If your business has one or several commercial trucks, an insurance cover for them is a necessity that you cannot afford not to have. The risk of getting involved in accidents is vivid, and you have to think of how you are going to pay for the damages on or by your vehicle. Therefore, although the cost of commercial truck insurance is quite high compared to standard auto insurance, it is something you really have to pay for. Nevertheless, it is possible to reduce the cost of truck insurance policy to get the maximum value from your plan at the minimum price possible. Below are some of the top tips you can count on to minimize the amount of premium you have to pay for your commercial truck insurance.
Hire Experienced Drivers
The experience of the driver is one of the factors that commercial truck insurance companies consider when calculating the amount of premium you are going to be paying. A more experienced driver is in a better position to work in less ideal driving conditions such as inclement weather. Ensure that your driver has at least two years of CDL experience.
Ensure your drivers have clean driving records
Your commercial truck insurance company is obviously going to delve into the driving history of your driver. Drivers who have been involved in fewer accidents will attract lower commercial truck insurance quotes compared to those whose driving history is tainted with more accidents. To be on the safer side, ensure that you only hire a driver with less than three accidents in the last three years.
The Age of your driver matters
Studies have found that very young are very old truck drivers are involved in more accidents than average. Thus, insurance companies consider this demographic of drivers as high risk, and therefore, hiring such a driver will cost you more in commercial truck insurance premiums. The ideal age of a commercial truck driver is between 30 to 62 years.
Use newer Trucks
The age of your trucks is also an integral determinant of the insurance premiums you are going to be paying for it. The upkeep of the truck will also matter. Thus, it is imperative to ensure that you use tracks that are less than ten years old. You also have to ensure that they are well maintained that they are fitted with modern equipment if possible.
Consider your routes
The route on which your commercial truck operates is also an important factor in the calculation of insurance premiums. In this regard, you have to opt for routes will less population density and with a lower frequency of inclement weather to minimize your premiums.
Overall, it is apparent that although the price of commercial truck insurance is higher than of the standard car insurance, there are ways in which you can reduce the amount of premium you have to pay for your commercial truck insurance. For instance, you can hire a more experienced driver and choose a safer route. You can also consider using newer trucks and work with drivers with a solid reputation. This way, you will minimize the cost and maximize the value of your commercial truck insurance.