As the owner of a commercial truck company, you obviously have a variety of expenses that you have to watch out for every day. Keeping costs down to keep your profit margins high is how you will continue to drive growth for your business. One of your ongoing and constant costs month after month will be your commercial truck insurance.
But while this is a necessity of doing business, it doesn't mean you have to agree to pay a ridiculous amount of money every month. There are viable ways to keep your commercial truck insurance costs down while still maintaining quality coverage. Here are some options to consider.
1. Research Your Drivers
Truck insurance companies look quite deeply into the background of the drivers who will be operating your vehicles before they decide on a final premium. The number of years of service the driver has had at your company or other trucking firms is key. Any accidents on their record will of course have a negative effect. The age of the driver may also affect the policy just like it might for a non-commercial policy on your basic passenger vehicle. For example, an especially young hire may be seen as a greater risk. Do your own background checks and be sure to turn over every stone.
2. Take a Look at Your Routes
Commercial trucks typically travel long distances every day. But most trucking companies that regularly ship the same products to the same clients have a preferred route that the driver will follow every time they go out on the road. Your truck insurance company may also request this route information. If it's clear your trucks are driving daily on busier highways or areas that have a higher history of accidents, this could cause your premium to come in higher. It might be worth it to look into adjusting your routes to safer roads. Yes, this might add a few minutes or longer to the drive, but you have to weigh that against how significant (or not) the savings on your insurance might be.
3. Determine the Age and Condition of Your Vehicles
Just like with passenger vehicles, a newer commercial truck that is valued at a higher price will likely cost more to insure. If it's time to upgrade or replace your trucks, keep in mind that your truck insurance might go up as well. It might be worth it to continue driving an older vehicle for a little while longer if it's still in good condition and doesn't pose any danger.
For more insight on your options, contact commercial truck insurance providers.