When I got my kids a dog, I had no idea that it could affect my homeowners insurance. I happened to run into my insurance agent in the store when I was buying dog food and he asked me what kind of dog we had. When I told him, he said I should stop in the office the next day. I had no idea that things like this could affect premiums, so I started asking what else could do it as well. I created this site to help others understand some of the finer points of homeowners insurance and what they should think about to manage their rates.
Whether you own a small fleet of trucks as part of your business or you are simply an owner-operator of a freight truck, getting the best deal on your commercial truck insurance is a vital component of managing your operation costs. The following can help you get the lowest rate for your truck coverage.
Tip #1: Clean up the driving record
A clean driving record, both personal and professional, is the first key to securing the lowest rates. Generally, moving violations will impact commercial rates more than non-moving violations. Before getting quotes, run a driver's history check on every driver you will be registering on the commercial policy. If there are moving violations, check to see if there are any methods to have them removed from the record or at least reversed for insurance pricing purposes. For example, a defensive driving course or a commercial driving safety course can sometimes be taken to mitigate any negatives on a driver's record.
Tip #2: Only purchase the policies you need
Commercial trucking insurance is sometimes sold in bundles. This can be a major cost saving if you need every type of insurance in the bundle, but it can end up costing more if you don't need everything in the bundle. Common insurance needs for commercial trucks include:
If you are an owner-operator, for example, you may not need to have cargo insurance since the firms you do work for may offer their own coverage for cargo. Skipping out on the policy types you don't need can mean major cost savings.
Tip #3: Lock in a price
Some commercial trucking companies allow you to lock in a price for several years. This means you won't be immediately subjected to normal rate increases or from temporary increases due to driving violations. This is especially useful for fleet owners since this allows you time to mitigate any driving citations your drivers receive before the next insurance rate renewal period. Just keep in mind that a price lock is only useful if you are already being charged at the low end for trucking insurance since you may not be eligible for any new loyalty or driving discounts until your next renewal period.
Tip #4: Ask for and take advantage of special discounts
Trucking insurance companies often provide a multitude of discounts. Common ones are for holding multiple policies with one company or for paying for your yearly premiums up front. There may also be lesser known discounts, such as one for implementing a safety program with your drivers or from attending an annual safety course for owner-operators.
For more help, contact a semi-truck insurance agency.
Share13 December 2018
