Auto Buying Tips

If you drive a big rig or semi truck, your insurance coverage is probably one of your most expensive, if not the most expensive item on your books. Veteran truckers will tell you that semi insurance is no place to cut corners. Being under-insured or not having insurance at all can be devastating financially. Before you pick up the phone or log onto the internet in search of coverage, know what kind of semi truck insurance coverage you require. If you are new the trucking business, you will want to research the types of semi truck or semi trailer insurance is required for the type of cargo you intend to transport.

Here are the questions to ask.

• Does your insurance need to cover just you? Or, do you have drivers that need to be covered?
• Do your business operations require you to carry worker’s compensation?
• Will you need collision, theft, fire or hazardous materials coverage?
• Will you need to carry insurance for primary liability or just bobtail liability?
• Will your cargo need to be covered?
• Does the coverage include fuel bonds?

Understanding your coverage needs will lead you to the right coverage with the right provider.

General Liability

General liability coverage protects you from losses due to property damage or injuries on your property, using your services or because of a breach of contract. While coverage limits may start at $100,000, per incident coverage is generally recommended at $1,000,000. Many carriers or shippers will require that you have this type of semi truck insurance.

Worker’s Compensation

Basically, if you employ people to work for you, you must carry Worker’s Compensation coverage. If your employees are injured on the job, this coverage will protect them and you from a significant financial impact.

Collision, Fire, Theft and Hazardous Materials

If your semi is involved in a collision with another vehicle or is overturned in an accident, your collision coverage is intended to pay for the associated damages. Although specific training is required to hold a license to operate a semi truck or semi trailer, you cannot count on the skill of other drivers on the road. Driving without collision coverage is truly rolling the dice. If you drive for hire, you may be covered under the carrier’s insurance. The same may be true for fire, theft and hazardous materials. However, you will want to verify that coverage and supplement it with your own if necessary. An experienced commercial truck insurance agent should be able to assist you with making this decision.

Primary Liability and Bobtail Liability

Often, primary liability coverage is provided by the carrier. If you operate your own vehicles and employ your own drivers some part of the coverage responsibility may be yours. For the period of time, you operate your truck without a trailer attached, you may require what is called Bobtail Insurance. This covers you for those times when you are returning from a delivering a load, driving to the terminal to pick up a load or operating your rig while not under dispatch.

Cargo Coverage

Motor truck cargo insurance covers whoever does the transporting against a lost or damaged load. The carrier or shipper may agree to participate in this coverage. The issue here may be an understated value or the extent to which the goods are perishable. A clear and detailed understanding between the transporter and shipper is the key to determining the right amount of coverage and on whom the responsibility lies.

Fuel Tax Bonds

If you transport fuel tanks, you will likely be required to post fuel tax bonds. Each state will have their own requirements and interstate laws may vary. The shipper and transporter both will have responsibilities when the cargo being carried is subject to fuel taxes.

Next Steps

Once you have a clear understanding of what your insurance needs might be it is time to shop. While lower prices may be appealing, be sure to check out the insurance company as thoroughly as possible. A low price will not seem so appealing when it is time to file a claim and little help is available from your insurance provider.

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If you are one of the many people who made a few mistakes with your credit, you are undoubtedly already aware of just how costly those mistakes were for you. However, it does not need to damage your credit forever. Even if you have had to finance your car with a loan that has a high percentage rate, it is always possible to get a bad credit auto loan refinance. There are several reasons to do so, and some important advantages to this type of refinancing.

Why Seek A car refinance for bad credit?

The primary reason that most people choose to seek a bad credit car refinance is to save money. Most borrowers who have sub-par credit, which is usually any credit score under 600, will end up paying very high finance rates with their original auto loan. With these finance rates reaching 18 percent or much more, paying the loan off can be quite difficult and it takes a very long to to even begin paying on the principal of the loan in this way. Getting a refinance car loan for bad credit will allow you to reduce your percentage rate and therefore your monthly payments. Additionally, getting a loan of this type will usually extend the term of the loan. This will allow you to make smaller payment over a longer period of time.

Many people who seek a refinance of this type are trying to pay off some of their obligations so that they can improve their credit rating. However, they often find themselves struggling to pay the large monthly car loan and are unable to repay other obligations. A poor credit car refinance will allow borrowers to free up a great deal of extra money so that they can spend that money on other important things, such as paying debt and thereby improving their credit rating.

How Do You Get A car refinance with a bad credit rating?

