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Insurance is one of the important parts of the overall vehicle maintenance: It is the sum insured to both the owner of the vehicle and/or the third party in case of any accident. Every year, a driver/owner spends about 40K to 78K on insurance which accounts to about 5% of the overall maintenance cost of a truck. Let us talk about how to save money on truck insurance and its types.
Truck/fleet owners can follow these simple suggestions to reduce the cost of insurance while ensuring a good return in case of any accident.
Insurance, a mandate for vehicle owners to legally operate their personal/commercial vehicle, is one of the most debated purchases in the automobile sector. Specifically talking about commercial vehicle operators, insurance is nothing but an investment which is treated as a legal fee and hence, they often settle for the cheapest one. Therefore, it does not come as a surprise that more than 50% of the commercial vehicles in India are still running without an insurance plan. If a truck owner is functioning at locations with higher potential of damaging the vehicle, it becomes even more crucial for the safety of his business to invest in a good insurance plan.