Are There Ways To Lower Your Commercial Trucking Insurance Premiums?
If you own a business that specializes in the manufacture of products, you probably have invested in a commercial fleet of trucks that will facilitate the transportation of these goods. While having your own commercial trucks is cheaper than constantly hiring trucks or outsourcing these needs to a transport company, you should know that it comes with an array of responsibilities.
One of the foremost obligations that you have to meet is paying for commercial trucking insurance. Since this insurance costs more than traditional auto insurance, you could be wondering how best to keep your rates as affordable as possible. To help you with that, check out the following ways that you can lower your commercial trucking insurance premiums.
Always purchase new models
One of the easiest ways to ensure that your commercial trucking insurance premiums are affordable is by steering clear of old trucks. Certainly, buying old, used trucks may seem cheap at the outset since they will come at a fraction of the price of new trucks. However, what you are not taking into account is that the older the model is, the higher the likelihood that it will be need constant repairs and suffer frequent breakdowns. Your insurance provider will consider this, and they will increase your trucking insurance premium to make up for these recurring costs.
The best option is to simply invest in newer models. Even if you choose to purchase second-hand trucks, make sure that they are relatively new so that they are outfitted with the latest safety features that will keep your drivers safe on the roads. A few of the features to prioritize include monitoring of blind spots, airbags, and more. The safer your trucks are, the lower your premiums will be.
Be selective about your drivers
A common mistake that some business owners make is thinking that they should prioritize keeping their operational costs as low as possible by not paying for due diligence when hiring drivers for their commercial fleet of trucks. However, if you do not carry out sufficient research on the potential driver that you will be hiring, your business is at a high risk of losses due to reckless driving.
Usually, if drivers have a history of traffic violations and road accidents, they will probably retain this behavior when they start working for your company. As a result, your insurance provider will take note of these recurring claims and increase your commercial trucking insurance costs. Instead of running this risk, you must be selective and hire drivers with spotless records.