Today the Internet has made it easier than ever before to apply for a refinance car loan with bad credit. There are many web companies devoted exclusively to this very purpose, and you can begin with a simple web search. While you will find plenty of results, it is important to be selective when choosing the company you will use. Make certain that you find the company offering the lowest finance rate. The lower the rate, the less you will pay each month. Some companies have prepayment penalties that can be pretty steep, and if you can avoid these it is a wise idea. There is no reason to be penalized for paying your loan off early. Take advantage of the online bad credit refinance calculators features by most of the websites to get an idea of what you will pay, and what you feel you can easily afford.

Finally, you will find that there are some car refinance lenders for bad credit who are specifically geared toward improving your credit rating. This is a good place to start because a lender like this is aware of exactly what steps should be taken to get your credit rating back where it needs to be.

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As long as goods, materials, scrap and waste need to be moved from point A to point B, and as long as there are businesses whose services are best delivered by truck, there will be trucking business. Those who make their living with their trucks are accustomed to the expense of trucking insurance. To the uninitiated, getting a truck insurance quote might seem to be just the same as insuring your personal vehicle. However, truck insurance quotes can get complicated. Reputable truck insurance companies will know how best to help you given the specific types of business you conduct, and the associated federal, state, county and municipal requirements for truck insurance.

Big Trucks

Big trucks can refer to any truck larger than a pick-up truck. A partial list might include:

• Armored Trucks
• Box trucks
• Bucket carriers
• Cargo Trucks
• Cement mixers
• Cement trucks
• Delivery vehicles
• Dump trucks
• Log trucks
• Long Haul and Short Haul Tractor Trailers
• Tow trucks

Big truck insurance liability is a specialized area of commercial insurance. Those companies that specialize in these lines of coverage may further specialize in certain industries from logging and wreckers to construction and refuse hauling. The fundamental factors that affect the type and amount of truck insurance coverage are:

• The skill and experience of the driver
• The type of vehicle
• The nature of the cargo or material carried
• The environment in which the vehicle is operated
• Coverage required by local, county, state and federal laws

Truckers insurance is available from a wide variety of insurance carriers. Seeking out an agent who is very familiar with the type of insurance you need and the industry you are in, is your best starting point to make sure you adequately covered to conduct business with managed risk.

Motor truck cargo insurance will normally be required by customers who are asking you to haul their products or supplies. They want to make sure that they are covered if anything happens to the cargo you are hauling on their behalf. There are limits to the liability of the hauler including the following:

• Acts of God, such as a storm or other catastrophic natural event
• Public Enemy which refers to actions of riot or war.
• Inherent Vice is a loss arising out of spoilage, degradation or deterioration caused by transit time, method or handling. This usually refers to cases where the vulnerability of the cargo was not properly disclosed.
• Act of Fault by the shipper such as improper packing.
• Public Authority which normally refers to confiscation by U.S. Customs or other policing authority.

In addition, to motor truck cargo insurance and primary liability coverage, certain types of trucks require additional insurance, such as tow trucks and dump trucks.

Tow Trucks

The tow truck business has its own unique kind of risks. When people call you for help, you are the hero; right up until the towing process further damages their vehicle. On hook towing insurance will protect you if vehicles you are towing are damaged by theft, fire, collision or vandalism. If you are called by a lien holder to tow a car for repossession, you can end up seeming like the villain if the lien holder didn’t have their paperwork straight or made legal errors in the repossession process, it could be the tow truck driver that takes the initial impact. Special tow truck insurance for “wrecker” businesses can protect you from claims of invasion of privacy or improper seizure of property. This line of business can be very lucrative. However, like many lucrative businesses, the exposure to losses is significant. Besides the inherent risk of doing business, tow truck insurance should also cover loss and damage to the vehicle and liability for loss and damage to the property of others. Professional commercial truck insurance agents how know this business works and what additional coverage you might need, such as insurance for any property stored on an impound lot you operate.

Dump Trucks

If your business is hauling construction materials, scrap, waste, snow or ice, you operate a dump truck. Dump trucks, classified as heavy commercial vehicles, carry specific kinds of risk requiring specialized insurance. Both the truck and cargo are subject to losses by damage and losses from the liability of damage to others and their property. Dump truck insurance rates depend upon the truck itself, the training and experience of the drivers, and the hazardous nature of the transported material. Cargo such as bio-hazard waste or aggregate construction materials has its own risks and its own type of insurance coverage requirements. For example, there is special insurance just for carriers who haul sand and gravel loads. Dump trucks that work primarily in bad weather with ice and snow crews have the added liability of driving in extremely hazardous conditions. You may actually need several types of insurance products to operate a hauling business that uses a dump truck, including primary liability coverage, physical damage insurance and motor truck cargo insurance. Truck owner/operators, who may haul different types of loads and have the appropriate licenses and primary liability insurance coverage, may be able to insure their trucks and cargo on a short term basis for projects with a specific start and end date.

