A variety of factors determine your trucking insurance costs. The vehicles you use, the background of your drivers, and your business itself. Keep reading to learn about 10 ways to lower your trucking insurance costs.
- Hire Experienced Drivers
Drivers who have experience with certain routes and work with similar equipment are less likely to get into accidents. Look for drivers who have experience driving or working with other trucking companies when making hiring decisions.
- Use Good-Quality Trucks
Newer trucks have a lower risk of breaking down, malfunctioning, and causing accidents. In other words, high-quality trucks can lower trucking insurance costs because your vehicles are more reliable.
- Stay in Business
Insurance companies favor businesses that have been in the industry for a long time. Keeping your business open under the same name is a good way to keep your insurance costs low.
- Hire Drivers Who Keep Clean Driving Records
It’s important that you hire drivers who drive responsibly both in and out of work. Even small driving offenses off the clock can negatively impact a company’s insurance costs.
- Keep Your Routes in Mind
Avoid routes that go through high-density metro areas or areas with notably bad weather. Trucking insurance costs can go up if you have these routes as these are considered high-risk areas to drive in.
- Take Care of Your Drivers
Make sure that your drivers aren’t driving too far or getting burnt out as this can increase the likelihood of accidents. It’s a good idea to break up routes so that drivers aren’t traveling too far on each trip.
- Keep Good Business Credit
Having a good business credit score is a positive step in lowering trucking insurance costs. Better credit equals lower insurance costs.
- Make Safety a Priority
Showing insurance companies that your business values safety can lower your costs. Offering or mandating safety training for drivers or creating a safety policy can prioritize safety within your business.
- Consider Age When Hiring Drivers
Younger drivers tend to be less experienced and have more accidents than other drivers. Along with experience, consider age when hiring drivers.
- Have a Higher Insurance Deductible
A higher deductible is one way to get a lower insurance premium. Keep in mind that a higher deductible will also mean that your company would be responsible for paying more up-front in case of an accident. You’ll want to consider if this is the best option for your business. Nevertheless, a higher insurance deductible will lower your insurance premium.
Get Started with Portal Insurance
Here at Portal Insurance, we offer a wide range of commercial insurance options for trucking companies. Learn more about what we can offer your business and get a quote to start working with us!
