The commercial trucking industry relies on transporting merchandise to the end consumer. We believe those goods will continue to be transported by commercial trucks even in these challenging times. It will be the most efficient businesses that will thrive. While you cannot change the current economy, the spending habits of the end consumers, or rising fuel prices, you can assess the appropriateness of your other costs. While commercial truck insurance is required to drive on the roads in this country, you can maximize your chances of lowering your premiums. So, it is very important for you to understand what actionable steps you can take to obtain the most cost effective, quality insurance coverage for your commercial truck fleet. Here are a few factors that will influence the cost of this insurance.
Maintenance of the vehicle: Newer trucks are usually better maintained than older ones. However, consider it an investment when spending money to improve the working condition of your older trucks as well. Department of Transportation inspections are required and can provide a record of your company’s maintenance of the truck fleet’s brakes, tires, lights, and other safety features. Proper maintenance can result in lower premium rates. A commercial insurance company may have a qualified technician evaluated the condition of the vehicle. Being diligent with your preventive maintenance schedule is one of the best things you can do for your trucks.
Driving Record and History: You can receive lower premiums if your drivers’ have clean driving records. The driver, of course, needs a Commercial Driver’s License to operate a commercial truck. He or she should have been driving commercial trucks for a few years and have well established routes. These factors will be taken into consideration when determining insurance coverage rates. Believe it or not, hiring either much younger or much older drivers can increase the price of your insurance. Premiums are usually less when the drivers are between the ages of 30 and 65.
Safety: Take a look at your safety record. It is probably no surprise to you that safety is a big concern in this industry. Commercial trucks can cause a lot of damage during a collision. So, an insurance company will be taking a look at how well you alert the public about your fleet. For example, 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 ubiquitous “How’s my driving with an “800” number alerts an insurer that you are serious about safety, especially if you have actual feedback from the “800” number about your fleet. Making your commercial trucking company’s commitment to safety obvious to the driving public can help reduce your insurance rate premiums.
Maintenance, driving record and safety are only a few of the areas where you can possibly reduce your commercial truck insurance premiums. A good insurance company can help you find many more ways to provide you with the best coverage at the most efficient price. There are many commercial insurers out there, but with Reliance Partners, we can work with any size company, help them focus on their needs, and work together to find the best solutions to bring the cost of your commercial insurance down. We can make it easier to minimize costs and maximize profits even in this economy.