For those drivers whose truck driving job with one of the big trucking companies, has brought them to stage where they want to become an owner operator, many new tasks and responsibilities as an independent business owner in the trucking industry await.
By far the biggest concern you will face is the purchase and financing of your own truck. And perhaps the second biggest consideration is truck insurance. Yes, truck insurance for your biggest business asset is one of the most important administrative matters you will have to deal with in your trucking business. So it’s worth very careful consideration of the options before you decide how and with whom to insure your truck.
Sure, you want to save money, and a cheap truck insurance policy may well suit your needs. But getting the right coverage is equally important as well. Truck insurance can encompass a whole range of coverage options, and it’s not just limited to protecting you in case you cause an accident.
- First and foremost of course, you will want to look at the all-important collision coverage, otherwise known as Physical Damage Truck Insurance coverage. The most important consideration here is to look at what you want your deductible to be. You should consider what the risks of physical damage are in the way you drive (perhaps upper North America and Canada in winter?), and whether you want to avoid having to pay much out of pocket to repaid any damage, as would be required if you choose a high deductible plan. You would choose a high deductible plan, of course, because the premiums will be lower. So if you are comfortable with a moderate amount of risk and believe the likelihood iff sustaining significant damage to your vehicle is low, and are willing to expend some cash if you are wrong (only up to the deductible amount), then you can save a lot of money in premiums every month. However, if peace of mind is of paramount concern, and you don’t want to be faced with an unexpected high repair of many thousands of dollars if you get in an accident, many truck drivers find that paying a bit more per month in their insurance premiums is worth the peace of mind it brings in knowing you are fully covered should something go wrong.