Truck insurance costs are no joke. That is why trucking businesses need to take advantage of every opportunity you have to save on these expenses. While you do not want to sacrifice service in order to get these lower prices, there are things you can do that will help your organization save big when it comes to truck insurance costs, including the things listed below.
The general rule of thumb is to make at least three “apples to apples” comparisons before settling on an insurance product for your business needs. Apples to apples mean the same types of coverage and similar, if not the same, coverage values.
Because there are some differences from one company and policy to the next, it is important to understand what protection the policy offers and if you need all of the protection that a higher-priced bundle provides. Prioritizing your needs can go a long way toward reducing your truck insurance costs.
Bundle and Save on Your Truck
If you purchase your business owner’s insurance and your truck insurance from the same company, for instance, you can save money on both policies by bundling. Insurance companies like customer loyalty and are often willing to reward you by offering considerable discounts when you’re loyal to their company. However, comparing prices will help you determine if they are rewarding you enough for your loyalty.
Consider GPS Fleet Tracking
Insurance is a business that is all about risk. When you get truck insurance quotes there are many risks that are built into that quote, this includes things like:
- Accident risks.
- Theft risks.
- Mechanical risks.
If you have GPS fleet tracking for all the trucks in your fleet, it helps to minimize that risk in the mind of insurance agencies and they often offer discounts accordingly.
Think about it, you can reduce the risks of accidents by addressing driver behavior as it occurs (through GPS notifications for excessive speeds, swerving, hard braking, route deviations, etc.). You can also use GPS tracking to aid in the recovery of stolen trucks and stolen merchandise and to schedule maintenance to reduce the risks of mechanical breakdowns. Insurance companies love GPS tracking.
Reduce Accident Rates
The most important thing you can do, organizationally speaking, is to reduce your accident rates. This will, hands down, help you reduce your truck insurance costs over time. It may require a shift in company culture and priorities, but making the move to a safety-focused organization can net huge truck insurance savings for your business.
Create policies that directly discourage unsafe driving practices and enforce those policies with escalating penalties for offending drivers. Shift your training to focus on the importance of safe driving speeds, following regulations related to safe driving, and avoiding accidents through defensive driving tactics.
Talk to our team today to see how our rates compare to other options available to you. We understand that all truck businesses are unique with individual interests and needs. Whether you operate a fleet of one truck or 20 or more, we have the right coverage to protect your interests on the road and at home.