Learn 6 Ways to Reduce Your Semi-Truck Insurance Premiums
When you run a small fleet or are an owner-operator, the cost of semi-truck insurance can be crippling. Increases in rates of up to 20% for relatively modest claims do nothing to help transportation businesses control costs.
No matter how safely you drive, the cost of commercial truck insurance continues to rise. Commercial truck insurance cannot be deducted from the cost of doing business.
It’s not all doom and gloom, though. You can get the most out of your semi-truck insurance policy while lowering your commercial trucking charges. Commercial truck insurance rates might depend on a wide range of factors. You can save money on trustworthy coverage by meeting the needs of the suppliers. Here are the top six strategies for lowering the cost of commercial vehicle insurance.
Hire Qualified Drivers
When calculating the cost of a truck insurance policy, insurers place a premium on a driver’s number of years behind the wheel. Professional truck drivers are better prepared to handle poor weather and other challenges on the job.
Your business appears to be less dangerous to providers. This means they’ll be open to negotiating cheaper insurance rates for trucks. The ideal amount of experience for a CDL driver is two years.
Recruit Only Drivers with Clean Records
The best way to foretell the future is to look to the past. The risk rating is higher for drivers who have been in multiple accidents or broken the law in the past. This reversal holds true as well, and it is something that insurance companies take note of.
Thus, it is recommended to hire drivers who have a clean driving record. Hiring drivers who have accumulated more than two infractions within three years is risky.
Inspect Previous Employment Records of Drivers
Insurance companies are less likely to trust a driver who frequently switches carriers. Drivers who have worked for a small number of organizations for extended periods of time, on the other hand, are seen as more reliable and have a more seamless job (and possibly insurance) history. It also suggests familiarity with particular tools and travel routes.
