Truck insurance is important because it is a legal requirement, it ensures you are not liable in case of an injury, death, or damage to property, and it gives you peace of mind since you will know repairs or even replacement will be done in case of an accident. It costs more to insure a truck compared to a car because trucks are more expensive and the insurance company will spend more to replace one, truck drivers do not generally have a good driving record and you will be paying for their mistakes, and trucks, because of their size and weight, tend to inflict greater damage on smaller vehicles and their occupants. Given the high cost of truck insurance, you should be on the lookout for cheap truck insurance. There are several tips that will help you get a good deal on truck insurance.
Visit different insurance companies and compare their truck insurance quotes. Ensure that the insurance companies you are visiting are A-rated. You could get tips on good insurance companies from independent reviews, recommendations, online communities like discussion forums, and consumer protection agencies like the BBB. Different truck insurance companies have different quotes and comparing different options increases your chances of getting a good deal.
The Internet is the best place to compare different truck insurance companies. Most truck insurance companies today have an online presence. Going online means you will not be restricted to what is available in your city only. You will get lower rates online because of the intense competition between insurance companies. There are insurance comparison websites where, after typing in your insurance info, you will be matched to the right insurance company based on your needs.
The more expensive your trucks are, the more you will pay. You should strike a balance because, as the old adage goes; cheap is expensive. Go for brand trucks that have a good safety record for cheap truck insurance. You should also be pro-active in enhancing safety. Some of the safety features that you could add include ESC (Electronic Stability Control), a four wheel, anti-lock disc braking system, side and front curtain airbags, and hill start assist or function. You could also install tracking devices and automatic seat belts.
Some coverage types are more expensive than others. You get to choose between primary liability insurance which is meant for truckers who, in the course of their work, have to cross state boarders. This insurance is mandated by the Federal Highway Administration (FHWA), cargo coverage, trailer interchange insurance, general liability, workers compensation, hired & non-owned auto, physical damage on truck/owner trailer, towing and rental, and umbrella coverage. Limiting your insurance to cargo, trailer interchange, and primary liability lowers your insurance premiums considerably. The more expensive the merchandise you haul, the more you will pay.
Ensure that your MVR does not have blemishes to attract cheap truck insurance. When hiring drivers, you should only go for those with over two years of CDL insurance because the experience will attract a discount. You will get a discount if you show proof that you have prior insurance. Bundling all the policies that you may have will save you money. This is also advantageous because the insurance company is more likely to give you discounts and other incentives.
Do not shy away from requesting for high deductibles. This means picking the tab in the event of an accident before you involve the insurance company. If you increase your deductibles from $500 to $1,000, this will attract savings of around 30% with most insurers. Monthly premium payment attracts a small penalty and you should, therefore, consider making annual payments.