Truck Driver Insurance

The fault in an accident between a truck and another vehicle can be attributed to the driver of the truck, the other vehicle’s driver, the truck owner, the truck maker, the brake manufacturer, the trucking company and a host of other parties if someone can connect the dots. Typically, the driver, if he or she is not an owner-operator, is in the most fragile financial position. So, truck driver Insurance is required by federal law. Simply stated, operating a truck without this insurance is a violation carrying serious legal penalties. This coverage is required to guarantee that damages are paid and will not depend upon the financial position of the driver. Rates for truck driver insurance depend upon driver experience, history, and operational circumstances. The truck is generally covered separately from the driver for damage, theft and other losses to the truck itself. Owner-operators will be able to purchase a bundled policy which provides both types of coverage. If you are an independent driver, do not assume that those that hire you for a long or short term job have adequate coverage. Larger trucking companies will carry all the types of insurance necessary to operate their business including truck driver insurance for each of their drivers. Given the impact of not having this coverage, it is a bad idea to just assume it is in place.

Coverage Limits

Truck insurance rate quotes should be clear about specific coverages and coverage limits. Some coverages are required by the Federal Motor Carrier Safety Administration. Motor contract carrier and common carriers and vehicle operating freight forwarders are required to carry public liability insurance for losses involving bodily injury, property damage and environmental restoration. Freight limits would be $750,000 to $5,000,000 depending on what is being transported, The limits for non-hazardous contents moved by trucks under 10,000 pounds is much lower at $300,000. Passengers need to be covered for $5,000,000. Drivers operating vehicles able to carry less than 16 passengers is less at $1,500,000. Motor common carriers and freight forwarders must insure cargo at $5,000 per truck and $10,000 per event. Each state may also have particular insurance requirements even if you do not transport anything across state lines. For multiple trucks insurance is usually obtainable at a discount. Comprehensive coverage for a trucking business should include primary liability, truck cargo, general liability and non-trucking liability.

Managing Insurance Costs

Knowing the tips and tricks of experienced trucking companies can help you manage your truck insurance rates. Of course, you will want to obtain several quotes. Online quote services are great for this purpose. Prices for the same coverage can vary as much as 30% from provider to provider. So, do your homework before buying. In addition to being a diligent shopper, you may also want to take advantage of one more of the following tips, too.

• Sometimes buying truck insurance right from providers may uncover discounts that wouldn’t be available through an insurance broker. When you don’t work with a broker, the provider saves the commission.
• That said, it’s also possible that the least expensive policy can most easily be located with an insurance broker’s assistance. If your trucking business is especially high risk, it might be wise to work with a specialist in this area that can help negotiate the right provider at the right price.
• Develop documented safety and security policies and procedures, and implement measures for enforcement.
• Consider requiring your drivers to take defensive driving courses and implement safety technology such as antilock brakes, airbags and alarms to reduce the risk of loss due to injury, accidents or theft.
• Keep up with maintenance and repairs on vehicles. Regular maintenance can eliminate a minor problem before it causes a major incident.
• If you have multiple trucks, aim to insure all of them under one provider to reduce premiums.
• Rather than reduce coverage, consider increasing deductibles to manage costs. Generally, the higher the deductible the lower the premium. Having lean coverage can mean the end of your business if a claim can wipe you out.
• Be choosy about where vehicles are parked when unattended. If your trucks are kept in a secured facility, this fact will be taken into consideration when determining your rates.
• When considering how much coverage you need on the truck itself, check the vehicle warranty and truck loan terms to avoid paying for excess coverage.
• Keep a close eye on drivers’ records. The better the driving record the cheaper the insurance.
• Try your best to never let coverage lapse. Insurance companies will want to see continuity of coverage and good explanations for any gaps.
• Keep up with premiums and avoid amassing a history of late payments.

The truck insurance company you choose may be able to offer additional suggestions and measures in order to reduce premiums. Do your research on trucking insurance companies for their reputation on paying claims and providing service to policy holders. Saving money by going with a less than reputable truck liability insurance company can mean headaches when a claim is followed or when legal requirements change.

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Impound cars are a great way to buy a car for much less than it might normally worth. These are the cars that law enforcement groups like the DEA, local police, Border Patrol, and IRS seize when dealing with the property of convicted criminals. After the criminals head to jail, the stolen or misused goods are taken into custody and put up for auction. This is a stellar way to find some excellent cars for a low price. Everything from high end luxury cars to mini-vans are sold at such auctions or sales. The following includes some basic information about how to go about finding impound cars for sale and what to know before you invest in any one car.

