Find the Best Oilfield Truck Insurance Company
Oilfield Trucking might pay more than other forms of hauling, but it’s also more dangerous and it requires increased responsibility from its drivers. That’s why choosing the right insurance company is crucial to oilfield truckers.
Experts agree that drivers should compare plans from at least three truck insurance companies that write in the oilfield before committing to one. That way, you know you’re getting the best insurance at the lowest possible price.
To help you out, we’ve set up this Get Three Quotes page, which will connect you with three different oil field insurance agents who’ll compete for your business.
The Different Parts of Your Policy
Whether you’re from Texas, Alaska, North Dakota, California, or Oklahoma, oil field truck insurance consists of several components, some required and some optional. Discuss your particular needs with your agent to find out which insurances are right for you. Typical coverages include:
Liability Insurance – Coverage required in all fifty states. It insures the property of others when you’re involved in an accident and you’re the one at fault.
Collision Coverage – In the event of a collision with another motorist, this coverage pays for damage done to your truck or trailer.
Comprehensive Coverage – Pays for any damage done to your truck or trailer due to anything other than a collision. Some examples include theft, fire, or a tree limb falling onto your truck.
Cargo Insurance – Insures the freight you haul. For truckers in the fracking industry who are only hauling sand or water, this protection is generally less expensive. For oil tankers, this insurance is a little more costly.
Bobtail Insurance — Covers your tractor when it isn’t attached to a trailer and you’re still under dispatch.
Loading and Unloading Coverage – Cargo insurance designed exclusively for when a commodity is being loaded onto or unloaded from your trailer.
Combined Deductible – Without a combined deductible, you’ll be expected to pay separate deductibles for your collision coverage, cargo coverage, liability coverage, etc. A combined deductible reduces your out-of-pocket cost by merging these into a single deductible.
Loss Mitigation – covers losses you experience after you have already reported an accident.
Debris Removal – In the event of an incident, debris removal coverage pays for the pick up and cleaning of spilt cargo.
Earned Freight – Even if you’re in an accident and your shipment isn’t delivered, you still get paid by the insurance company for any lost income.
How Much Does Oilfield Truck Insurance Cost?
Oilfield truckers are expected to drive in harsher climates and over rougher terrain than normal OTR truckers. Because of increased risk, oilfield hauler insurance costs more than typical trucker insurance, with most polices ranging anywhere from $9,000 to $14,000 a year. What it ends up costing you personally, depends on a few things, like your limit, your deductible, the coverages you want, where you operate, and what your driving history looks like.
To decrease the amount you pay, you have a few options:
- Increase your deductible
- Lower your limit
- Opt out of unneccesary coverages
- Pay a year-to-year lump sum instead of month-to-month payment
- Shop your insurance policy each year to see if there is a better deal.
The Absolute Best Way to Get the Best Coverage
Things like increasing your deductible and lowering your limit and reducing your coverages can put you at financial disadvantage if you do get into an accident. Luckily you can lower your premium without increasing your risk, and it’s easy. Just fill out our short form and we’ll connect you with three separate oil field trucking insurance agents for free. From there you can choose the agent who presents you with the best, cheapest policy.