Insurance is costly, for everyone, especially truck drivers. The trucking industry is risky, therefore it’s important to have proper insurance coverage on your trucks. Additionally, if you own a trucking business, then that should be insured also. While insurance is a necessary requirement, it doesn’t mean you have to break the bank. We’ve compiled a few tips that will help you save on your commercial truck insurance.
Keep in mind that insurance rates are impacted by the drivers who operate your trucks. So, be cautious of who you hire. Truckers with poor driving history can negatively affect your insurance rates. Perform background checks and run their MVRs before making an official hire.
Routine inspections can help detect issues with your trucks. It can also prevent problems from happening. Inspecting your truck before each trip helps drivers avoid possible accidents that may stem from mechanical issues.
Filing too many small claims could increase your insurance rates. Before you file, think about whether it’s worth it. If you can handle the expenses on your own, then do so. Saving your claims for the big losses, and not the minor ones is key.
Furthermore, truckers with higher deductibles are less likely to file a claim, therefore insurance rates are typically lower. Just make sure it is within your budget. You do not want to be defeated financially because you can’t pay the expense.
Lastly, do your research! Shop around and compare prices. See who is offering the best coverage at the rate that suits your budget. Get multiple quotes and evaluate all features that will affect your premium.
However, the best way to save on truck insurance is safety. Maintaining a clean loss record and avoiding claims will surely impact the rate.
How do you cut costs on your commercial truck insurance? Comment below.