Top 11 Ways to Reduce Your Commercial Truck Insurance Premiums

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Last updated on: May 6, 2022
Commercial Truck Insurance Premiums

Are you looking for ways to save money on your company’s auto insurance? Business owners are well aware of the rising costs of commercial truck insurance premiums on their bank accounts. This commercial truck insurance guide will help you save on commercial trucking insurance.

Ways to Reduce Truck Insurance Premiums

Contributing factors that impact commercial insurance premiums include:

  • Your driving record, which is a reflection of you and your drivers’ total accumulated tickets
  • The location and environment where you drive and park your truck(s)
  • The current condition of your truck(s)

If you need to buy commercial truck insurance, these ways offer solutions to reduce premiums and maximize insurance coverage.

1. Hire Drivers with Prior Experience

Drivers holding a commercial driver’s license (CDL) with a minimum of two years of experience have more experience safely handling harsher climates and high traffic areas. Experienced commercial drivers serve as an asset to your company’s foundation.

Insurance companies take driver experience into account when determining your premiums—more experienced drivers mean lower risk, which means lower premiums.

2. Set Standards for Your Drivers

Selecting drivers with experience falls in the category of good business practices. However, too much or too little experience increases the likelihood of accidents. Companies that hire drivers between the ages of 30 to 60 promote the best chances to reduce commercial trucking premiums.

3. Verify Your Drivers’ Background

Trustworthy drivers are what make the wheels go round, literally. To ensure that your company and its clients are in safe hands, contacting your drivers’ previous employers to follow through is crucial in the hiring process!

4. Purchase High-Quality Trucks

Newer trucks in good condition represent less risk of accidents or breakdowns. Maintaining the upkeep of your commercial vehicles is an excellent way to reduce truck insurance premiums.

5. Maintain Your Fleet

Regular maintenance is always a good idea to ensure that your truck performs to its capacity. Sometimes, these services can only do so much before the wear and tear begin to give way to a decrease in functionality. In general, it’s in your best interest to avoid using trucks that are more than ten years old.

6. Consider Different Routes

Routes that have less populated roads save you on your premium. Reducing the risk of an accident in high-traffic areas maximizes motor carrier safety. For example, cities like Chicago or Los Angeles have higher traffic and construction. A less-populated route may take longer to drive but save you money on your insurance premiums.

7. Stay Consistent

Being a stable, successful business gives you credibility, reducing your insurance rate as a result! Insurance providers are less likely to provide commercial truck insurance to companies with little to no experience.

8. Keep a Clean Department of Transportation Record

Maintaining clean driving records is your best chance at saving on your truck insurance rate. It’s also essential to monitor your safety record to meet inspections and SafeStat scores to meet legal requirements.

9. Upgrade Your Safety Features

When you prioritize safety as a pillar of your organization, insurance providers see that as a sign that you value security. Implementing motorist safety training or incorporating warning stickers upholds company integrity and keeps drivers informed and accountable.

10. Increase Your Deductible

Suppose you’ve attempted to confront the mentioned factors with little to no success. While it lowers your commercial truck premium, it could cost you later. Should an accident occur, your deductible will not serve to its total capacity and will cost you more initially.

11. Consult a Trusted Insurance Agency

When you select an agent to serve as your commercial truck insurance guide, your company receives quality every time. Alchemy Insurance Agency has helped individuals and businesses find insurance plans that fit their needs for over 30 years.

Our commitment to transparency shows in our experts’ dedication to providing homes and businesses with the best coverage without the high premium and hidden fees. Alchemy Insurance Agency has been working to deliver commercial truck insurance to business owners across the nation!

Your Commercial Truck Insurance Buying Guide | Alchemy Insurance Agency

If you are thinking about investing in commercial auto insurance, contact our offices today! As a business owner, you have more than enough on your plate! Don’t let insurance companies take advantage of your time and hard-earned money.

When you choose to work with Alchemy Insurance Agency, you are guaranteed insurance coverage that suits your business and your bank account. If you’re interested in getting a quote for commercial truck insurance premiums, call us at (484) 999 – 2101 or visit our offices in Oxford, PA!

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