With rising truck insurance premiums as one of the highest costs for carriers, businesses may be wondering how to find cheaper insurance plans that provide enough trucking coverage. Federal law requires trucking companies to provide insurance coverage of a minimum of $750,000 per accident, but higher coverage amounts can also be required.
To help lower your trucking insurance costs, you can purchase a discounted bundle of trucking insurance plans from the same company, find alternative payment plans, and promote safe driving tactics. You can also obtain quotes from different insurance companies and choose the most competitive option.
It is often much cheaper to work with a single insurance company when purchasing multiple trucking insurance plans. Most companies are willing to offer discounts if you add more vehicles to your existing plan, which also makes it easier to make payments on time
Some trucking businesses prefer to pay their insurance fees monthly for more flexibility. However, it can be much cheaper to pay annually since some insurance companies may offer more competitive payment plans.
Insurance fees for businesses can rise depending on the driving records of their employees. Speeding tickets and road-related accidents can significantly raise insurance fees. Hiring workers with a good driving history and creating a safe driving program can help lower fees.
Older vehicles might cost more to insure depending on the number of repairs needed. Keeping fleets updated can help reduce costs. Additionally, installing safety equipment such as dashboard cameras, advanced detection systems, and more can help reduce costs.
The key to lowering trucking insurance costs is to get in touch with your insurance company and ask for payment plans and bundles. You can also update your fleet and promote safe driving for your employees.
If you’re planning to get truck insurance but are wondering where it’s the cheapest, check out which state has the most affordable truck insurance at Assured Standard today!
Arthur Williamson graduated with a degree in Business and Management at the University of California, Berkeley. He is knowledgeable about what small and big businesses require to keep operations moving.