Cheap Commercial Truck Insurance: The Complete Guide to Affordable Coverage

We know that finding cheap commercial truck insurance can be at the top of the list for many owners and businesses. Protecting your vehicles, drivers, and business from financial loss via truck insurance is important, but it does not need to leave you bankrupt. By knowing how insurance works, being creative with your options, and searching for discounts, you can find the right coverage at an affordable price. Keep reading to learn more about how to get cheap commercial truck insurance.

Commercial truck insurance is specifically designed to keep you and your business safe when an accident occurs or a theft has been committed against someone operating one of the vehicles used in this line of work. It pays for repairs to your vehicles, as well as medical costs, life-long benefits, and damages owed to other people. Unless you have the proper insurance in place, all of these expenses may come directly from your pocket, leaving your business and everything else at risk. There is no denying that insurance is important to have, but at the same time, you can also explore ways of reducing your coverage costs without necessarily giving up on coverage.

How to Find Cheap Commercial Truck Insurance

There are numerous ways you can go about getting the right truck insurance. If you follow these tips, then the coverage that you want will be delivered at a price that can fit your budget. Premiums will differ from insurer to insurer, which is why it is wise to obtain several quotes. You can compare prices and get the best deal by receiving quotes from several providers at one time. Since most commercial truck insurance companies have basically the same basic coverage, it often makes sense to shop around for who can offer you the lowest rate.

Either reach out directly to multiple insurance providers for quotes or do so using one of the many online comparison tools. You need to check that it is comparing the same coverage levels and deductibles for an accurate comparison.

Discount Hunting

As with most things in life, you get what you pay for, but before you purchase insurance, don’t forget to check and see if they have discounts available. The following are common discounts:

• Commercial Driver’s License (CDL) Discount: If you have a CDL and two years of driving experience, make sure to ask about this liability discount.
• Business Experience Discount: If your business operates for more than three years, it will get you a necessary automobile dealer insurance discussion.
• Continuous Discounts: Some companies offer a discount on the next policy if you had insurance in place for 12 months before starting your car.
• Paid-in-Full Discount: Some companies offer a reduction in the premium if you pay it in full rather than by installments. Yes, it could save you 15% on your insurance costs.

Check with each insurer about the discounts they provide and if you qualify. In a few cases, discounts are not publicized, and it is ideal to ask for what they have.

Raise Your Deductible

A deductible is the amount you consent to pay for a problem from your own pocket before the insurance plan kicks in. One way is by choosing a higher deductible, which will consequently lower your monthly premiums.

The higher your deductible, the more you can save on premiums, but also how much it will cost if you make a claim. If your drivers have (properly passionate) driving habits, the cargo you carry is low-risk, and you are able to pay more upfront in case of an incident, this plan may be for you.

Lower Coverage

The coverage limits you select will influence the price of your insurance. If you want to pay lower premiums, one way is by reducing coverage limits or choosing limited coverage.

Evaluate your business needs closely. For instance, if you have ten trucks, it is not a necessity to purchase rental reimbursement coverage for each truck. Alternatively, if you live in an area with very few risks due to burglary and vandalism but do see high levels of physical damage coverage, it might not be necessary. But don’t be tempted to cut coverage excessively, or you could increase your business risks.

Usage-Based Insurance

Usage-based insurance will estimate what you should pay in premiums for how many miles and the safety of those miles your trucks are being driven. This is a good option for those without the need to use trucks 24/7 or with drivers who have excellent driving records.

Your insurance is tailored to how you drive with usage-based coverage. Couldn’t that have a significant cost-saving effect for you if your trucks are less frequent users or generally drive carefully?

Bundle insurance policies

If you have other types of insurance, such as general liability or property insurance, then there is a chance that you can bundle these policies with your trucking-specific coverage.

If you purchase life and auto, homeowners, or renters insurance from the same company, some companies offer discounts.

Bundling can streamline your insurance life and help you reduce how much you pay overall per year or month in terms of combining policies.

US States with the Cheapest Commercial Truck Insurance Rates

Your location can also have an influence on how much these insurance premiums will cost. Other states have lower average insurance rates because the state has fewer accidents, less traffic congestion, or a reduced risk of car theft. These are some of the states that have relatively cheap commercial truck insurance costs:

• Mississippi
• Wyoming
• Nebraska
• Iowa
• Idaho
• South Dakota
• North Dakota
• Wisconsin
• Alaska
• Montana

If your business is located in one of these, then you might get better deals and better opportunities. Still, rates vary considerably within each state, given your residential area specifically, the actual cargo type you carry through auto shipping, and even a driver’s record.

Common Mistakes to Avoid

• Failure to Obtain Multiple Quotes: When you search for commercial truck insurance policies, pay heed and obtain quotes from insurers; it will help you in many different ways. Even if you are happy with your current provider, it never hurts to do research and see if there might be a better rate out there.
• Choosing the Lowest Coverage Limits: While it may seem like an easy way to save some cash, selecting coverage limits at or near the minimum required by law can leave your business in financial jeopardy. Ensure that you have adequate cover for your business assets.
• Ignoring additional coverage options: While forgoing cargo insurance or uninsured motorist coverage could save you money from the start, it may end up costing you far more should an accident happen. Discuss all your options as a policy buffer before adding what you want to run.
• Not Asking About Discounts: Failing to ask for any applicable deal can cost you significant savings. When you get a quote, always ask for discounts.

Finding cheap commercial truck insurance is possible if you know where to look and what strategies to use.