Log Truck Insurance More Expensive
If you own a log truck, you probably wonder why the insurance costs are higher than other forms of commercial truck insurance. Unlike other types of freight on the road, log trucks have unique requirements and are subject to state and federal weight limits. Additionally, accidents involving log trucks are more likely to involve fatalities, and they also put passengers in automobiles at a higher risk of suffering catastrophic injuries. The good news is that there are ways to save money on your insurance policy.
Before purchasing a log truck insurance policy, be sure to compare quotes. Many log truck insurance companies will offer packages with discounts for several types of policies. Ask your broker about these discounts if you use their services. Some insurers are willing to provide you with a 10% discount if you pay in full. Another way to save money on your logging truck insurance policy is to implement safety programs in your fleet. If you regularly use your log trucks for logging, consider taking part in a safety program for your drivers. This way, you will ensure that your drivers are following the proper safety measures to avoid accidents.
Besides the safety benefits, log truck insurance costs more than standard trucking insurance. If you want to save money on your policy, it is best to hire a reliable insurance broker who understands logging truck insurance. Look for a broker with a long history in the trucking industry and who can provide flexibility in your insurance plans. If your business is in the log trucking industry, this type of insurance is a necessity.
Why Is Log Truck Insurance More Expensive?
When looking for logging truck insurance, remember that liability insurance is a requirement. Liability insurance covers bodily injury and property damage, as well as legal defense costs in the event of a lawsuit. As a result, liability insurance is the most expensive type of insurance for log trucks. Your logging company may also provide this coverage, but the cost will be higher. In addition, liability insurance is often required by state law.
Log trucks also face unique conditions. Logs are typically heavy, weighing over a ton each, and can range from twenty to 100 feet long. This poses a heightened risk of tipping. A log truck carrying these large logs is also at a higher risk of being involved in an accident, and the insurance premium will reflect that. The costs associated with these kinds of crashes can be high, which is why it’s important to take the time to find the right policy for your logging business.
Log truck insurance can be costly, but it’s not impossible to find a low-cost plan. Ask around and request quotes from multiple providers. If possible, request multiple quotes and get every discount you can. It’s never too late to start saving money. In Florida, the forestry industry is the number one cash crop, pulling in $25 billion a year in state revenues. By asking around, you can find cheap log truck insurance without spending a lot of money on the insurance.
