6 tips to lower auto hauler insurance costs

Are you paying $100,000 or more each year for insurance for your auto hauler fleet? Even saving a small percent will mean a lot of money that you get to invest back into your company.

Here are 5 tips that will help you lower your auto hauler insurance costs.

1. Get Every Truck Under One Policy

You probably started out with one, or a handful of, auto-hauling trucks. As your business grew, you got your new vehicles insured. You may have just gotten the least expensive auto hauler insurance at that moment. Or you may have gone with whichever company was running an ad online at the time.

Either way, you ended with trucks on different policies from different companies. This never works in your favor.

Gather up those policies. Get a single quote for all of your trucks. And save money on auto hauler insurance.

2. Change How You Pay

Most companies will give you a good discount if you pay your premium annually instead of monthly. If you can pay in a lump sum, it’s worth looking into this option to lower the cost of auto hauler insurance.

Saving just 10% on your insurance bill is huge for auto haulers. If your fleet is costing you $100,000 per year, that’s as much as $10,000 you get to put towards your business.

3. Switch Providers

Simply switching providers often lowers auto hauler insurance costs. That’s especially true if you now have a nice sized fleet. A trusted insurance company may offer you a lower rate for the same, or better, coverage.

4. Ask About Discounts

You don’t know what you don’t ask about. Your new insurance company may have discounts that you can qualify for over time. Knowing what they are now will help you work toward meeting the requirements to earn that discount. It’s often easy money. Or you may already qualify. This is some of the easiest money you’ll ever “make”.

5. Put Emphasis on Safety

According to the Federal Motor Carrier Safety Administration (FMCSA),

39% of truck drivers killed in accidents weren’t wearing a seatbelt. Even if the driver isn’t killed, an ejected driver will have very expensive medical bills and likely be permanently disabled.
61% of fatal large truck crashes happen in rural areas, not in cities where you might think the risk is higher.
27% of work zone accidents involve a large truck.
16% of fatal truck crashes can be linked back to the truck driver using a cell phone.

As you well know, driving an auto hauler is risky business. Your driver is responsible for driving some really expensive equipment and carrying some expensive freight. On top of that, the driver’s life and other lives are at-risk.

A history of expensive claims can raise your rates so take steps to train and reinforce safety standards. Safety can help you manage auto hauler insurance costs.

5. Shop Around

Reputable insurance companies want your business. Shopping around can save you a lot of money on auto hauler insurance costs. At the same time, it helps ensure that you’ve got adequate coverage when you need to file a claim.