How to save on your commercial truck insurance with discounts

Whether you are an owner-operator or you have a fleet of trucks, commercial truck insurance can take up a big chunk of your budget annually. The good news is that there are plenty of ways to save money on truck insurance. Many insurance companies offer discounts and savings.

However, you need someone to help you navigate commercial insurance. Simply choosing the cheapest commercial truck insurance can come back to bite you later if you don’t have the right coverage. So, instead of skimping on insurance, look for discounts and savings.

Common commercial truck insurance discounts

Here are some discounts that might be available for commercial truck insurance

  • CDL discounts – If you or your employees have commercial driver’s licenses (CDL) then you could save approximately 25 percent.
  • Personal-policy discounts – If you insure your personal vehicles with the same insurance company as your commercial vehicle, then you might be able to get a discount.
  • Multi-business policies – Getting your commercial truck insurance from the same company that provides your business owners or general liability policy will save you money. This is called a package discount.
  • Paid in full discount – Paying your annual policy upfront will help you save money.
  • Continuous insurance discount – You might be eligible for discounts if you have maintained continuous commercial truck insurance for a period of time.
  • Loyalty discounts – Some companies offer discounts for loyal customers who have been insured with the company for a period of time (usually 12 months or more).
  • Electronic logging device (ELD) discounts – If you use an ELD, you might be able to get a discount on your commercial truck insurance if you provide permission for the insurance company to access your driving data.
  • Electronic funds discount – If you agree to pay your commercial insurance bills via an electronic funds transfer (EFT), then you might be able to get a discount. With an EFT, your payments come directly from your checking account.

Other ways to save money on truck insurance.

Aside from discounts, there are other ways to save on insurance. Here are some tips to help you get the lowest rates on insurance.

  • Hire safe drivers – Safe truck drivers cost less to insure so only hire drivers who have good safety records. If you are an owner-operator, make sure that you keep your driving record clean.
  • Hire experienced drivers – Driver experience makes a difference in rates, as well. In general, the more years of experience your driver(s) have, the less insurance will cost.
  • Maintain insurance consistently – To get the best rates, you need to maintain insurance consistently, even if you operate a seasonal business.
  • Take care of your finances – Your business’s finances — if you are a fleet-owner — or your credit score could affect your insurance rates, as well.
  • Shop around – To save on truck insurance, you need to get multiple quotes.  It is important to note that policies and companies vary widely, so you really need to shop around to find the best discounts for your truck or fleet.

If you are in need of commercial truck insurance, contact us today to get multiple quotes from companies. We are in a unique position to help you compare rates and get the best deal for your needs – and we can help you save money on truck insurance. Get in touch by filling out our online quote form or giving us a call today.

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