As an independent trucker in Florida, you know the overhead cost of your job. There’s a lot more to it than rig maintenance and fuel costs. You have to protect yourself against any eventualities while on the road. If not, a single accident can amount to a considerable cost, so taking commercial truck insurance in Florida that’s best suited for your needs and that of the carrier, is a must. Learn more on the key basics of commercial truck insurance for truckers in this guide.
Owner Operator Insurance Requirements
Semi-truck insurance is mandatory for any self-employed trucker in Florida. The Federal Motor Carrier Safety Administration(FMCSA) has set the minimum requirements that truck drivers have to meet. Besides the minimum insurance limit, you should consider taking more coverage depending on the cargo you haul and your vehicle’s weight.
Here are some of the most common trucker’s insurance options you should know about.
The General Liability Insurance Coverage
General liability insurance should be a part of your insurance plan. The policy will pay for the damages you cause to another party while operating a commercial truck. This insurance may be applicable when you try to back up to a loading dock and accidentally smash the dock lift. In such a case, your liability insurance will pay for the damages.
The Bobtail Insurance
Bobtail insurance is almost similar to general liability insurance. The only difference is that its coverages extend to the damages to a truck when it’s not hauling any load. You should consider taking this coverage if you sometimes use your truck for non-commercial purposes. In addition to covering damage to other people’s property, it will pay for any medical expenses for injuries you may suffer when not using your truck commercially.
While covering your rig is essential, protecting your goods from theft or damage during transportation is necessary. Depending on the cargo size you’re hauling, include a commercial truck cargo insurance as an additional policy. With this insurance cover, you can receive compensation if fragile items like electronics are damaged when navigating sharp corners.
The Physical Damage Coverage
After a collision, your truck can suffer extensive damage, the repair costs can be very costly. Adding the physical damage cover to your owner operator insurance policy will save you from the distress of incurring expensive out-of-pocket expenses. With this coverage, expect to receive compensation for damage to your vehicle due to bad weather and potholes.
Purchasing Rig Insurance in Florida: Crucial Considerations
Shopping for trucker’s insurance in Florida can take a long time, but you should do your homework before making any commitments. There isn’t a one-size-fits-all approach when finding the right policy for your truck or trailer. Drivers specialize in different cargoes and routes, so the insurance coverage you choose needs to fit your routine and needs.
When vetting your ideal rig insurance provider, here are a few things worth paying attention to.
Don’t Always Fall for Companies With Good Deals
Something that most truck drivers want from an insurer is a good deal. While this is the case, don’t confuse it with the cheapest option. Sometimes, going for insurance companies with low semi-truck insurance rates may turn out to be expensive in the long run. Carefully read through the offer provided by your insurance company and consider whether they offer a cheap premium in exchange for a high deductible. This can put you at a disadvantage when you’re involved in a serious accident.
Quick Claim Processing
When searching for the best rig insurance company in Florida, one of the key things you should check is whether they offer quick claim processing. Insurers claim departments aren’t created the same. The quicker your claim can be processed, the faster you’ll be back on the road. As a self-employed driver, time is money, and the last thing you want is to work with an insurance company that doesn’t provide timely feedback.
It’s a good idea for truck drivers in Florida to take out commercial truck insurance. If you have been searching for the right insurer and haven’t had any success, consider seeking J.E.B. Insurance Services, LLC. They offer plenty of insurance coverage at a cost-effective price.