Trucking insurance tops the list on carrying the biggest fixed expenses when it comes to independent owner-operators. However, it has the best opportunities to save money. There are several ways to save money on your policies, which can have a lucrative impact on your bottom line. Here are some tips on how to get the best deal with semi truck insurance companies:
Work Only with The Best
Your broker is undoubtedly a helpful and valuable resource. The last thing you need in this line of business is to find out in the very last minute that one of your semi truck insurance companies cannot adequately cover for a loss that you have always expected it cover— simply because you rushed to the quickest and probably cheapest option.
Choose wisely the agent you want to work with, understand the coverages you need just like you understand all other parts of your business. Let your broker know precisely what you want, provide them with the right information about your business. It’s your responsibility to ask the right questions, and when your broker is adequately armed with the right information, he or she will secure the best coverage and match you with the right semi-truck insurance company. Try to show them the same respect and appreciation as you expect while doing your job and work as hard as they can to get you the best deal. Lastly, don’t forget to ask them if there are special discount packages that apply to your business. A good agent will ultimately dig deep and find all the savings your situation can allow you to take.
Stability is the Key
Avoid sharing addresses and equipment with other truck drivers. Let your business have a strong reputation and professionalism. Do not share your trucks or keep changing drivers from time to time. A good name will sell your business and help you secure the best rates with many semi truck insurance companies. Having formal and strategic work conduct shows that your company has a lower risk— thus translating to lower premiums. Your business will be rest assured to get the best rates if it has an established culture of doing the basic things exceptionally well and does not participate in unprofessional activities or do activities that are out of the norm.
In the same regard, do not forget to have a work plan on papers that include an implementation of a safety plan, and driver’s guide and manual. The work plan is very handy when it comes to bargaining for lower premiums.
Drivers’ Experience and Age
Before coming up with the amount of premiums, you will be required to pay. The semi truck insurance companies will take into account the CDL experience and your driver’s age. Also, the frequency at which you change your drivers will be a critical factor that will be considered. Therefore, running a business with drivers that have many years of commercial experience and serve you for many years will translate to lower risk and hence your premium will be substantially reduced.
Get Multiple Quotes
This industry is filled with so many semi truck insurance companies that are in constant competition. These companies are continually changing rates to suit their current situations. While some respond by raising their premium rates, others seize the opportunities and lower their rates in order to win more businesses.
Abide by HOS regulations, ensure your logbooks are always up to date and maintain your trucks in excellent condition. Also, ensure that you have an impeccable credit history that assures the insurer that you can pay your premium in time and thus get lower premiums.