Bad News, Good News | Episode 33

The Bad News

I like to rip the bandaid off quick and get the bad news over with first. The head on my truck cracked and had to be replaced along with the cylinder sleeves. I was off the road for three weeks.

The Good News

It was all covered under the extended warranty I purchased. Boy, am I glad I bought that warranty.

What to Expect From Episode 33

A major engine repair on a truck with as few miles as mine has is rare, but it does happen. If you don’t plan and prepare for something like this to happen, it will probably be the end of your business. The biggest thing I did right was buying the extended warranty from the manufacturer of the truck. I learned a bunch of other lessons from this experience and listed some of them below. Listen to the episode for full details.

Lessons Learned

  • Prepare ahead of time
    • Buy an extended warranty, which is like insurance. I am usually not a fan of warranties on vehicles, but a truck is your business’s lifeblood. It makes sense because a major repair in your first year will likely kill your business.
    • Roadside assistance. There are companies that provide a subscription type of service that includes some towing and roadside assistance. I am not as big a fan of this and I don’t currently use it personally, but you might want to consider it.
  • Have a plan for when it happens
    • Cover your personal budget. You either need to have personal savings to last you several weeks or you need to have a temporary employment plan. (There are trucking companies out there who will keep a driver on their books and use you when you are available.)
    • Consider renting a truck. Time of year will play a big factor in whether this is worth it or not.
    • Talk to your insurance agent. You might be able to reduce coverages while your truck is down.
    • Talk to your lender. They might be willing to let you skip a payment.

Take a deep breath. This is just a bump in the road and you will be able to get through it. Don’t let yourself get focused on what is happening right now and instead look at the big picture.

Listen to the Full Episode

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Mouad

Hi, Cris, Love the pod cast. I am buying my first truck and because of listening to this cast, I want to buy an extended warranty . However, I am bying my truck from Ryder and there extended warranty is very expensive and has bad reviews. Can you suggest an extended plan that you researched? My truck is a 2013 Volvo, if that helps.