The U.S. Bureau of Labor Statistics estimates that there are more than 50,000 heavy and tractor-trailer truck drivers in the state of Indiana. Many of those drivers are owner-operators who rely on their trucks for their livelihood. If you drive as an owner-operator, you need to protect yourself and your equipment whenever you’re not under dispatch.
Many owner-operators have both bobtail and bobtail phys-dam coverage, because they are often written as two parts of the same policy. Both have components of what truck owner-operators need. In this post, we’ll explore each type of coverage.
Driving a semi without an attached trailer is frequently referred to as bobtailing or deadheading. Bobtail and deadhead insurance are the same. This type of liability coverage fills in the gaps when a driver is not under dispatch. For example, if a driver is traveling to and from the terminal without the trailer, bobtail insurance would cover the driver’s liability if an accident occurs when the driver is not under dispatch.
Bobtail Phys-Dam Coverage
If an owner-operator gets into an accident and the truck is totaled, bobtail phys-dam will help the driver replace the truck. This coverage is the value the driver will get back from the insurance company, less the deductible. For many truck drivers, having this type of insurance can mean the difference between getting back to business and struggling to make ends meet.
Checking the Boxes
Banks often require bobtail phys-dam coverage to cover the value of the loan if a driver has a lien or lease. This is especially important to consider if you’re trying to qualify to expand your trucking operation. Having bobtail/bobtail phys-dam coverage is also a requirement for working with some trucking companies, so having it in place can give owner-operators a competitive advantage.
Policies average between $2,000 and $3,000; pricing varies based on driving history. Some owner-operators are hesitant to take on bobtail coverage due to cost, but there are a variety of flexible payment options available. If you ever drive your truck anywhere when you’re not under dispatch, bobtail insurance is essential for protecting your business.
Indiana Bobtail Insurance
Kincaid Insurance, located in Rockport, Indiana, has been writing trucking insurance policies for more than twenty years. We know how important your truck is to your business, so we make it our business to help you protect it. At Kincaid, you’ll have an appointed office contact for your business needs. Should you ever need to provide proof of coverage, we can quickly provide a certificate of liability insurance for your records. We write truck policies in Indiana, Illinois, Kentucky, Tennessee, and Ohio. Contact us today for a no-obligation bobtail phys-dam insurance quote.