The role and function of a used bucket truck in a business should not be taken lightly. The boom, with its attached bucket, is used to lift workers and loads to working height under various operating conditions; the slightest mistake on the part of an operator as well as uncooperative weather could lead to injury. Because of this, every one of these equipment operators must have proper training and insurance in case any type of accident occurs as they perform work.
Insurance Considerations for a Used Bucket Truck
A commercial truck policy is one of the most expensive costs of operators and businesses alike; however, having such a policy is worthwhile in the long run. The peace of mind it gives knowing that any type of liability would be covered should something go wrong to cause an accident is priceless. Finding such risk coverage at a reasonable cost is something that can be accomplished without too much effort.
Costs
The cost of these policies is based upon certain controllable factors that need to be examined prior to purchasing a commercial vehicle policy.
- Operator Driving Record – An operator with a record of many accidents would cause the insurance to be more costly.
- Work Performed – Another critical cost factor is the type of job primarily done by the covered business. Using bucket trucks for delicate operations, such as electric line work, would probably cause an increased premium in order to obtain adequate coverage.
- Company Credit Record – The credit history of a business as well as the personal credit history of the owner will have an impact as well. Companies with a good history and on good terms with lenders are viewed as financially stable, yielding lower premiums. Likewise, a good personal credit history could indicate an owner in the habit of paying bills on time and will be an advantage.
- Insurance Company – The choice of insurance provider should also be taken into account when considering cost. Providers offer varying rates in order to remain competitive. Some offer packages with tailor-made options at a lower cost.
Reducing the cost of insurance premiums does not necessarily mean that coverage will be limited. Considering the factors many providers use to determine the premiums, it is relatively easy to establish ways to minimize costs without compromising coverage.
- Experienced Drivers and Operators – Employees with considerably more experience cost less to insure. Insurance companies know that as drivers who spend more time on the road are likely to become more skilled at handling different situations. For example, braking on an icy road without losing traction is a skill that can only be mastered by spending many hours behind the wheel during winter conditions.
- Clean Driving History – Hiring operators with a clean driving history is a must. A driver who is very aggressive may be careless behind the wheel and cause an accident; that person is more costly to insure.
- Good Credit History – It is important to maintain a good credit history both personally and for the business as this has a very large influence on whether a company is considered insurable.
- Independent Agent – Securing a reliable independent agent who is able to provide multiple quotes from competing carriers can help in reducing expenses. It could provide a better perspective about different coverages as well as premium cost. Determine the level that is appropriate for bucket trucks, such as comprehensive and collision coverage.
Obtaining commercial insurance for a used bucket truck does not have to be overly expensive. As long as a business owner knows what factors could cause a higher premium, such as poor credit scores and bad driving records, insuring such vehicles for a lower premium can be handled inexpensively!
As you look to purchase used equipment and a used bucket truck, knowing what to focus on and which things to look for can help you make an informed decision. Contact us and we will be glad to help.