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Owning your own truck or tractor-trailer comes at a significant expense, so having proper insurance to cover your investment is crucial. That’s where owner operator insurance comes in.
Owner operators have specific commercial auto insurance needs depending on whether they operate under a motor carrier or operate independently. Freeway Insurance understands the difference and can help you find the right coverage for your business.
Owner Operator Insurance Coverages
In addition to the required liability insurance, you may want to consider some or all of the following coverage to ensure you are properly protected.
Physical Damage Coverage
This coverage is required by lenders for the life of your loan when you finance your truck. Physical damage coverage provides compensation for the depreciated value of your truck in the event of an accident.
This coverage can be added to your physical damage policy to cover additional equipment, such as electronic equipment, chains, tarps, etc. that were added to your commercial vehicle after purchase.
You’ll want to consider gap insurance if you’re financing an expensive commercial truck. Gap insurance helps cover the gap between what you still owe on the truck and the actual cash value (ACV) in the event your truck is seriously damaged or totaled.
Motor Truck Cargo Insurance
Truckers are required to carry a minimum of $5,000 in cargo coverage, but customers and shippers usually require more. The amount of coverage you choose should be based on the value of the load you are carrying.
Non-Trucking Liability Insurance
Non-trucking liability insurance provides coverage when you drive your rig for non-commercial reasons. This type of coverage is designed to cover independent owner operators who lease their services and therefore have liability coverage through the company they are working for. The company-provided liability insurance is only valid while the vehicle is being used for work. non-trucking liability covers you when you are driving to and from the job site or when driving for personal reasons.
Non-Owned Trailer Coverage
Non-owned trailer insurance covers covers damages for trailers you hitch to your rig that are owned by another person or company.
If you need more information about owner operator insurance options, give Freeway Insurance a call: 800-777-5620.
Buy Owner Operator Insurance
Since you can’t operate a truck without owner operator insurance, you need to purchase a policy from a company you can trust. Freeway Insurance has been providing commercial insurance options for over 30 years and can help you get the coverage you need to protect your livelihood. Request a owner operator insurance quote online or over the phone at 800-777-5620.