You’ve bought the truck, you have a business plan, and you’re ready to hit the road. Besides the truck itself, truck owner operator insurance is the most important purchase you will make. This checklist will help you in your search for reliable insurance.
1. Know and understand the terms of your coverage. Compared to car insurance, truck owner operator insurance is a completely different ballgame. The terms in an insurance agreement include several aspects of your truck including the cargo carried inside. The coverage you go with should not only protect you and your vehicle, but also the cargo being transported and any others involved in the accident (if applicable).
2. Pick an affordable payment and deductible. How pricey your deductible is will be a big factor when the time comes to use the policy. If you decide to have a small deductible, the monthly payments will be higher. However, the driver with higher monthly payments will only have to pay the deductible when an accident happens, and the policy will cover the rest. If you don’t have a significant amount of money saved, you may want to think about the higher monthly payments instead of paying a big sum of money immediately following a serious accident.
3. Keep your driving record clean. The best way to get (and keep) a low rate is to have as few mistakes on your record as possible. If you have traffic tickets or serious accidents on your record, it’s worth looking into getting them removed. Insurance companies want to insure safe and reliable drivers who don’t take risks with their trucks. Keeping your truck up to date and clean also lets insurance companies know that you take the maintenance of your truck seriously.
4. Get quotes from different companies. Insurance companies are always in tight competition with one another. They want you to choose them over anyone else. Call around and tell each company the lower quotes you’ve been offered and they will usually try to beat it with an even better deal. If they say they can’t, move on to the next one. When you go about it this way, you’ll be sure to get a reasonable rate and deductible.
This may seem like a lot of trouble to go through, but your future as a truck owner operator is too important to risk on bad insurance. Make sure to spend time looking into truck owner operator insurance that works for you and your business. You can also use websites like Truckers Report to easily compare insurance rates.