Know Your Options: Insurance is Not the Only Thing to Consider When Buying a Vehicle
Contrary to popular belief, getting a typical insurance for your new vehicle is not the only option available to you, as there are certain alternatives. So what are they and do they apply to your particular case? Stay tuned to find out!
Why people seek out insurance
In simple terms, people tend to seek out auto insurance to protect their financial assets. If you get involved in a traffic accident without the proper type of insurance, you may be liable for damages, and you likely won’t be able to avoid having to pay for the injured party’s medical bills and vehicle repairs.
Even if you’re primarily concerned about your own vehicle, getting the right type of insurance will help you absorb the financial hit of repairs. For example, the truck drivers are probably quite familiar with dodge ram extended warranty, since Dodge Ram repairs are known to be quite expensive when paying for them out of pocket.
If you’re a professional driver, you’re also looking to get back on the road and resume your business operations as quickly as possible, especially when you’re tasked with having to deliver something in a timely manner.
Surety bonds are a great alternative to traditional vehicle insurance
First things first – each country has its own rules. Before we begin, please keep in mind that not all countries and/or states allow surety bonds, and you must always abide by the law.
That being said, they are a great alternative to the standard vehicle insurance packages, and purchasing one costs about the same as getting the bare-minimum insurance package. This is one of the main reasons why many vehicle owners decide to pursue this alternative path.
They are especially beneficial for business owners
The reason being is that if your company owns more than a single business vehicle, getting insurance for each single one of them could easily cost a small fortune. Surety bonds are without a doubt a more economical solution.
Now, you need to keep in mind that certain states won’t give the business owners such an option in the first place, and some of them may impose strict limitations. For example, the state of Washington requires you to own in excess of 26 vehicles and secure a minimum of $60,000 to become eligible.
Go through the options available to you
Once you’ve determined that surety bonds are available in your local area, it’s time to choose the best provider. You know the drill: open up your favorite search engine, go through all of the providers, and pick the most suitable one. The more years a given provider has remained in the business, the better.
After you’ve made your choice, get in touch with one of the sales reps, and get the paperwork out of the way. Once that’s done and the surety bond is paid for, you’re going to need to carry it with you or store it in your vehicle at all times.
Now that you’re familiar with the main reasons why you need to get vehicle insurance (coupled with some of the alternatives), it’s time to get everything in order if you haven’t already. As long as you pick a trustworthy and reliable provider, you should be fine, and checking the online reviews and ratings helps a lot in terms of placing your trust in the right hands.