Reducing your monthly expenditures can mean the difference between success and failure for commercial trucking companies and owner operators. While several factors may be outside of your control, you will find a number of things you can do to reduce your monthly commercial vehicle expenses.
Maintenance of the vehicle
Newer trucks are typically better preserved than older trucks. However, think about it as an investment when spending money to improve the working condition of your older trucks. Department of Transportation inspections are mandatory and supply a report of your company’s maintenance of the truck’s brakes, tires, lights, and other safety features. Proper repairs and maintenance may result in lower premium rates. A commercial insurance company may have a qualified technician evaluate the condition of the vehicle. Routine preventive maintenance is one of the best things you can do for your trucks, and your insurance budget. Even a small owner operator can take advantage of this savings.
Driving Record and History
It’s possible to obtain cheaper insurance premiums if your drivers have clear driving records. The driver must have a CDL with the correct endorsements to operate a commercial truck. He or she really should have a few years of commercial driving experience. These components will be investigated by insurance underwriters when deciding coverage costs. The drivers you hire will significantly impact your premium rates. Premiums are less when the drivers are between the ages of 30 and 65 and have a clean driving history.
Look over your safety record. It is no big surprise that safety is a big concern in this industry. For instance, do you have safety signs such as “Wide Right Turns” with graphics, or information posted on the truck about blind spots and mirrors. Even placing the common “How’s my driving” with an “800” number alerts an insurance firm that you are serious about safety, especially if you have actual feedback from the “800” number about your fleet. Showing your commercial trucking company’s devotion to safety can help cut down your insurance rate premiums.
The price for the exact same basic insurance policy coverage may be drastically different between 2 companies. Asking for a quote from a new company may help you reduce your monthly expenses on truck insurance. Make sure when comparing coverage that you are comparing identical limits and coverage between the companies.
Bundle Insurance policy coverage
Packaging your insurance coverage with one company can help save money in many cases. If you currently use more than one company for your insurance needs, consider consolidating your coverage under one company.