Recent world events have brought home the point that reliable delivery of goods across the country is critical to our economy. For truckers who move goods across the country, the ability to insure their vehicles, their safety, and their family is critical to their future financial security. Keeping costs down while providing excellent coverage is necessary for every insurance purchase.
Vehicle Coverage
Before collecting any trucker’s insurance quotes, it’s important that you note the factors that can lead to higher insurance rates.
For example, the routes you generally take will make a difference in the rates that you pay. High-risk routes may lead to higher costs for your truck coverage. The ownership of your most commonly used vehicle will also have an impact on your insurance bill. As a general rule, the larger your vehicle, the higher your fees. Additionally, your trailer capacity may lead to higher insurance bills.
Trailer Protection
As a general rule, if you have tractor protection, you have coverage for a basic trailer. However, should you take on a special trailer designed to carry very tall or very heavy loads, you may need to get your trailer coverage updated.
Over time, you may also choose to update your cargo coverage. As the costs of goods go up over time, any losses on the trailer could become quite costly in the event of an accident or theft. Your contractor may or may not carry coverage on the goods you are shipping on their behalf. Just to be sure, consider adding a cargo protection rider to reduce the risk of an expensive loss.
Liability Coverage
If you own your truck as a sole proprietor, carefully review your documents to make sure that you are covered in the event of an injury related to your rig. Even if you’re not the driver at fault, this additional coverage can protect you should someone access your vehicle without your knowledge and injure themselves in the process.
Even if you are a sole proprietor, you may be able to get a more comprehensive coverage package by setting up an LLC. Business insurance may or may not cost less. However, should you choose to add more trucks to your fleet or hire another driver to help you expand your routes, having a business set up as an umbrella can lower your costs and increase your protection.
Ways To Keep Fees Low
In addition to setting up a bigger business umbrella, there are other ways you can bring costs down. For example, if you have a great driving record, you need to let your insurance provider know. Confirm with them the time since your last wreck, ticket, or another reportable incident.
Of course, this works both ways. If you are a small business owner and find that one of your drivers has had a wreck or gotten a citation on their personal time, your insurance costs may go up. Make sure that your employee policy requirements include notifying you immediately of any such event so you can make the tough decisions necessary to keep your business healthy for your other employees and your family.
Maintaining The Best Coverage For The Best Price
Be ready to review your trucking insurance once a year. If you are putting a wreck or moving violation behind you, make sure you check with your current carrier about good driver rates to lower any higher rates you’ve paid in years past.
Should you have a chance to take on a new route, have a conversation with your insurance provider about what those routes may cost. High-traffic routes, or routes through tough physical terrain, may end up costing you more than you expect. If you’re going to bid on a new route, you need to be aware of any higher insurance fees to put in a comprehensive quote that is profitable to all parties.
Insurance is a lot like seat belts; we never want to need to rely on them but if we do, there is no substitute. If you must carry a high deductible for a time to get rock-bottom rates, make sure you have the ready savings to cover such an expense. Take the time to review better rates from your current insurance company as well as from new providers as you strive to protect yourself and your family from the dangers of life on the road.
