This is the $64,000 question most truckers ask me. Much of this is under your control.
Some things are out of your control (to some extent) such as:
– Age of driver & driving experience
– Age of equipment
– Location of your business
– Type of commodities you haul
But did you know that by making a few changes over time you can significantly reduce the cost of your truck insurance? Here are a few examples:
- Safety Program – It’s not as hard as you think, even for an owner-operator. Ask your insurance agent for a sample or to help you put together one for your business. This can mean a 5-10% discount on your liability premium
- Written Maintenance Program – We know you have a plan for your truck maintenance, but is it in writing? Having a written maintenance program can typically save you 5% on the liability premium because they consider you a more safe, conscientious business owner.
- SAFER rating – Most insurance companies will look at SAFER to determine whether you are better or worse than the average trucker. By keeping your “out of service” incidents low, you get the best rates & the best insurance carriers will want your business.
- Clean Driving Record – This is the insurance company’s biggest predicter of future accidents. Keeping your driving record clean means major discounts (or lack of surcharges) up to 25% in some cases.
- Claim Free Discounts – This is where you can really save money! If you remain claim free, insurance company’s can discount your policy up to 30%! We know you have insurance for the unforeseen claim but staying loss free is the ticket to paying the lowest premium.
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