercial truck insurance. When you have a clear understanding of commercial and owner-operator truck insurance, you will be able to get a better quote. Also, as an owner-operator truck driver, it is important to make sure you are compliant with the US Department of Transportation insurance filing requirements.
Many owner-operators in Florida who are just starting out will make the mistake of choosing the first insurance provider they find. You will need to take some time to receive multiple quotes. Commercial and owner-operator insurance companies can provide the coverage you need beyond what the market value of your truck. However, this does not mean the insurance company will pay you that amount if you are ever involved in an accident that results in your truck being totaled.
Understand How Liability Insurance Works
One of the biggest challenges new owner-operators in Florida face is not understanding the types of liability insurance. The Department of Transportation requires anyone who hauls products to have primary liability insurance. Primary liability insurance will provide coverage for any truck that is listed on the insurance policy.
As an owner-operator in Florida, you will not always be under dispatch. Bobtail insurance can provide you with additional coverage for the times you are driving while the trailer is detached from the truck. Non-trucking liability insurance will cover the liability that was caused while you were driving the truck for non-business or personal use. Since there is often a gap in coverage, you may want to consider purchasing non-trucking liability insurance or bobtail insurance.
Physical damage insurance will provide full coverage and collision coverage for any truck or equipment you own. Physical damage insurance coverage will also cover any maintenance or repairs that your truck may need due to an accident or the loss of goods. If you are an owner-operator that is responsible for carrying goods from Point A to Point B, you will need to carry cargo insurance. If there is any damage to the goods while they are in your possession, your insurance coverage will pay the shipper.
Not every owner-operator in Florida will have the same type of insurance. It is important to have a clear understanding of the type of coverage you may need. For more information on commercial or owner-operator truck insurance in Florida, please do not hesitate to contact us today. We are licensed in Florida, Georgia, Texas, Tennessee, Iowa, Nebraska, North Carolina, South Carolina & Illinois.