One of the most important expenses a new (or seasoned) commercial truck owner-operator must acquire is quality, reliable commercial trucking insurance. Your truck or fleet of trucks is one of your largest, most valuable assets. Therefore finding the right insurance coverage to protect your prized possession(s) is crucial for business success.
Nowadays, even with hundreds of truck insurance companies to be found on the internet, it’s important to do your research. Most importantly, look for a quality commercial truck insurance company that you can trust to process your claims.
Top-quality commercial truck insurance premiums can be pricey. Mostly because the trucks themselves are expensive and the insurance company carries the risk of potentially replace your rig. The larger the truck, the higher risk of excessive damage.
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Commercial Truck Insurance and Warranty Tips
Despite having to pony up for a commercial truck insurance policy, it’s worth the protection when something goes wrong and a requirement for if you plan to finance your equipment.
PRO TIP #1: You can save some money by increasing your deductibles or paying your insurance upfront rather than paying in installments. Insuring all your vehicles with one company can also land you a discount.
PRO TIP #2: You can also implement extra safety measures in your truck such as locking devices, anti-theft equipment, and front and side-curtain airbags as these features will help an insurer see you as less risky.
While there are many things to consider when insuring your truck, commercial vehicle insurance can be broken down into four main types:
1. Liability insurance – this is the mandatory insurance that pays for any damage you may cause with your truck.
2. Bobtail insurance – this is voluntary and covers your truck when you’re on the road such as when you’re having it serviced.
3. Motor Truck Cargo – insurance that covers the load you’re carrying.
4. Physical Damage Coverage – covers your truck against fire, theft, and flood damage, etc.
In addition to insuring and protecting your truck or fleet, commercial truck warranties are one of the best investments you can make. Trucks see a lot of use throughout their lifetimes and can cost a lot in maintenance and service fees. Any unexpected mishaps can spell significant losses for your business.
By taking advantage of commercial truck warranties for new and used trucks, you can help prevent those great losses. You can find after-market warranties that cover a variety of potential issues depending on your truck’s needs. Normally, you can find after-market truck warranties for any truck that meets the broker’s maintenance requirements.
Though good insurance and a truck warranty bring an additional expense to your business, purchasing these protections will save you significant amounts of money over time.
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