Becoming a new venture truck driver can be profitable and include numerous perks, but also comes with its share of risks. Traveling long distances and hauling freight for extensive hours exposes you, your truck, and your cargo to potential loss. If you are a new CDL driver or considering new venture trucking as your profession, you must have the right Alabama trucking insurance or you could be faced with some serious financial troubles down the road. Do you have the new venture trucking insurance that you need as a start up company or are you jeopardizing your financial standing?
Trucking Insurance Coverage Options to Consider
Trucking insurance for new venture trucking is mandatory; however, it can be difficult to find the right Alabama insurer who wants to accept the risk of a new CDL owner-operator. Liability insurance is not only mandated but also essential for the protection against claims of property damage and bodily injury that result due to an accident you cause. Some other coverage options (besides Liability) that are available include, but NOT limited to:
- Motor Truck Cargo– This insurance provides coverage for the cargo that you are hauling for covered losses.
- Physical Damage (Collision and Comprehensive)- This coverage is designed to protect your truck/trailer for damages caused from collision, theft, vandalism, or fire.
- Medical Payments- This is coverage for medical expenses that you or anyone in your rig incurs as a result of an accident, regardless of fault. *Limitations may apply.
- Equipment Coverage- This provides protection for any property/item(s) that is stolen or lost from your rig.
New venture trucking insurance provides insurance for the following type of trucking outfits to include semi trucks, straight trucks, box trucks, auto haulers, route delivery trucks, hot shot trucks, and more.
Finding insurance doesn’t have to be difficult, but it may require getting quotes from various competitive Alabama trucking insurers or better yet, you can contact your local Alabama independent insurance agent to assist you in finding a competitive insurer who will provide the right type of new venture trucking insurance that is affordable.
Considerations for New CDL Drivers When Shopping for Alabama Trucking Insurance
Limit Your Radius of Travel/Operation- Early on in your trucking career, you may have to limit your radius of operation in order to get a more affordable insurance rate. As an inexperienced driver, many insurers will refrain from taking on the risk or if they do, will charge excessive rates.
Work to Increase Your Credit Score- Your credit score correlates directly with the amount of your trucking insurance premium. Having a bad credit score automatically means a higher insurance rate, so if you have a poor credit score, work to increase it by paying off loans, paying your bills on time, and reducing your credit debt.
Establish Driving Experience- Lack of driving experience means a higher insurance rate and sometimes trucking insurers require at least 2 years of CDL driving experience before they will consider a rate reduction.
Routinely Review Your Trucking Insurance- Every year it is recommended you review your current trucking insurance policy. Every year means more experience, which can lead to more affordable insurance premiums. Also as your travel radius, driving experience, or loads change, so might your insurance needs.
Shop Competitive Alabama Trucking Insurers- You CAN find the right type of Alabama new venture trucking but it may take some effort to find quotes from competitive insurers who wish to accept the risk of new venture truckers.
Burkett & Associates understands the importance of trucking insurance for new venture truckers and is here to assist you with any questions concerning all of your trucking insurance needs. Call us TODAY at 256-704-7400.
