Who doesn’t want to save the pocket on truck insurance premiums?
Everybody wants to do this, but how? This constant query in the mind of maximum people comes roundly. The problem behind this root question is just the lack of knowledge. That’s why we are here to help you.
If you own any commercial vehicle, It’s mandatory for you to buy suitable truck insurance to protect your vehicle and indirectly your trucking business as the trucks are risky on roads. It’s not one of the expenses you can cut out from your commercial business, but yes…you can save on it.
Any truck insurance company determines lots of factors before deciding the insurance premium for your truck. Knowing all those factors can help you to save on truck insurance premiums. Let’s take a look at some of those points.
So, sit tight and keep reading!
Tips to Save on Truck Insurance Premiums
Here are some of the few tips and tricks to lower the insurance premiums that can help you to protect your trucking business too without burning your pocket!
Hire the Suitable Driver
Appointing the right driver to handle your truck is very important to decide the rates of the insurance premium. A good driver means fewer accidents. If your truck has no or less accident history, it’s definitely gonna work for you in deciding the insurance rates. According to the reports, the main reasons behind the root cause of the accidents are:
- Driver’s sleeplessness
- Fatigue
- Over-speed of the vehicle
And you know all these problems are related to the driver’s habits. Getting a good driver with good habits can be a little tricky. But you can do this by taking a speed test before appointing them. You should do a thorough check of the background and driving history of the concerned drivers. It is one of the major factors that the insurance provider will go through to lessen the insurance rates. Moreover, you can opt for experienced drivers as they can handle risky situations like bad weather or any road rage very well. So, without a doubt, you can say the truck driver is one of the crucial factors affecting the premiums.
Know About your Truck Model
As there is a vast variety of trucks available in the market as per their type, shape, size, and model. They are also different in mileage, performance, safety, price, and reliability. And of no wonder, these factors are directly linked to the criteria to decide the insurance premium. That’s why you should always choose the type of coverage as per your business requirements.
If you buy an expensive or large truck to carry the big loads, then obviously you have to pay more to the insurance provider to protect your truck. If you need to haul small loads, then go for mid or small-sized trucks to spend low on insurance amounts. Hence, always buy a truck as per your commercial business needs to avoid spending extra on insurance premiums.
Think About the Trucking Route
Wondering how can the trucking route affect the insurance rates?
Yes, it’s true. If you know the route well in advance, chances are there to reduce truck accidents. This directly has an impact on the insurance amount. If you are into the trucking business, making everyday route planning should be your priority.
Also, being a truck owner or driver, you should know the routes to have knowledge about the border crossings, restricted borders, State tolls, road closures, heavy traffic conditions, etc. If you know all these things in advance, you can plan accordingly to avoid any delay and penalties. Heavy traffic roads can affect your truck driving, as there are chances you can face accidents in a hurry to reach the destination after that.
Since all these factors can affect your insurance rates as you can avoid accidents, delays, and all the risks to your truck, so try to consider the trucking route well in advance.
Consider Truck Insurance Coverage
To know each and every detail of your truck insurance coverage is a good factor to compare it with other insurance plans to fetch a good deal at lowered prices. You can compare different commercial insurance plans with online quotes based on the premiums and add-ons. It’s wise to choose an insurance policy with a minimum amount and maximum coverage.
Always try to consider high deductibles as it directly lowers the insurance rate. If you have a chance to pay for the damage from your own pocket, then always go for voluntary deductibles. And also, don’t claim for little damages done to your truck each day as it can affect your non-claim bonus (NCB) for the next year’s policy. If you have maintained NCB well, chances are you can easily cut the value on truck insurance premiums.
Know About the Cargo to be Hauled
To a good extent, truck insurance rates depend on the types of cargo to be transported. There are many kinds of cargo that are more subjectable to damage or loss like expensive cargo or whose replacement is difficult. This sort of cargo-hauled truck will have more rates on its insurance policy. Whereas the truck with a cargo of low-value or cost like food or clothing will have less premium. The cargo effect has proven to be a heavy loss for insurance providers sometimes, that’s why cargo is a considerable point when deciding the amount of the insurance plans.
To Conclude
All these given tips will solve your doubt about how you can save on truck insurance premiums. Also, it’s suggested to make safety your priority as your insurance partner will definitely consider the history of the claims with their size and how many times you have raised the claim. So, having a better record means a lower insurance amount.
Consider the comparison of different commercial truck insurance plans with online quotes or agents to get the insurance plan at a comparatively low cost. Hopefully, you find your answer in this blog. If you have any other queries in mind, feel free to connect with us….We will answer you pleasingly!
