Whether you own a single flatbed truck or have a flatbed truck fleet, it is important you're protected to keep your trucking business on the road. A flatbed truck carries loads that are subject to external factors. Your commercial truck insurance can provide coverage for business liability in addition to covering your truck and its cargo.
If you decide that you want to haul cargo on a flatbed trailer that has no sides, you'll need to invest in a special type of insurance coverage known as flatbed insurance. This helps to protect your financial future against damage that may be caused by any of the external elements that your cargo faces.
From unsightly potholes that could shift your load to damaging hail that could distort your cargo, flatbed trucking insurance is an absolute necessity for anyone looking to haul cargo on a flatbed-style trailer.
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What does Flatbed Truck Insurance cover?
The coverage provided by your flatbed truck insurance policy can vary, depending on whether you are operating under your own trucking authority or under a fleet's authority.
If you're operating under a fleet's authority, the insurance policy for the fleet will provide your liability coverage in many situations.
However, you may still require non-trucking liability coverage, or bobtail coverage, if the truck is operated while not under dispatch or does not have a trailer attached.
Additionally, your flatbed truck insurance policy can provide physical damage coverage for the truck itself, which can help cover the cost of damage due to auto accidents or even for other types of damage, such as fire, theft, or vandalism.
Cargo insurance is another important element of a flatbed truck insurance policy and can provide coverage for lost or damaged cargo.
What Are the Risks of Driving a Flatbed Truck That I Should Be Insured Against?
Since all flatbed loads are secured via straps in an open environment, they're more likely to become unstable. There are no walls protecting the cargo from coming off the truck if the straps were to break. You need to have insurance coverage that will help with the financial burden of a load that comes unsecured, as well as any injuries that may occur when that happens.
With an open trailer, the danger level increases as you navigate over bumpy roads. All it takes is one wrong move, and your freight can completely shift its weight, leading to a massive accident. If you were held liable for an oversight following such an incident, having insurance to help protect against dangerous freight would be an absolute necessity to protect your financial future.
With a flatbed truck, your cargo is going to be out in the open. Unfortunately, this means that you're going to be facing a higher risk of theft whenever you leave your truck parked. This includes not only the cargo itself but also all your equipment, like chains and tarps that are attached to your flatbed. Having insurance coverage that protects your equipment and its cargo from theft is an absolute necessity.
Flatbed trailers are specifically designed to be able to haul heavy freight. Whenever there's no freight on your trailer bed, the truck can become extremely light and hard to maneuver in unfavorable conditions like snow or ice. It's a good idea to have insurance coverage in the event that you are involved in an accident when you're running empty.
What Factors Affect the Cost of Flatbed Truck Insurance?
When it comes to determining flatbed truck insurance costs, there are many different factors to consider.
It's important to understand the different variables as a flatbed truck owner so that you can determine what types of loads to haul, what trucks to purchase, and so forth as you plan for the future.
The most common factors that will influence the cost of your flatbed trucking insurance include:
As with all types of insurance, it's important to realize that the amount of coverage that you choose and the deductibles you set will greatly influence the price.
In general, the lower your deductible gets, the higher your insurance policy is going to be. Conversely, the higher your deductible is, typically, the lower your insurance policy will be.
How Much Is Flatbed Truck Insurance?
The average cost of flatbed truck insurance is between $7,000 and $12,000 annually. The specific amount of money that you'll pay will depend greatly on the many factors that we went over above.
It's highly recommended that you speak with a CoverWallet agent to determine the best policy coverage for you and get an estimated policy cost.
What Does a Flatbed Truck Insurance Quote Look Like?
When you ask your insurance agent for a quote on insurance coverage, it will include a lot of information, such as your:
You want to pay particular attention to what the annual premium estimate is, as that's what you'll be paying throughout the entire year for your insurance policy.
Additionally, most insurance companies will offer you a payment plan where you don't have to pay the entire annual fee up front but rather pay for it in smaller monthly installments.
How Do I Lower My Premiums for Flatbed Truck Insurance?
Everyone loves saving money when it comes to purchasing anything in life. When it comes to your flatbed truck insurance, you can typically reduce your premium in a couple of different ways.
First, you may be given a reduction if you pay the entire annual insurance premium up-front. Be sure that you hire drivers who have experience in the industry with few to no claims in the past, as they're going to be cheaper to insure than newbie drivers.
Lastly, investing in newer equipment will help to keep the cost of your insurance down.
If you're in the market for flatbed truck insurance, contact a CoverWallet agent today. Let us assist you with getting the best flatbed truck insurance policy to meet your needs and fit your budget.
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