How to Save Money on Truck Insurance?
Do you need to save money on truck insurance, but don’t know how to do this?
Don’t worry this blog caters to your confusion! Here you will read about some tips to let you save money on commercial truck insurance.
As you are well aware, if you want to ply your trucks carefreely on the roads, you should have suitable truck insurance to protect your commercial business. But as there are numerous options in the market, you may get indulged with some expensive insurance providers without any need for your business. Trucks are risky on roads and their protection is a bit expensive, hence you have to be careful while buying the suitable one at the right price. That’s why you should know about some basic tips to consider to save some amount on truck insurance. Let’s have a look further to know!
Some Tips to Save Money on Truck Insurance
Choose the Right Driver
As you know the driver is the main operator of the truck, so it’s important to choose them wisely to get the right insurance rates. In the insurance field, low risks are equal to lower premiums. You can check for the given points before hiring a suitable driver for your trucks:
- He should follow all the traffic rules.
- He should have good driving habits like avoiding overspeeding.
- Take care of things like fatigue, restlessness, etc.
These are some of the basic reasons behind truck accidents. So if you choose the driver with these points in mind, you can avoid accidents that have a direct impact on truck insurance rates. You should find a driver that can deliver maximum output while keeping all the safety measures in mind. Simply, you have to take a speed test of the driver before appointing him. You should also verify his background details and past driving records. Always go for a driver with a clean driving record. This is one of the important factors that may have a good impact on the premium. It’s always suggestible to hire a driver who can handle all the conditions like bad weather, any road rage, etc. So, without a doubt, hiring a good and reliable driver can save you money on truck insurance.
Know Everything About Truck Model
Trucks are of various sizes and also differ in mileage, price, comfort level, accident risks, performance, etc. And selecting a particular truck as per your business requirements can be a little confusing as there are tons of options available in the market. It’s always advisable for you to choose the required truck as per budget and need.
And you must be thinking about how it is related to insurance rates. Yes, there is a direct link between the size of the truck and the insurance required to protect it. For example, if you have a business transporting fruits and vegetables, you need a light-duty truck and if you pull heavy loads, then you must have heavy-duty trucks. And as per the size, insurance rates vary. The bigger the truck is, the bigger the risk associated with it, and the bigger the amount to protect it.
Hence, buy a truck model as per your business requirements as it is directly related to the insurance premium.
Know the Route in Advance
The next tip to reduce the insurance rates is to have the required knowledge about the routes at which the truck is to be operated. Knowing the routes at which trucks have to travel can reduce the chances of accidents. Thus it can affect the insurance policy rates. No matter whether you are trailing a load or picking one, you should know the route in advance with proper travel planning. Knowing the full-day directions should be an integral part of the travel day. Some of the things that come under this point are:
- Knowing about State tolls.
- Restricted borders.
- Any road closure on the expected route.
- Know about heavy traffic on the route in advance to plan accordingly.
But how will it impact your insurance premium? If you don’t know about further road conditions or heavy traffic areas, you may drive the truck in a hurry which may lead to an accident. With the awareness of routes, you can avoid accidents or any kind of road risk. This will automatically reduce the insurance rates.
Knowledge About your Truck Insurance Coverage
If you don’t know the best insurance deal for your commercial truck, chances are you will pay a hefty amount to buy truck insurance. To fetch the best deal, you should compare the different insurance plans online as per add-ons and premiums. You should select a policy with a minimum insurance premium with maximum coverage.
Also, you should go for higher voluntary deductibles. This will help you to decrease your insurance premium. You should not get claims for little damages as it may affect your non-claim bonus (NCB).
Safety Should be a Priority
If you want to reduce the risks with the trucks and hence the insurance rates, you should make safety your first priority. The claim history of any vehicle includes:
- How many times have you raised the claim?
- The size of the claim.
Fewer claims result in a better record and this will reduce the insurance amount for you. So, having a good focus on safety is a major concern to save your trucking business. Also, you can give safety training to your drivers regularly. Safety policy training can include distracted driving skills, vehicle inspection before the trip, seatbelts, maintenance, etc. You can have weekly check-ins will all the drivers to check everything in detail. This way you can improve the safety of your commercial vehicle and save some money on your insurance policy.
That’s all for this blog!
Truck insurance can be expensive if you don’t follow these given tips and tricks. Always keep in mind, safety is the key to avoiding taking claims and having a clean truck record. This way you can easily save money on truck insurance. Reducing the premium amount is not always easy, but with these given tips, you can do this easily. It’s always suggestible to compare the cost of truck insurance policies with online quotes or agents to get the best rate.
Still, if you have queries in mind, feel free to contact us…We will assist you happily!