In the United States alone, there are over three million truck drivers, all of whom need commercial truck insurance by law.
Most drivers work for large freight companies directly, but there is also a sizeable population of drivers who work independently. It is estimated that up to 400,000 independent owner/operators are working today in the trucking industry.
Those who wish to work in this fashion to have to make certain sacrifices. One of the most obvious is the lack of employer-provided truck insurance coverage.
Basic primary liability insurance to cover the costs associated with damages sustained in accidents may be provided to independents through the companies they contract with. This coverage is not all encompassing and sometimes drivers need to consider purchasing their own separate policies to fill the gaps.
There are many different options and every driver will have their own specific needs based on how they drive, how often they are on the job, and the type of cargo they haul. Also, because independent haulers own their own rigs, they need to be sure that they are covered in the event of personal property damage.
Here are the two mist common policies that independent owner/operators purchase. Knowing these coverages can help you get streamlined truck insurance when it’s time to talk to your agent.
Bobtail Insurance
Motor carriers’ commercial truck insurance will cover independent owner/operators while they are under dispatch. This coverage is invalid when the driver is not actively on the job.
This coverage is aimed directly at independents to help them avoid paying for liability insurance when they are covered by a motor carrier and to provide them with coverage off the job.
Physical Damage
Physical damage insurance is another type of commercial truck insurance policy that independents often utilize. It protects against personal property damage costs due to fires, vandalism, theft, collisions, etc. A driver’s truck is living and needs to be fully protected.