Although both unpleasant and unpopular, governments are required to set tax rates in order to receive money they can spend on public service wages, pensions and any number of infrastructure projects. Although a government may not have a choice other than to set tax rates, they have a very wide scope as to exactly how or what they tax and at what rates. If they set high import duties, they very much limit what their people can afford to buy, often leaving them without their much enjoyed luxuries. If a government places high export rates, it adversely affects a business’s ability to be competitive in the international market place, possibly resulting in factories closing and people losing their jobs. If they instead, place high taxation rates on purchases, they place many essential items out of the financial reach of the poor or low paid. Applying high business taxes, hampers new businesses from opening and thereby also affecting the employment rate. Income tax is therefore often seen as one of the best types of taxation for the vast majority of a government’s income. Although high income tax rates may be unpopular, they are perhaps the easiest to collect and are only collected from the gainfully employed. Workers however, who pay these high income tax rates, believe that they are paying too much and are subsidizing businesses, the poor and in many cases, also the rich. There is therefore no way in which a government can set a system of taxation rates which will be agreeable to everyone. One major bone of contention which many tax payers have though, is with business taxes and their collection. Most individual workers will fill in their own tax returns and pay whatever is owing in a prompt manner. Businesses though, as a business Tax return is more complex, will usually hire tax professionals to assist them with their tax returns and these professionals know all the ways there are, to reduce a tax bill, saving the businesses money but, at the same time, robbing the government of expected income. Large businesses that would ordinarily pay lots in taxes, often employ teams of tax specialists in order to save them doing exactly that. Whenever the amount in business taxes falls short of what was expected, the government must make up the deficit from other means and as income tax is the easiest way, it too is often the chosen way to make up these deficits. In defense of taking such actions, a government will often argue that if it were not for the businesses, the workers would not have anywhere to work. So any government could rapidly become unpopular if it makes the wrong choices. The governments that succeed though are not always the ones that charge the least taxes, it is more likely to be the government which chooses how it spends that money as spending it wisely and being seen to spend it wisely, is often acceptable to any tax payer.
We all hate doing it, but it’s something that we all must do at one time or another … the wonderful task of shopping for truck insurance!
Here is a compilation of the top tips you can use to make sure you never overpay for your vehicle insurance premiums …
1. As your truck ages, it depreciates in value. You shouldn’t pay the same premium on an older vehicle as you would on a newer one … think about it!
2. If you have an older vehicle, consider “liability only” insurance – When making a decision like this, you need to consider the value of your vehicle compared to what you’re paying for your premium. If your vehicles wholesale value is, say $1000, why pay almost that much per year (take or give) when that is all you will get from your truck insurance agency … if you total your vehicle?
3. Take an advanced truck driving course – A simple 6 hour advanced driving course can save you up to 10 % on your truck insurance premium. Contact your local department of motor vehicles for information on taking this course.
4. If you have more than truck in your company, insure them with the same agency – Most insurance agencies will knock a huge percentage off of your premium for multiple truck insurance policies.
5. If you also have company insurance or any other type of insurance, use the same agency – As with having multiple truck insurance policies, most agencies will knock a huge percentage off of your premium for multiple policies.
6. Increase your deductible – The higher the deductible you choose, the lower your premium will be, so set your deductible at the highest rate possible … just make sure that if you were to need the truck insurance you would be able to cover this deductible.
7. Maintain good credit – Truck insurance agencies, just like any other business, like to be paid … and on time. A good credit rating will lower your premium.
8. Think like an insurance agent – Insurance agencies base their rates foremost on one thing … risk. The more at risk you seem to be, the higher the premium will be, and vice versa.
When talking with an agent, give them reasons that you are at a lower risk, ie: you have a safe vehicle, you have a clean driving record, you don’t use your vehicle for work purposes, you don’t travel often, your vehicle has anti-theft devices, etc. A good idea would be to make a list of why you’re at a lower risk before you even speak to an agent. Be creative!