How To Lower Your Trucking Insurance Costs

How To Lower Your Trucking Insurance Costs

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. 

Bundle together insurance plans

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 

Pay yearly instead of monthly 

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. 

Promote safe driving habits

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. 

Update trucking and safety equipment

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. 

Frequently Asked Questions:

How can bundling insurance plans lower trucking insurance costs?

Bundling multiple insurance plans with a single company can often result in discounts and makes it easier to make timely payments.

What impact can payment frequency have on trucking insurance costs?

Paying insurance fees annually instead of monthly can result in savings, as some insurance companies offer more competitive rates for yearly payments.

How can promoting safe driving habits help to reduce trucking insurance costs?

Hiring drivers with good records and promoting safe driving can help lower insurance fees as insurers often raise premiums based on the number of speeding tickets and accidents on record.

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! 

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About the Author
Arthur Williamson
Arthur started Assured Standard after seeing his sister struggle with finding insurance policies for her business. Thanks to his background in business administration, he knows exactly what small and big businesses need to keep operations running.
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