Truck Insurance - Money Saving Tips
If you’ve checked out our commercial truck insurance buyer’s guide, list of common policies and dedicated insurance pages for independents and motor carriers, you’ve probably got a pretty decent idea of what policies are best-suited to your business.
But how can you be confident you’re getting the best truck insurance rates without sacrificing the coverage you need?
Here’s a list of helpful truck insurance buying tips that can help you be sure you’re saving as much money as possible and creating a streamlined commercial truck insurance portfolio that’s tailored to your business and interests.
Stay at Least Semi-Familiar with Common Policies
Having a basic familiarity with general truck insurance policies such as liability, physical damage, comprehensive coverage, trailer insurance, cargo insurance and commercial insurance for your business helps you determine what you need and what you can afford to avoid.
If your trucking company doesn’t own trailers, don’t spend money on trailer insurance. If you don’t garage a fleet of vehicles, don’t pick up garage keepers insurance. If your cargo is usually really low-dollar, make sure your general freight coverage amounts aren’t set to exceed its value. Filter the extraneous coverage and save.
Comprehensive Coverage
Comprehensive coverage, the kind that pays out for your vehicles in the case of accidents, fire, theft, vandalism, etc. is only marginally more expensive per year than simple liability coverage, but the payout potential could exceed 6 figures in many circumstances. Comprehensive truck insurance ensures all of your assets are protected at a relatively low annual expense.
Understand Specialty Truck Insurance Coverage
Remember that the truck insurance world is highly specialized in order to match the different capacities that commercial vehicles are used. These policies are usually a good blend of liability coverage, physical damage provisions and trailer/cargo insurance to fit the needs of particular vehicles. Starting with a specialized type of truck insurance that matches your business, for instance tow truck insurance or dump truck insurance, and tweak the coverage amounts to suit your business needs.
Get Free Truck Insurance Quotes and Use Them To Your Advantage
A company like Royalty Truck Insurance has a clear advantage in saving drivers of all different circumstances money. Since we partner with most of the nation’s specialty truck insurance providers and some of the most reputable ones at that, it’s easy for us to shop rates for your special business needs. We’re oftentimes really low with our truck insurance rates, but sometimes we might not be the lowest. If you find a lower quote from another truck insurance provider, tell one of our agents. If we can beat it, we will!
Be Familiar With Local Laws and Regulations
For the most part, Royalty Truck Insurance can help you comply with all the laws and regulations in your state as long as we’re licensed to provide commercial trucking insurance there. Staying in compliance with state and federal law allows you to avoid costly fines. Royalty Truck Insurance can take care of state filings and other paper work to help you stay up to code. Contact one of our truck insurance agents anytime for help with your particular state.
Follow Regulations Suggested by the FMCSA and NHTSA
These regulating trucking industry organizations set policies and programs that affect the trucking industry and possibly your truck insurance rates. Keep in compliance with their suggested safety programs and you could possibly lower your truck insurance rates.
Ask Our Agents Questions
If an agent draws up a quote, examine all of the policies thoroughly. If it’s higher than you’d wished, ask what coverage needs to be sacrificed to lower your rates. Ask if you’re receiving all applicable business and safety discounts. Make appropriate decisions for your business to streamline your policies.
Consolidate Your Policies
Consolidating all of your truck insurance policies with Royalty Truck Insurance can entitle you to higher volume discounts. If you’re a motor carrier, consider insuring all of your trucks with us, as well as your general business liability, workers compensation insurance policies and all other applicable truck insurance policies. A large portfolio will entitle you to the greatest room for savings.
Drive Smart and Drive Safe
The lowest rates are often afforded to the most reputable and safest drivers and companies. Stay safe and curb your violations and citations and you’ll find it easy to reduce your rates. If you’re a motor carrier, take part in as many safety certifications as your state allows.
Talk to an agent today for more money-saving tips and free commercial truck insurance quotes!
