Tips On How To Get Cheap Truck Insurance
Did you know that cheap truck insurance can hurt you if the policy lacks coverage? To find the cheapest truck insurance with good coverage, you need to get multiple quotes from multiple companies.
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How To Get Cheap Truck Insurance in 2018
Over the years the premiums are going up. The insurance companies are at a continuous loss for almost 6 years in a row. With that on the table, they are raising rates drastically! So here are some tips for what you can do if this is the case, to find affordable insurance!
- Comparison Shop – Most of the truck insurance companies are changing their rates, so you’ll have to shop around to get the best deal. But while many companies have raised their rates, others have seen an opportunity to win your business by lowering theirs.
- Match Insurance Limits With Your Risk – Always see what are your risks to your livelihood and try to match them with your insurance limits. Start comparing policies that meet your standards and needs.
- Good SAFER scores – Keep your log books up to date, you truck properly maintained, and abide by HOS regulations. If you get an Out Of Service Violation, this will jack your rate up.
- Pay in Full – Paying your premium in full can save you up to 10% but know that you would be paying a big amount of cash.
- Raise the Deductible – You can also save another 5-10% if you raise your deductibles, make sure that you have the cash for the deductibles on the side just in case.
- Raise your Credit Score – Good credit can help you out with a lot of things, not only insurance. With good credit, you can save up to 5-10%. So start cleaning your reports and start paying your debts and credit cards in full every month.
- Ask for Discounts – Always ask for discounts, they can never hurt you. You never know what kind of discounts you might qualify for. Make sure you get all the discounts you qualify for. So you can get that cheap truck insurance!
You should always shop smart and see all other options. Never jump on an offer if you don’t know what the other companies will offer to you. And always watch out for unrealistically low quotes, it’s usually low because of 1 of 3 things:
- The policy has lower limits of coverage. You have to know that not all policies are created the same. Look at it this way, one might cover $45,000 for cleanup after a cargo spill, the other one may only pay $7,000. Always make sure your policy has limits that make sense to you.
- The policy lacks crucial coverage. Truck insurance is often sold in a package that contains two or more of the following coverages: Liability, Physical Damage, Cargo, Bobtail, or Non-Trucking Liability. Other coverages like General Liability or Umbrella coverage are sometimes essential but could be omitted from your quote.
- Misclassification. Sometimes agents may classify your business as something else to wield your rate to appear as a bargain. So if your rate is crazy low, find out why!
Hard to place risks
Remember that if you have new drivers or young drivers on your insurance policy, most of the time it will be an expensive one. If you have OOS violations or BASIC violations, that too will make your policy even more expensive. Also, there have been some major changes in the insurance marketplace for new ventures, which have raised premiums to almost unbelievable levels for people trying to start a new company.
Finding a Cheap Truck Insurance Company
There are more than 20 main trucking insurance companies and a couple of smaller ones. And we know that it can be really frustrating to find the company that has the best deals for your business.
Whether you are a leased Owner Operator or if you have your own authority we can help you get the best deal.
We can help you compare quotes from over 20 insurance companies and we’ll get you the one that fits perfectly with the needs of your business.