You haul the big machines that have tough jobs to do. From bulldozers to factory equipment, getting these heavy loads where they need to go helps keep businesses and the economy running. You take pride in your work and handle every transport with care.
When it comes to your own lowboy trailer transport business, it’s important that you have the right coverage because you can’t afford to be out a fortune in the rare case of an accident. But you also want to make sure you’re getting the best lowboy trailer insurance rates to maximize your profits.
These 7 tips will help you do just that.
How to get the best lowboy trailer insurance rates
1. Vet Your Drivers Well
The driving records of your drivers strongly influence your lowboy insurance rates. Taking time to review driving records and learn more about how committed a new driver is to safety goes a long way toward keeping lowboy trailer insurance rates low.
2. Keep Good Drivers
Many trucking companies get “stuck” with lower performing drivers – and higher premiums because of high turnover rates. When they lose a good driver, they need to get a new one in fast. Sometimes this means compromising to keep people behind the wheels.
Building a constructive, safety-focused culture and demonstrating that you value your safer drivers’ contributions to the company can go a long way toward keeping good drivers at your business.
3. Have a Clearly-Defined Safety Program
To keep lowboy insurance rates low, don’t just say “Safety is important” or “We hire safe drivers.” Use tools to track each driver’s adherence to safety protocols. Establish annual or semi-annual safety programs. Set clear safety expectations with new and long-time drivers.
4. Choose a Higher Deductible
Insurance allows you to share the risk that your truck will be in an accident. It ensures that you don’t have to take an unbearable financial hit in the case of a serious accident. It helps you stay in business. But if you need to save money, sometimes it’s worth it to carry a little more risk yourself to keep lowboy trailer insurance rates lower. Taking a higher deductible means you pay less in premiums. But you pay more when an accident occurs.
5. Change How You Pay
If you pay every 6 months or once a year rather than monthly, many companies will give you a truck insurance discount that could be as much as 10% of your bill.
6. Consolidate Coverage
If you have lowboy trucks with different insurers, you’re not getting the best rates. Consolidate your coverage with one commercial trucking insurance company to get generous discounts because you have so many policies. If you have other types of trucks in your fleet, also consider moving those over to one company to get the best insurance for the lowest cost.
7. Shop Around
So many lowboy trucking companies buy insurance. Then they don’t revisit until they need to file a claim. Each year premiums may go up even if your needs haven’t changed.
Shopping around will help you get the best rates. But no one likes to shop around for lowboy trailer insurance. That’s why we do it for you. Fill out an easy form and we gather quotes from top trucking insurance providers to help you get the best coverage for the lowest price. Get your free quotes today.