Tanker trucks are heavy duty vehicles used for transportation of bulk cargo, liquids and gases. They can be used for many types of cargo, starting with liquids like milk and ending with hazmat. While tanker trucks can generate great income to their owners, it is important to protect them with tanker insurance. Such trucks are not easy to drive because of their high center of gravity.
What is Tanker Insurance?
Tankers require more stopping distance, slower turns, and greater following distances. Insurance companies are of course aware of these risks and some overcompensate with premiums that are too high. Finding the right oil tanker insurance company is crucial to your truck and your livelihood. Tanker truck can do extensive damage in an accident, which can lead to costly lawsuits. It is also an expensive vehicle, and repairing or replacing it might become a huge financial burden. That’s why it is so crucial to get reliable coverage for your tanker truck.
How much does Tanker Truck Insurance Cost?
A major insurance cost factor is what you haul in your tanker. Hauling water a premium might be 9-12k per while hauling hazardous materials could reach 30-50k per year! Some of the most common tanker trucks are:
Water haulers
Milk haulers
Natural Gas haulers, Oil haulers, and Gas haulers
Chemicals haulers
Liquid Nitrogen haulers
Dry Bulk haulers
Coverages for Tanker Trucks
Liability Insurance – Required Coverage that shields other motorists when you’re at fault. It includes:
Bodily Injury – which remunerates for medical bills if the other motorist is injured
Property Damage – which pays for damage dealt to a vehicle or other property
Collision Coverage – reimburses for damage to your truck or tanker in an accident concerning another vehicle.
Comprehensive Coverage – compensates for any losses you encounter from something other than a collision. This comprises fire, theft, and damage from animals.
Cargo Insurance – insures your cargo from accidents. This insurance is more expensive for oil tankers and other hazardous commodities.
Pollution Liability – This protects you if your load spills and contaminates the environment.
Debris Removal – Essential for Oil Tankers, this Coverage reimburses for the clean up of any non-hazardous spilled shipment.
Specified Peril – also known as Combined Additional Coverage, or CAC, covers a distinct type of damage that you pick. For example, tank truck drivers will often select fire damage for this Coverage.
Earned Freight – If you’re in an accident and can’t deliver your freight, the insurance company pays for any lost income.
Why do you need Tanker Truck Insurance?
To make sure your truck’s repair or replacement is covered, you should also get physical damage insurance. It consists of two types of coverage. The first one is collision insurance that will pay if your truck has been in a crash, collided with another object or overturned. The second coverage is comprehensive insurance, which will pay for the damage from non-collision incidents.
Already have Tanker Truck Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
