Commercial truck insurance premiums can be quite high for an owner-operator and represent a significant portion of expenses. However, liability insurance is a legal requirement and finding insurance with great benefits helps to keep your livelihood safe and prevent financial ruin. Keeping your rates low while finding a reputable commercial insurance carrier that provides you with the benefits you need for financial security is an important part of being an owner-operator.
Driving safely is the most important part of keeping your monthly insurance premiums low – every speeding ticket you receive on the road will raise your rates. You'll also see rate increases if you fail federal or state security or safety inspections. Being a careful driver prevents your commercial truck insurance premiums from becoming unreasonably high. In addition to driving safely and complying with trucking regulations, here are some other ways to reduce your commercial truck insurance rates.
Remember That Your Co-Driver Affects Your Rates, Too
When you apply for commercial truck insurance, you'll have to provide the driving safety record of any driver who has authorization to drive your truck. If you're co-driving around the country with a family member, their age and driving record will be taken into account when determining your monthly premium – this means that taking your son or daughter with you who has a few speeding tickets in their history as a co-driver on the road can significantly increase your insurance premiums. You can save on your insurance premiums by removing them as a driver and never letting them drive.
Increase Your Deductible and Keep Savings in the Bank
The higher your deductible on your commercial truck insurance plan, the lower your insurance premiums will be. You're sharing in more of the risk of driving with your carrier, so your premiums go down as a result. This increases your personal financial risk, but if you take the savings from the premium and put them in the bank, you'll have the money necessary to cover the deductible in the case of an accident while enjoying lower premiums.
Install Anti-Theft Devices On Your Truck
Commercial trucks are often targets of theft – they may be carrying valuable cargo in the trailer, the truck itself is valuable and semi drivers are prone to leave their trucks running and neglecting to install anti-theft devices. By installing a steering wheel lock or a tracking device on your truck and informing your insurance carrier, you will reduce your premium rates.
Draft a Maintenance and Safety Program
Speak with your insurance agent to institute a comprehensive maintenance and safety program for operating your truck. You may think this makes little sense as an owner-operator instead of a fleet manager, but it shows that you are serious about driving safely and keeping your truck in good working condition.
An important part of reducing your commercial auto insurance premiums is communication with your agent – your agent will know the programs the carriers offer to reduce rates, such as installing safety or anti-theft devices or instituting an auto safety program.
For more information, contact a business such as Metropolitan Insurance Service Consultants.