In the past decade, the price of trucking insurance has become less affordable for many companies. Because of this, it can be more difficult for smaller companies to gain access to affordable trucking insurance rates. However, depending on the state you live in, there are cheaper commercial truck insurance plans that suit a variety of needs.
To lower trucking insurance costs, there are several actions that companies with limited budgets can take. This includes hiring drivers with a good track record, following legal regulations, having a written safety policy, and bundling together several insurance plans from the same company.
Insurance companies tend to vary the cost of premiums based on the previous records of truck drivers. Those that have plenty of speeding tickets, accidents, and other violations tend to be associated with higher levels of risk and may raise the cost of trucking insurance. As a result, it may be more cost-effective to hire drivers with more careful habits.
Complying with state and federal trucking regulations can lower the cost of trucking insurance premiums as well. Safety checks, roadside inspections, and audits can cost your business large amounts of money if you fail to meet minimum standards. This way, you’ll also spend less on fines and other penalties.
Trucking companies that have safety policies are more likely to be given lower insurance premiums because they carry less risk. Having regular safety training for drivers along with anti-drug and alcohol abuse policies can lead to more affordable premiums in the long run.
Finally, applying for multiple trucking insurance plans from the same company can significantly lower costs. They might be willing to offer discounts and special payment plans for your business.
If you want to learn more about which insurance companies insure new trucking companies, check out the rest of Assured Standard today!
Marie Brown is an insurance underwriter. She completed her Economics degree at the Massachusetts Institute of Technology. With her expertise and dedication, she ensures her clients’ insurance applications are approved.