Whether you operate just one vehicle or are responsible for a whole fleet of commercial trucks, you might have noticed that commercial truck insurance is expensive. Although you can obviously expect to pay for coverage, however, you should know that there are a lot of people who spend more than they should on commercial truck insurance:
These are a few signs that you could be getting a better rate on your own commercial truck coverage:
1. You Pay Every Month
Paying your commercial truck insurance monthly can seem like a good way to break up payments to suit your budget, but you can pay a lot more for insurance that way. In many cases, you can save money by paying every six months. Even though this might be a little harder on your budget, it's a better financial option in the long run.
2. You Don't Carefully Screen Drivers' Driving Records
Before allowing anyone to drive your commercial trucks, it is important to check their driving record. Those who have bad driving records, even on personal vehicles rather than commercial vehicles, can cause your rates to skyrocket because the insurer sees them as a high risk. Therefore, you should always screen driving records before adding anyone to your policy. If you are an individual, make sure that you slow down and abide by all traffic laws -- both in your commercial vehicle and not -- to help keep rates lower.
3. You Haven't Taken Extra Safety Precautions
Taking extra safety precautions, such as taking a defensive driving class or putting your employees through one of these classes, can help you secure a lower rate. Call your insurance company to ask about safety precautions that you can take that might qualify you for a discount.
4. Your Insurance Coverage Isn't Bundled
Just as you can save money on your homeowner's insurance by purchasing it through the same company as your car insurance, you can also save money on commercial truck insurance by bundling it. If you have other types of business insurance coverage, consider talking to your provider about commercial truck insurance.
If you are a one-person operation with a commercial truck, you may be able to bundle your coverage with your own personal insurance, such as your personal auto insurance policy.
It's true that commercial truck insurance can be costly, but you don't have to continue paying too much. If you avoid these common mistakes, you can save a surprising amount of money.