If you have recently purchased a truck, this blog will help you find the right insurance.
5 Reasons to Buy Commercial Truck Insurance
Getting into the trucking industry is a great way to start your own business in a lucrative and growing field. But it’s not all roses, unfortunately. Owning and operating a commercial truck requires having insurance coverage for both the vehicle and the driver.
It can be confusing for new owners who are just getting started with their business venture. They have to research options, compare prices, find commercial truck insurance providers that will work with them on rates and plans, etc. This can lead to indecision or procrastination when it comes time to decide what kind of coverage you need. To help take some of this decision-making pressure off, here are five reasons why you should buy commercial truck insurance today.
1. Protect Your Assets
Another important reason to get commercial auto insurance is that it can help protect your assets. Suppose you have a vehicle that costs you money and takes time to maintain. In that case, it’s logical to put in place a plan so that if something should happen to it, either while driving or sitting outside at the loading zone or repair shop, you can end up receiving compensation for any costs incurred in fixing or replacing it. This way, you’re not taking such a huge financial hit when breakdowns happen. If your goal is to be successful financially and operationally, buying truck insurance is one smart way to make sure that happens.
2. Avoid the Ramifications of No Coverage
Driving around without commercial insurance coverage is a big no-no in the trucking industry, with any infractions being hit with big fines, penalties, and assessments. In addition to that, they’ll also usually suspend your privilege of driving in any state for a set amount of time while things are sorted out with your insurance provider if you’re caught operating without it. You don’t want to test the waters by trying to see how much you can get away with when there are strict laws and consequences in place. Instead, please do yourself a favor and buy commercial truck insurance today so that you never have to experience the ramifications of not having it.
3. Improve Your Financial Security
If you’re in business, your goal is to make enough money to support your family and live comfortably. Taking a chance with your physical security by not getting commercial truck insurance could mean having that financial security taken away as well. If you get pulled over at any time or are somehow involved in an accident, it could be devastating for you. Think about the financial repercussions of such an event happening because it’s much better to avoid this kind of risk by taking out Arizona commercial truck insurance today.
4. Avoid Depreciation From Accidents
The average life span for trucks is only six years, so the last thing that you want is for one to be taken away early. Commercial truck insurance can help safeguard against this possibility because it will cover repair and replacement costs up to the value of your vehicle as determined by what you paid for it or the percentage that you financed if leasing.
5. Avoid Costly Lawsuits
When it comes to lawsuits, you always want to try and avoid them for as long as possible. But when they do happen, commercial truck insurance can help cover your defense costs or pay off any damages that are assessed against you if they decide in your favor at the end of a case. This means that you won’t have to take out a loan to finance legal fees, nor will you need to make sacrifices financially if the court decides that you were at fault one way or another. You can also use this insurance policy wisely by using it to sue someone else who wasn’t insured themselves.
Whether you’re a business owner or an individual, the benefits of commercial truck insurance are clear. It will help to protect your livelihood from unforeseen events such as accidents and lawsuits. The best part is that it won’t cost you too much compared with all it can do to mitigate risks. If this sounds like something worth looking into, then give us a call today.