Classic Truck Insurance

​About Cement Truck Insurance​

Insuring a an extra heavy weight truck is quite different than covering a vehicle weighing 95% less.  The damage from an 85,000 pound truck hitting an object at high speeds can be severe because of the momentum.  This is why the Department of Transportation periodically inspects extra heavy weight trucks to ensure the safety of the drivers and those that share the road.  In addition, many states have adopted strict pollution measures to ensure the safety of the public and to help protect our environment from fuel spills. 



Covering sand & gravel haulers, and cement ready mix and concrete pump trucks is not for every insurance carrier. Besides the enormous liability exposure for property damage, bodily injury, and pollution liability, there are other concerns that need to be addressed:



How are vehicle overturns handled?  Is there towing coverage as special removal equipment may be necessary to clear an accident? If the truck is down as a result of an accident, can coverage be offered to protect against the loss of business income? 

Basically, truckers insurance protects many of the same type of exposures found on a commercial auto policy. Bodily injury and property damage are most often purchased on a combined single limit basis of $ 1,000,000 affording coverage to third parties.  However this limit can vary from state to state and for type of business insured or the carrier insuring it.  



No-fault or personal injury protection (PIP) and additional personal injury protection (APIP) pays for the medical expenses, loss of income and even a small death benefit may be provided for the driver as well as the passengers. However, there are restrictions along state lines, besides workers’ compensation generally provides primary coverage for the driver if they are an employee of the company (please read the policy for a list of the limitations and exclusions). Then there is Optional Basic Economic Loss (OBEL) which provides additional coverage, generally $ 25,000 to pay for medical expenses and loss of income. 



Uninsured and supplemental uninsured motorist (UM/SUM) provides protection to the driver when the offending operator of another vehicles has either no insurance or less insurance than what is covered under the trucker’s policy. Medical payments is another type of no-fault coverage often providing protection to the driver that can be excluding by no-fault (subject to the terms of the policy). And finally, comprehension, and collision which pays for the cost to repair or replace the vehicles in the event of a covered cause of loss. 

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Other types of coverage are often thought to be protected by a trucker’s policy, however generally these can be purchased on a package or inland marine or cargo form (i.e. contamination and loss of product).  Loss of business income on the trucks can be added to many package policies offering loss of business income on the premises. Rental reimbursement and towing are often excluded, this coverage is often granted subject to the terms of the policy.                          

                    

How is the cost of these policies determined?

Truckers and commercial auto insurance is generally rated on a scheduled vehicle basis.  In other words, the premium is charged based on the description, value, weight, year or age, type of vehicle, radius of operation, product transported, mileage, usage, etc.  However some carriers will rate the vehicles on a fleet basis allowing the operator to add or delete vehicles without specifically scheduling the vehicles and pay the premium subject to an audit usually at year end or on a quarterly basis.  This is typical with larger accounts where many vehicles are changed weekly or even daily.



​How to Shop for Cement Truck Insurance
Shopping for cement truck insurance is similar to shopping for any other kind of vehicle insurance.

To get a well-rounded selection of quotes, contact three or more insurance companies and compare rates before you buy a policy. Keep in mind the amount of coverage that you would receive from your insurance company should your cement truck suffer damages depends on the amount of coverage that is written into your actual commercial auto insurance policy.