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TANK TRUCK INSURANCE
Tank trucks are useful vehicles for a variety of types of businesses. Whether you use your tank truck to haul fuel for refineries or retail gas stations, or you haul staple fluids such as water or milk, your tank truck needs to stay in operation full time to earn a return on the investment you made in it.
Buying your own tank truck is a significant investment in your company. It is an asset that increases your company’s value while also being able to bring in more profits from the work it performs. If your truck is damaged in an auto accident however, can your company afford to pay for all of the repairs? What if it is stolen? Or the cargo it’s hauling is damaged? These scenarios and many more outline the importance of carrying commercial auto insurance on your tank truck. This coverage protects your company from losing a valuable asset. Here are the types of insurance you need for your truck:
Liability Insurance – Liability insurance is required by law in all parts of the United States. Many states will not issue your truck permits and licenses without proof that you have this basic coverage. Liability is specifically designed to pay for damages and injuries that result when your truck is at fault in an auto accident. This coverage prevents other people from having to pay large medical or property damage bills, and it prevents your company from being sued for those payments. Liability insurance is made up of two primary insurance coverages:
- Bodily Injury - Bodily injury insurance pays the medical bills when other people are injured in an accident that your truck driver caused. If the other driver needs to go to the hospital for example, or a passenger requires follow up doctor care, bodily injury will cover those costs. Bodily injury coverage pays for most medical related expenses that arise due to an auto accident. Transport to the hospital via an ambulance for example, and emergency room treatment costs are covered. Hospitalization expenses, rehabilitation and recovery, and lost wages from time off work are other examples of bills that can be paid with your bodily injury coverage. This portion of your liability policy also pays for funeral expenses when another person is fatally injured in an auto accident with your truck.
- Property Damage – The property damage portion of your liability insurance policy pays for the repairs of other people’s property. If your truck is at fault for an accident that results in another vehicle sustaining damage for example, your property damage protection will pay to have that vehicle repaired.
The amount of liability coverage you have for your tank truck depends upon how you set it up with our licensed agents. You’ll also need to choose the form of coverage desired, and your insurance deductible.
Liability insurance comes in two forms: Combined single limit or Split Limit. A combined single limit policy provides one overall maximum coverage limit regardless of what types of damages are caused in an accident. If you select a CSL of $1,000,000 for example, then the entire amount can go towards bodily injuries or the entire amount can go towards property damages. The benefits can also be split up in any percentage needed.
A split limit policy has pre-set limits on the maximum benefits it will pay for a given specific issue. These liability policies come with three numbers to designate the limits for bodily injury and property damage payments. For example, a split limit policy of $50,000/$100,000/$50,000 means that the policy pays a maximum of $50,000 per person for bodily injuries created in the accident. It will pay no more than $100,000 total for all bodily injuries combined however. The last number designates the maximum amount your policy pays for property damages.
Your insurance deductible is the out of pocket dollar amount that your company pays when you must make an insurance claim. If your truck driver causes an accident that results in $1,000 worth of damages and injuries, your company must pay the deductible amount before your insurance company will pay the rest. If you select a $500 deductible for example, then you would pay $500 of the accident bills and your liability policy would pay the remaining $500.
Medical Payments – Medical payments insurance is designed to pay medical bills that arise due to an auto accident. This coverage specifically pays the medical bills for your truck driver and any passengers he had in the truck with him at the time the accident occurred. Medical payments coverage takes care of your medical bills even if you were not the one who caused the accident. This insurance isn’t available everywhere however. Speak with one of our licensed representatives today to determine if it is available for your company’s insurance needs.
Physical Damage Insurance – Physical damages insurance protects your company from having to pay the bills – or pay for a replacement – when your tank truck suffers damages. This insurance is particularly important for any company that has not paid for their truck in full yet. It can protect you from losses and repair bills created by theft, fire, vandalism, weather hazards, roll-over accidents and more.
- Comprehensive Physical Damage Protection – Comprehensive damage protection covers almost anything other than a roll over or a collision. If your truck is stolen for example, comprehensive coverage can take care of paying for the replacement. If your truck is damaged by people who get a bit too rowdy on public streets, or it gets dented when a tree limb falls during a storm, comprehensive damages will pay for the necessary repairs.
- Collision Protection – Collision damage protection is insurance to cover collision events, and damages caused by your truck overturning. If your truck rolls on the highway due to high winds for example, collision damage protection will pay for the repairs it needs. If your driver backs into a loading dock or pipe to position himself for tank fill up, your collision damage protection will take care of those repairs as well.
- Specified Peril (CAC) – Specified Peril insurance is also known as Fire and Theft with Combined Additional Coverage. This protects you from specified hazards and perils that are not collision or roll over related. Coverage is limited to only those perils listed on your insurance policy.
Uninsured or Underinsured Motorist - Uninsured or underinsured motorist coverage protects you from having to pay for the damages or loss to your tank truck when another driver is at fault for an accident. If that other driver does not carry insurance, or if they do not carry enough to pay for the damages they cause, your policy will pay for your repairs instead. This coverage takes care of both bodily injuries and property damages similar to the way your basic Liability coverage does.
- Bodily Injury - As covered with Liability Insurance.
- Property Damage - As covered with Liability Insurance.
- Collision Deductible Waiver (CDW) - When someone else is at fault for an auto accident, your company should not be required to pay the standard auto insurance deductible. You can get a waiver for the deductible as long as you carry uninsured or underinsured motorist bodily injury coverage.
Other Important Commercial Auto Insurance for TANK TRUCK includes:
- Rental – When your truck is damaged in an auto accident you may have to use a temporary rental replacement until yours is fixed. Rental insurance pays for the cost of the rental.
- Towing – If a car accident causes enough damage to your tank truck it will need to be towed in for repairs. Towing insurance covers the cost of towing the truck.
- Trailer – Protect your truck trailer separately with trailer insurance.
- Trailer Interchange – When you participate in a trailer interchange service you are exchanging trailers with other companies. Since the exchanged trailers do not belong to your company, you must carry separate insurance for them.
- Cargo – Protect yourself from expensive cargo losses with cargo insurance.
- Accessories (Ex: mileage meters, navigation units, radios) - Protect truck accessories such as GPS navigational units, CB or Dispatch radios and electronic log books or mileage meters by adding accessories insurance.