Whether you use your tank truck to haul staples like milk or water or fuel for retail gas stations, you need the right kind of insurance coverage. Tank trucks are not easy to drive. The liquid sloshes back and forth, which can make it harder to control a tanker compared to a box truck or tractor-trailer. Plus, tankers have a really high center of gravity.
Because they are so large, when tankers are involved in accidents, there is a potential for serious damage. This can lead to large lawsuits and place a significant financial burden on the fleet owner or operator. These reasons illustrate why it is so important to get good coverage for your tanker truck. Are you wondering exactly what coverages you need for your tanker? No worries, we have you covered. Here are some of the most important insurance coverages for tankers.
4 tank truck insurance coverages you should know about
#1 Comprehensive and collision coverage
A tank truck is a huge investment. Comprehensive and collision coverage cover your truck if it is damaged due to a collision or accident. If you hit another vehicle and you are at fault, then collision will pay for damages to your truck. Collision insurance will also cover you if you back into a pipe while attempting to fill your tank up. What if rollover due to icy roads? Collision would also protect you.
Comprehensive insurance can protect you from losses that occur as the result of a fire, hailstorm, tornado or another natural disaster. Comprehensive also covers theft and vandalism.
#2 Liability insurance
Every tank truck policy must include liability insurance. This coverage is required by law. You won’t be able to get truck licenses or permits without liability insurance. Liability pays for damages to other vehicles or property in an at-fault accident. Liability usually includes two types of coverage — property damage and bodily injury.
Property damage insurance pays for repairs to other people’s property that are the result of an at-fault accident. If you hit another vehicle and it is totaled, then your property damage insurance will cover the costs.
If someone else is injured and you are at fault, then bodily injury will pay the medical bills. This coverage keeps you from having to put money towards someone’s else’s medical costs. Bodily injury coverage typically also covers ambulance bills, hospitalization expenses, and rehabilitation. This coverage can also pay out for funeral expenses if another person is fatally injured in an accident and you are at-fault,
#3 Rental reimbursement
You are losing money every day that your truck is off the road unless you include rental reimbursement. If your tanker is damaged or totaled in an accident, then rental reimbursement will cover you for a temporary replacement. This means that you can get back to work and start earning money sooner.
#4 Medical payments
Medical payments cover medical bills for you — or if you are a fleet owner — your driver and any passengers that are injured in an accident. This coverage pays whether you are at fault or not. Medical payments cover things like ambulance bills, hospital stays, physical therapy and prosthesis.
These four types of insurance coverage are important for tank truck drivers, though they aren’t the only coverages you can consider. Did you know that comparing multiple truck insurance quotes is the easiest and cheapest way to get tank truck insurance? For more information about tank truck insurance or to compare rates for free, contact us today by filling out our online quote form or giving us a call.