First, know that you are bound to find cars of all shapes, sizes, conditions, and models at such an auction or sale. Thus, it helps to go into such a sale or auction knowing exactly how much you can spend and what kind of car you want. This makes narrowing down your choices that much easier. You can find cars that are brand new, and you can find clunkers that are being sold for parts. You can even find boats, ATVs, and motorcycles for sale. Knowing your desired vehicle ensures you can walk around such a sale without feeling overwhelmed by all of the choices. With so many options, it’s important to have a budget and specific make, model, and even year in mind so you can narrow down your search.

There are many ways to find impound cars for sale. A quick Internet search will show many listings for auctions. Some of these listings are free whereas others charge a small fee so users can search listings by specific criteria like make, model, condition, and price. Some auctions or sales will be open to the general public and some will be invite-only or will charge a small fee for entry. Know about the sale before you head out to it so you can be completely ready for what to expect. With hundreds of sales going on around the country, you can be sure to find one close to home if you do your research.

Sometimes, impound cars will be auctioned online and you can bid on them this way. However, be wary of this: You want to be able to inspect a car before you invest in it. Know that not every car is created equal when it comes to an impound sale. Some cars will be clunkers and the governments and agencies auctioning or selling these cars usually sell them as is (i.e. they are not responsible if they end up not working or breaking down a week or day after purchase). Thus, if possible, you should bring along someone who can tell whether or not a car is worth the investment. You can sometimes find cars as much as 50-75% lower than the Blue Book or sale price. However, you have to be sure you are investing in a car that’s going to work or prove useful.

Don’t settle when it comes to shopping for impound cars. This really is one of the most affordable ways to invest in a set of wheels. If you don’t see your desired car, don’t buy whatever’s available. Patience really will help you secure a deal on your dream car. If you are willing to take a risk, impound cars for sale are a great way to invest in a new car for much less than you would get at a car dealership. With research, you can be sure that your bargain deals are exactly that: deals and not mistakes. You may not receive a warranty or be able to return such a car, but if you walk in with realistic expectations, you can no doubt score the deal of the year.

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With so many moving from corporate jobs to self-employment, more people are seeking commercial insurance quotes. Commercial insurance protects your business assets like your personal insurance protect your personal and family assets. So, what do you need to protect? For what should get a commercial insurance quote?

Auto Insurance

Take a serious look at what assets you have and use to keep your business open and thriving. If you use your vehicle in conducting your business and only carry regular auto insurance, you may not be covered in the event your vehicle is damaged or damaged others’ property when you are driving it for business. Check your personal car insurance policy to clarify its limitations to protect you for commercial use of your vehicle. Then, get a commercial auto insurance quote.

Van Insurance

The commercial van insurance quote you may get will depend upon usage. There are three types of commercial van insurance. Comprehensive coverage protects against losses due to accidents, collisions, property damage caused by the vehicle, theft, fire and vandalism. You can secure only third party fire and theft coverage, which protects you if your vehicle is damaged by a third party in incidents related to theft, accidents, fire, explosions, and other incidents of damage caused by someone else. A less expensive option could be third party commercial van insurance, which only covers you for damage caused by you in the use of the van.

Truck Insurance

Another type of commercial vehicle insurance quote you may need to obtain is for your truck. Depending upon the type of business you are in, you may be subject to state and federal laws that require you to carry certain types insurance. For example, if you haul cargo across state lines, the Department of Transportation has specifications. Your commercial truck insurance quote should account for these types of requirements, of which your insurance professional should be aware.

Liability Insurance

Once you have your commercial vehicle insurance quote or quotes in order, a look at your commercial liability insurance needs. You may hear several terms when you ask about a commercial liability quote. For example, some customers you work with may require you to carry employer’s liability insurance. This covers losses should an employee injure themselves in conducting business and file a lawsuit. You will also hear the term general liability. If the business is sued by a third party, a customer or vendor, this insurance will pay for legal expenses and damages that result in this type of lawsuit. Along with commercial vehicle insurance, general liability should be considered an imperative. Although small and large companies alike carry general liability insurance. The impact to a small business should it be sued can be devastating. If you are a single self-employed person organized as an LLC, this type of insurance can cost as little as $100 per month.

Obtaining a commercial general liability insurance quote is, for most small businesses, an easy process. Another term you will hear is business owner’s policy. This type of a policy covers most types of risk, but to a lesser degree. It is less expensive, but also less extensive in its ability to cover you for catastrophic losses.

Some insurance carriers specialize in different types of businesses. Ask others in your industry with whom they work. Conduct your own web research, as well, before seeking a commercial liability insurance quote. Commercial insurance should not be considered a luxury, but a necessity. If you are considering starting your own business, be sure to include the various lines of commercial insurance you may need. Working with a good commercial insurance broker should make this process easy and straightforward.

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