A report by the American Transportation Research Institute reveals that despite the measures trucking companies have put in place to reduce premiums, insurance costs are still rising. Between 2008 and 2020, for example, the overall premium costs per mile surged 47 percent. Here are 11 hacks to ensure your insurance premiums remain relatively stable.
Auto Insurance Houston – Toe the Compliance Line
You’re likely familiar with the regular safety audits, compliance checks, and DOT roadside inspections. What you may not realize is that insurance companies often evaluate that safety data when determining the insurance rates for your trucking fleet. So compliance can help lower your insurance premiums as well as help you avoid administrative sanctions and fines.
Guard Your Driving Record
Your insurance costs will largely hinge on your driving record. To ensure your premiums remain relatively stable, you should maintain a clean driving record.
Increase Your Insurance Deductible
Increasing your deductible is a common way of lowering premiums. With this option, you’ll increase the out-of-pocket costs you’ll have to pay before your insurer starts to pay. Taking more responsibilities is often viewed favorably by insurance companies.
Establish a Thorough Safety Policy
Having a comprehensive safety policy in place can help lower your insurance costs. A safety policy lays out how your drivers handle safety-sensitive issues and accidents, as well as you deal with substance or drug abuse. Insurers know that trucking businesses that have a comprehensive safety policy in place are generally more safety conscious and thus reward them with lower insurance premiums.
Commercial Auto Insurance Houston, TX – Consider Bidding Insurance
By competitively bidding for truck insurance yearly, you can know the insurance rates throughout the industry. This enables you to learn about the latest trends. While this doesn’t necessarily mean you have to leave your insurance carrier because many of the insurers will offer you similar rates, it would provide you with alternatives in case your insurer doesn’t match what other insurers are offering.
Consider Buying Insurance “In Bulk”
You can get discounts by making long-term insurance purchases. Find out from your insurer whether you can save by paying the premiums once a year, bi-yearly, or quarterly. You can make some savings by opting for these payment options.
Watch your Credit Score
Many insurers use your credit score when considering your risk score. Insurers may also consider your age and marital status. Some states prohibit this practice, but some don’t. Depending on your state, you can make your insurance premiums more sustainable by improving your credit standing.
Lease onto a Larger Carrier
Many operators/ owners get into trucking because it offers them independence. But, one of the benefits that come with leasing your truck to a larger trucking company is that you can enjoy lower insurance rates.
Seek Associate Rates
Some successful trucking associations enable members to get lower association insurance rates. But before you join an association, you should ensure that the membership costs don’t exceed your savings in insurance premiums.
Perform Thorough Checks on Potential Drivers
If your co-driver is inexperienced or has a terrible driving record, you may pay higher insurance premiums. By ensuring your co-driver is experienced and has a great record, you can save money in premiums as well as have an effective and efficient partner on the road.
Stay on Your Lane and Out of Ditches
Your insurance rates correlate with the severity of your previously filed claims. So you can ensure that your premiums remain sustainable by being a careful driver. So avoid practices like reckless driving, speeding, and tailgating. Poor driving can lead to claims which can exponentially increase your insurance rates.
How to Get the Right Auto Insurance in Houston, TX
If you need an auto in Houston, TX, reach out to us at J. Archer Insurance Group. We will help you get commercial auto insurance that suits your needs and budget. Contact us today.