Trucker to Trucker is the prime online resource for buying and selling trucks and trucking equipment. Today, we're taking a look at what happens when you have bought a truck for sale - arranging trucking insurance:
Sure, there are trucks for sale out there. You might even be able to secure financing for one. But you have to make sure you're properly insured. Finding the right commercial truck insurance can be tricky, but luckily there are a few tips you can follow to keep you on the right path.
When shopping for insurance, know what type of coverage you need. A lot of times, truck insurance will contain clauses that have to do with the cargo hauled in the truck, so make sure you choose a type of coverage that protects you, your truck, your cargo, and anybody you might encounter on the road. It is smart to buy insurance that has coverage related to an uninsured or underinsured driver. You don't want to get into a bad financial situation caused by someone else's negligence.
When choosing your policy, be smart about the deductible. While the lower deductible means less you have to pay out of pocket in case of an accident, the monthly premium will be much higher. In an accident, the driver with a low deductible only has to pay that small amount out of pocket while the policy will cover the rest. That's a big difference if the accident actually costs $25,000. If you have a low monthly cost but a $25,000 deductible, that's $25,000 you have to pay out of pocket. That lower monthly premium doesn't look so good, when you consider what could happen.
It helps a lot, in shopping for your policy, to have a clean driving record with no tickets, accidents, or any other type of driving violation. The amount of risk you bring to the table will drastically influence the cost of your total policy. It also doesn't hurt to keep your vehicle in tip-top condition with current inspections and registration. Showing an insurance company that you care about your rig will help you get a good insurance policy.
You should shop around, because it is important to compare the rates offered by different insurance companies. You don't want to go with the first offer you get. Sometimes you can bundle insurance, combining your home, life, and civilian vehicle insurance, getting you a better rate. Don't be afraid to share a low rate with a company that offers a higher rate. Insurance companies need to make money, too, and knowing the price they have to beat to win your business could make a difference.