How Much Does Bobtail Insurance Cost?
Several variables contribute to the cost of bobtail insurance. These include your specific driving history, the policy limit that you pick, how frequently you bobtail, and more. A typical yearly premium for this type of insurance is $400.
However, this is just an estimate, and your actual expenses may vary depending on the following factors:
- Your driving record: A truck driver’s insurance rate is likely to decrease as they gain more driving experience.
- Your limits: There is a price difference between $1 million and $2 million insurance coverages. The higher the coverage level is, the more you’ll pay for it.
- Your application: Do you bobtail on a regular basis? For how long? The more bobtailing you do, the riskier you’re to insure — and the higher premiums you’ll pay.
- Your insurance history: Having a lot of claims on your previous insurance policies will almost certainly result in you paying more for your bobtail insurance.
Semi-trucks are large vehicles, and when they are involved in a collision, they may inflict significant damage to automobiles, buildings, and other individuals in the vicinity. Because of the dangers associated with bobtailing, failing to get insurance for this activity can be a costly error that can leave you with huge amounts of money in damages and medical expenses if an accident occurs.
Is Bobtail Insurance Expensive?
Some insurance companies charge lower premiums than others, but it’s not a secret that you could save money by shopping around. You’ll have a better chance of getting the greatest deal on bobtail insurance if you talk to many agencies. To prevent double coverage and ensure that there are no gaps in your leasing agreement, make sure you read your lease agreement thoroughly.
Drivers who work for a trucking company often require:
- Bobtail coverage
- Insurance for physical damage
- Non-trucking liability
How to Lower Your Bobtail Insurance Cost
The physical damage component of the policy’s value is the primary determinant of the cost of these coverages, which are often acquired as a bundle. Purchasing insurance for a 2015 Peterbilt will be more costly than getting one for a 2000 Volvo.
Packages ranging from $1,500 to $2,500 are available for older vehicles. Sometimes it makes sense to buy coverages from different providers. In most cases, you may save $500 or more simply by shopping around.
Lower Cost = Higher Deductible
In order to reduce your monthly rates, you might agree to a higher deductible while negotiating with your insurer. But if an accident occurs, your out-of-pocket costs will be far greater. Even if you save a few dollars a month by decreasing your deductible, you might wind up shelling out hundreds of dollars more in the event of an accident.
Maintain a Good Driving Record
Bobtail insurance rates are affected by your driving record, just like your general liability insurance premiums. Your insurance rates will rise if you have a history of moving offenses, traffic fines, or accidents. This is just one of the many reasons why it’s important to be safe on the road.
What Is the Difference Between Bobtail Insurance and Non-Trucking Liability?
Understanding how trucking insurance works is essential if you are a driver who owns a semi-truck and is employed as an independent contractor. Trucking business dispatched drivers are usually insured by the business insurance coverage of the trucking company they work for. While on the clock, you are covered by the company’s trucking insurance.
Bobtail and non-trucking insurance are not synonymous, despite the common misconception. They differ in terms of what they cover and how they work. Since we’ve already discussed bobtail insurance, let’s take a closer look at non-trucking liability.
Non-Trucking Liability Insurance
Contingent liability insurance is another name for this sort of transportation insurance. A non-trucking liability policy protects owner-operators against liability claims when their truck is not being utilized for commercial reasons, regardless of whether or not it has a trailer attached. Non-trucking liability insurance is often required for contract drivers since it protects them in the event of an accident when not under dispatch.
Non-trucking liability insurance covers you and your semi-truck in situations when they are not being utilized commercially. For instance, you and your partner take your semi-truck to go out for dinner. You get into a small accident that results in minor damage to the car involved in the collision. Your main trucking liability insurance will not cover you in this situation since you are not dispatched at the time of the accident. However, non-trucking liability insurance can provide coverage the same way that regular auto insurance would if you were driving a car.
The bottom line is that bobtail insurance protects your semi-truck when driving between assignments from various carriers or for personal usage, but only if it is not hauling a trailer.
Non-trucking liability insurance protects owner-operators against liability claims when their truck is utilized for non-commercial purposes, regardless of whether or not the cargo is attached to the vehicle at the time of the accident.
How to Buy Bobtail Insurance
As with buying a car, home, or health insurance, your best bet is to shop around for the best deal. Commercial auto insurers usually provide bobtail insurance. Get in touch with an insurance agent to determine whether you can add it as an endorsement to your commercial truck insurance policy.
Additionally, many comparison sites available, but we recommend considering the best bobtail insurance companies listed above.
Bobtail Insurance: Is It Worth It?
You’ll be covered by your trucking insurance when you’re at work most of the time. But once you have dropped off the cargo, you are no longer considered to be on the job. What happens if anything goes wrong at that point? That’s when bobtail insurance comes in to fill the gap in protection.
Having proper bobtail insurance is essential if you ever drive your semi-truck without a trailer. When looking for an insurance company, it’s important to shop around for the best deal.
