Regulate Your Trucking Insurance Premium

Insurance Blog

Your trucking insurance premium could run high if you are a new business owner and haven't clearly identified the manner in which you intend to operate your freight company. Use the tips below to regulate the amount of your premium.  

Employ Qualified Drivers

Seasoned drivers who have clean driving records do not pose as much of a risk as inexperienced drivers whose driving records contain blemishes. Hiring qualified drivers is an investment that could result in lower premium payments. When an insurance agent provides you with a quote, they will use the information that you have furnished to calculate your premium.

Demonstrating that each driver is well-equipped to drive in adverse weather or densely-populated areas could qualify you for a reasonable premium rate. Transparency concerning your workforce will ensure that you are provided with an insurance quote that is accurate and fair.

Outline The Job Duties

All commercial trucking outfitters are required to maintain trucking insurance. The cost of an insurance premium, however, can fluctuate greatly between business owners.

Preparing an outline of the job duties that you and your employees are responsible for will help your insurance agent match you with the amount of insurance coverage you need. Your agent should be supplied with updated information about the types of trucks that you own, the distance that each truck is driven on a regular basis, and the travel routes that you and your employees follow.

Provide Additional Information About Job Duties

If some of your drivers will be traveling shorter distances or less frequently than other drivers, this fact alone could contribute to you getting a lower insurance rate. If job duties change in the future, your insurance provider should be updated about each change.

They should also be notified if any of your vehicles will no longer be used for transport duties. Modifications to your business plan may directly affect the amount of your insurance premium. 

Seek A Higher Deductible

If an accident occurs, you will be responsible for meeting your deductible. Choosing to pay a higher deductible will result in being responsible for a lower premium rate. Your insurance provider can guide you in choosing a deductible amount that will provide you with an insurance premium rate that you can comfortably handle.

The insurance agent you meet with may use a cost calculator that will show you how your premium rate will fluctuate, based on the amount of your deductible. 

Contact a local trucking insurance service to learn more. 

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4 April 2023

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