Truck driver insurance tips | Important Commercial Trucking Insurance Facts For Truckers

Truck driver insurance tips |Truckers and owners who own their trucks can also purchase commercial trucking insurance.

It is a significant expense that can have a devastating effect on a company’s bottom line. Therefore, it is important to know what coverage your current policy provides and what you really NEED.

A single accident can result in massive costs. It is therefore important to have a policy that meets the needs of both the trucker and the trucker.

You could get more endorsements than necessary if you don’t know the terms of your commercial trucking insurance policy.

Alternately, make sure you aren’t underinsured. It is important to be informed and well-informed in order to get the right policy for you.

Commercial Trucking Insurance – Truck driver insurance tips

It is important to understand the terminology and basics of commercial truck insurance before you begin planning your coverage.

Insurance policies for commercial trucking generally cover damage or loss in multiple situations, including damage to the semi-truck, trailer, load/cargo and other vehicles.

• Liability protects other parties in an accident. Example: A trucker backing up to a loading ramp, and smashing the loading dock lift. Truck driver insurance tips The trucker would pay for the repairs.
• Cargo Insurance: covers damage to or theft of goods that are being transported in a trailer. Example: A trucker might have a load of delicate electronics, and he or she took too much care when driving and damaged the goods. Truck driver insurance tips Cargo insurance is also available in the event that cargo is stolen.
• Coverage for physical damage: Equipment damaged by various causes will be covered if you purchase physical coverage. Truck driver insurance tips Ex. Equipment body damage due to weather, an accident, or another vehicle/person causing damage to it.
• Bob Tail Insurance: This is highly recommended for commercial trucks, particularly owner operators who bring their big rigs home when they are not on the road.
• Reefer Insurance: Additional coverage is available at a minimal fee to cover damage caused by a reefer motor failure but not for reefer motor repairs. Truck driver insurance tips For coverage to be effective, the reefer unit must be maintained properly.

The Premiums

Commercial trucking insurance policies can be very expensive, regardless of whether they are purchased for an owner operator or a trucking company.

However, it’s possible to finance your payments over a period of time through a finance company recommended by your insurance broker. Truck driver insurance tips These companies are experts in premium financing for commercial truck insurance.

The finance company will add an interest charge to your policy cost and create a payment plan for you, the trucker or company. Truck driver insurance tips Some policies require a down payment of between 10-20% and 10 equal monthly payments. Some will split the total cost into 12 equal payments.

Whatever your situation, make sure to budget in order to be able to pay for the unexpected. Truck driver insurance tips A reputable broker in commercial insurance can help you determine the coverage you need. A trusted broker will be able to help you.

They will design a commercial trucking policy that suits your needs.

As an owner-operator, or small fleet owner, trucking insurance can be one of the most expensive monthly expenses. Rates have been rising by up to 20% in some cases.

Insurance providers consider key factors such as driver experience, vehicle age, upkeep, and time in business to determine the truck insurance price.

These 11 tips will help you get the best trucking coverage at the lowest price.

1. Hire experienced drivers

Insurance companies use years of experience to determine truck insurance premiums. Experienced truck drivers will be able to handle inclement weather and other challenging operating conditions better.

Pro Tip –Hire drivers who have at least two years’ CDL experience.

2. To lower your semi truck insurance costs, consider the age of your drivers

Younger or older truck drivers are more likely to be involved in accidents than the average. These drivers are more at risk and will incur higher insurance costs.

Tip: Hiring drivers between 30-60 years old.

3. To qualify for low-cost truck insurance, hire drivers with clean driving records

Drivers with fewer accidents are more likely to be in future accidents. Drivers with fewer violations and accidents will be eligible for low-cost truck insurance.

Tip: Hire drivers who have not been convicted of any minor offenses in the last three years.

4. To get the best truck insurance rates, verify driver employment history

In order to determine the best commercial truck insurance rates, it is important to consider how long a driver has been working with different companies. A driver who is familiar with certain routes and equipment will reduce the chance of an accident.

Tip: Check references and employment history of each potential driver.

5. Your insurance costs will depend on your route

Your premium for commercial truck driver insurance can be affected by the routes your trucks use. Factors such as population density and inclement weather are important.

Tip: Avoid areas with high populations such as New York, Chicago and Houston.

6. Get newer trucks

Trucking insurance premiums are determined by the value, age, and condition of your company’s vehicles. Trucking fleet maintenance and new equipment are also important.

Tip: Use newer trucks (10-year-old or older) whenever you can with modern equipment.

7. The cost of insurance is lower if you stay in business

Trucking insurance premiums will be lower if you keep your business name the same and maintain your operating authority. New trucking operations are more risky to insure.

Tip: Don’t change your operating authority.

8. Maintain a clean DOT Safety Record

Your DOT safety record also includes your fleet or owner-operator DOT safety rating and Safestat and Inspection Selection (ISS-2) scores. There may also be violations.

Tip: Keep your DOT safety record in good standing.

9. Use Other Safety Features/Programs

Insurance providers will appreciate safety features such as warning stickers, driver safety training and company safety programs.

Tip: Regularly evaluate the safety features that your trucking company uses.

10. A higher deductible is an option

Adjusting your policy is a good option if you have addressed all the above factors and still want lower premiums. Higher deductibles will result in lower trucking insurance premiums, but you will incur higher upfront costs in the event that an accident occurs.

Tip: Aim for a minimum $1,000 deductible. You may also consider an increase to $2,500.

11. Find the right commercial trucking insurance agent

Last, but not least, not all insurance agents can be considered equal. You should consider an agent who has access to multiple insurance carriers, and is a specialist in trucking insurance.

It is crucial to choose a specialist in trucking insurance. This will ensure that you get the best coverage and the best value for your money.

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