If I Buy A Semi, Will My Insurance Go Up?

Purchasing your own 18-wheeler can be a wonderful way to boost business and have your own company. If you’re a truck driver, you also won’t need to worry about available trucks as you’ll already have your own. First things first, you’re going to need to go for special licensing in order for you to get your new semi. Next, you might be interested in the repercussions when it comes to your insurance provider. By understanding what to expect out of insurance, you’ll avoid the problems that come from people who weren’t expecting their rates to go up.

Why You Might Consider Buying a Semi

There are a variety of reasons you might want to buy your own semi. For one, you might be looking to run and operate your own company, and you’ll need a truck in order to make deliveries. Other people are already working as a truck driver and need to have something that they can rely on at all times. No matter what the reason, purchasing your own semi is a great way to increase your business profit and have something to call your own.

Insurance Facts

Because truck accidents are so common, it is no surprise that your insurance rate will go up after purchasing a semi. Not only are these accidents common, but they are becoming more common. The reason it goes up is due to several different reasons. For one, you’re taking on another vehicle under your policy so, naturally, you’re going to pay more money a month in order to cover the new vehicle. Next, many insurance providers see trucks as more of a liability than cars, especially considering the fact that trucks are often used for work-related purposes and are driven a lot.

Plus, because of the increase in truck accidents over the years, it’s no wonder that insurance companies are wary with those who have a truck of their own. The most important part of decreasing the amount that you owe in insurance is to be a good driver and to avoid truck accidents altogether. The longer you go without an accident, the less you’re going to pay into your insurance.

Now that you’re aware of how insurance works when purchasing your own semi, it is important that you choose a truck and go with an insurance provider who you can trust. There are lots of reasons to get a semi, but having good insurance prevents you from having issues down the road if you should ever get into an accident.

Resources:

Commercial Insurance Rates
Trucker Testing and Commercial Drivers Licenses
George Salinas
Truck Accident Statistics