A flatbed truck is a giant vehicle with a flat and open bed. The bed doesn’t attach any roof, sides, and railing. This feature makes flatbed trucks ideal for carrying or delivering awkward, heavy loads that don’t fit into trucks with railings. The open flatbed enables loaders or drivers to load and unload things easily.
Of course, the goods and loads that a flatbed carries are not susceptible to wind or rain damage. It’s because it’s not fragile. The tie-down hooks in a flatbed truck not only fasten to the load but also secure it.
While a flatbed truck is an easy and convenient solution to carry heavy loads, it typically has a higher percentage of getting involved in accidents. It mostly happens if the cargo is strapped or tied incorrectly or it’s hard to see around it. Therefore, the higher risk of crashes and accidents leads to higher insurance costs.
If you own a flatbed truck or run a fleet, learning about flatbed truck insurance costs can help choose the right insurance company.
How Much Does a Flatbed Truck Insurance Cost?
It is worth mentioning that there are multiple factors that may influence flatbed insurance cost. Your insurer will look at the business details to determine the insurance cost. Here is a primer of some factors that may impact the flatbed insurance cost in any scenario.
- Number of flatbed trucks
- Speeding tickets
- Claims, accidents, & losses
- Type of business and what your truck hauls
- Your location and radius
Flatbed truck insurance may cost between $3,000 and $15,000 a year. It also depends on many factors such as the cost and value of flatbed trailer and tractor. Your driving record and experience may also influence the cost of a flatbed truck.
Recommended Insurance Coverages for Flatbed Trucks
As mentioned above, it is important to choose the right insurance for your trucking business. The following are some recommended insurance coverages you may choose for flatbed trucks.
- Auto Liability
Auto liability offers coverage for the cost you’re legally liable to pay to a person if a car accident is your fault.
- Body Injury Liability
This type of coverage covers the medical expenses, suffering, pain, and lost wages of the other party injured in a truck crash.
- Physical Damage Coverage
This insurance helps drivers claim their trucks back as soon as possible.
- Collision Coverage
Collision coverage can help drivers repair their flatbed if they are involved in a collision. If the rear-end of the truck is in front of the driver, collision coverage will pay for the damage and repairs to the truck while liability insurance will pay for the repairs required for the collided car.
If a collision occurs and the people in the other car are injured and unable to work then worker’s compensation will cover their lost income.
This article explains the factors that may affect your flatbed truck insurance. It’s always best to get a quote for your truck to determine the right cost.