Reader question:
I’m investing in getting my own truck to be a truck driver. What do I need in terms of truck insurance?
Randy
For people whose business revolves around their wheels, insurance is one of the most important things of all, Randy.
For truck drivers, auto insurance is key to the success of their business, especially when you consider that their entire income is wrapped around that vehicle and what it holds. If something goes wrong, they can’t just carpool or take the bus to their destination; that’s the rent. So what does a truck driver do when it comes time to get insurance?
- Pick your deductible with reality in mind. Choosing a higher deductible may make your premium cheaper, but remember that commercial trucks are big vehicles and expensive to repair, so you want to pick a deductible that you can realistically afford.
- Combine deductibles. Not all agencies offer this, so find one that does. If you combine your deductibles, you can pay for truck, trailer, and cargo together instead of making separate payments.
- Don’t just think about price. A reasonable price is a reasonable desire, but you need to get with an agent that you trust. Instead of just looking at quotes, rely more on recommendations from fellow truck drivers.
- Look around. There are lots of ways you can get insurance on your commercial truck, be it through the trucking company, a finance company, or a trucking association. Lots of trucking companies offer special group rates for their owner-operators, and let you pay deposits in installments. Finance companies let you put your premium with your equipment payment. Trucking associations offer group rates for owner-operators and smaller trucking companies.
Cheers,
Fashun Guadarrama.