How To Get Cheap Truck Insurance In 2023: 7 Best Ways
May 11, 2023
Whether you are an independent truck driver or own a fleet of trucks, having commercial truck insurance is mandatory to ply on the road. This coverage protects your assets and your business from unforeseen financial losses.
However, the “one size does not fit all” policy applies in every sector, including insurance coverage. Oftentimes, it has been seen that truck owner-operators choose the coverage more than they require, ending up paying higher premiums. This and there are many other cases where they are paying extra monthly coverages out of their pocket, which would otherwise be lowered.
In this blog, we will share the best 7 ways through which you can get cheap commercial truck insurance.
So, without further ado, let’s get started!
How To Save Money On Your Commercial Truck Insurance?
As a truck owner-operator, there is already a lot on your plate, so why add more? Follow the below-mentioned ways to cut your commercial truck insurance premiums:
Compare Multiple Quotes
The very first mistake you must avoid to get cheap commercial truck insurance is to jump on the first insurer who catches your eye. The market is full of a plethora of options. Go and meet the different truck insurance providers. Share your business requirements with them and know the type of coverage they are willing to offer and at what cost. Always go with the insurer that provides the maximum coverage at the lowest premiums.
The next thing you can do while choosing your insurer is to not use multiple insurance companies to insure your different trucks. This won’t do anything good for you. Instead, it will raise the premiums by a significant factor. When you take the entire coverage from a single company, they reward you with some decent discount offers, thus ultimately contributing to the lower premium rates. Moreover, it makes it easier for you to keep tabs on your premium cycles.
Choose Your Truck Model Wisely
The cost of commercial truck insurance is directly proportional to two factors: one, how expensive your vehicle is, and two, how much risk is associated with it. Thus, it is crucial to give considerable thought while purchasing any truck for your transportation business.
You should get started by first deciding on the truck model type. Sometimes, due to budget constraints, companies switch to used or second-hand trucks. They might save you on your initial purchase cost, but in the end, you will find yourself paying higher insurance premiums due to the higher risk associated with them. So, it is advisable to go for a brand new, highly equipped truck, which could provide you with more features and lower your insurance plan.
Secondly, your truck model should meet your requirements. In the market, you will find a couple of trucks that might under or overfill your requirements, which is not healthy from an insurance point of view. The more expensive the truck, the higher its premiums will be. Thus, consider factors like the route, mileage, price, performance, reliability, and machinery while going on the hunt for a commercial truck for your business.
Hire An Experienced Driver
This might seem like a very obvious thing, but most trucking companies overlook the fact that your driving record can have a significant impact on lowering your truck insurance premiums. Cases like rash driving, simply bumping over the signal, overspeeding, or sleepiness can dramatically increase your premiums.
Thus, it is wise to hire truck drivers who have clean driving records, have a diversified experience of routes, always follow the traffic rules, and keep all the safety measures in mind on and off the clock. Check their driving history in extreme scenarios like bad weather, bumps on the road, or some of the daily obstacles that truck drivers usually face on everyday hauling. By checking all these boxes, you can lower the probability of accidents, which will directly lower your truck premium costs.
Consider The Transportation Route
If your driver is already aware of the route they are going to take, this will reduce the chances of accidents and also help them to follow the inter-state or intrastate protocols. Thus, again, this will help you get cheap commercial truck insurance.
For that, you must plan your route in advance, whether your driver is going to haul the load or not. The next thing to be aware of is the road condition, which will give them a heads-up prior to the transition so that they can transition accordingly. And the last and most important is to get to know about restricted areas, toll taxes, border crossings, and rush hour. All these will help you safely travel during off-rush hours, which will lessen the chances of accidents. You can even use telematics technology for better route guidance.
Pay Your Premiums On Time
We understand that some months can be hard for you. There can be times when you need to pay your taxes, or there is a fluctuating business season where the financial flow might not be working for you, and you also need to pay your staff their monthly salary in addition to other expenditures. This can be another level of stress.
Regardless of your financial situation, you have to pay your premiums on time. Nothing can fuel the insurance company’s desire to fire up their premium rates like not making timely payments on their coverage. Whether you need to temporarily cut down your company’s expenses or opt for a cheaper managerial option, paying your insurance should be your utmost priority.
Take Safety Measures
The best way to lower your truck insurance premiums is to strictly follow the safety protocols. The amount of your protection plan is directly impacted by the number of claims you make and the size of your claims. Therefore, the cleaner your record is, the easier it will be for you to get the cheapest policy. Guide your driver to follow all the traffic rules and take the necessary safety measures.
Moreover, try not to make claims every time for small damages. It gets noted in their claim history. Thus, it will impair your no-claim bonus (NCB).
Keep A Tab On Your Coverage
Your truck coverage varies with your business requirements, which also change from time to time. By not keeping a check on your insurance policy from time to time, you might end up paying for plans that you no longer need.
So, go over your policy after a regular interval of time, and if any modification is needed, consult your insurer and let them cross off your plan.
Final Words
Working in the trucking industry is not easy. There is a constant threat of accidents due to natural calamities or human-made errors, causing additional financial strain. By consciously choosing the right truck insurance plan, you can lower your premiums and shred off a bit of monetary stress from your shoulders.
Therefore, we would advise you to do thorough research before making any decision. And follow the aforementioned guidelines to ease up your journey.
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