3 Tips For Saving Money On Your Commercial Truck Insurance
When operating a fleet of commercial trucks, the cost of commercial truck insurance can represent a large portion of your total overhead costs. Thankfully, there are steps that you can take to help keep this cost to a minimum. In this article, you can learn more about three of the ways in which you can effectively save money on your commercial truck insurance without compromising the quality of your coverage.
Tip #1: Continually Monitor The Driving Record Of All Truck Drivers
Chances are that you already require a DMV check before hiring any new truck drivers. However, if you are not continuously monitoring the driving record of all your truck drivers, you could be missing traffic violations and accidents that are having a negative impact on your insurance rates. This is because even traffic violations and accidents that occur in the driver's personal vehicle will lead to points being assessed to their license. This will result in your insurance rates rising if you continue to employ this driver. Consequently, one of the most effective ways to keep your commercial truck insurance costs as low as possible is to ensure you are only employing drivers who maintain a clean driving record.
Tip #2: Implement Ongoing Training And Safety Programs
Demonstrating your commitment to driver safety can help you to save money in two different ways. First, ongoing training and safety programs will reduce the risk of an accident. Since many insurance companies offer discounts based on how long it has been since your last accident claim, taking steps to avoid accidents can result in lower insurance rates. Second, you the presence of safety requirements for all your drivers can qualify you for additional discounts on your insurance. It is important to note that you may be required to provide proof that all employees have completed the safety program in order to qualify for this type of discount.
Tip #3: Avoid Filing A Claim For Minor Damage
While it can be tempting to file a claim against your commercial truck insurance policy each time there is any damage to one of your vehicles, giving into this temptation can cost you more in the long run. This is because each time you file a claim, this claim will impact the risk assessment that determines your insurance rates. Furthermore, choosing to file a claim for minor damage could prevent you from qualifying for any safety discounts that your insurance company offers. In many cases, the payout from these minor claims will be outweighed by the rise in insurance premiums. Therefore, if you truly wish to save money on your truck insurance, it is best to avoid filing a claim for minor damage.
For more information about commercial truck insurance, contact a local provider.