Insurance for Your Big Rig That Won’t Break the Bank

Being the owner/operator of a commercial truck is a major responsibility, but the position also has many perks. Your big rig puts you in the driver’s seat when it comes to deciding which routes to choose, what cargo to transport and what hours to keep.
    As one of the largest vehicles on the road, you’re already aware that commercial trucks can cause extensive damage to other drivers and serious injury to passengers in the event of an accident. Because big rig insurance can cost an arm and a leg, some owner/operators try to keep their expenses down by not carrying adequate coverage. Skimping now can hurt you in the long run.
    As a transport professional, you’ve invested the time and resources and taken out loans to go into business for yourself. One crash can wipe out everything you’ve worked so hard for. The following tips can help you shop for insurance for your big rig that won’t break the bank:

    Mind your mileage. The rewards of working under your own authority are having financial freedom and the opportunity to travel the country with every new job. The downfall, however, is that you’re also racking up miles on your odometer, which can translate to a higher premium. If you’re trying to keep your insurance costs down, try to maintain low mileage on your big rig to get better rates. Insurance agents believe that less time spent behind the wheel lowers your chances of being involved in an accident, and they’ll give you a discount if you stay within a certain radius.

    It’s all about the cargo. Depending on what types of cargo you transport, you could be eligible for a discount. Obviously, if you’re hauling highly flammable liquids and materials, your premiums will soar. Get a better rate on your insurance policy by transporting non-hazardous goods.

    Insure multiple vehicles. Another way to save money is by insuring multiple trucks or to combine your home and commercial truck policies. Depending on the carrier, a multi-line insurance policy can shave dollars from your premium.

    It pays to shop around to obtain discounted commercial truck insurance to manage your risk exposure. Protecting your livelihood should be first and foremost in your mind, so talk to a professional who understands your business needs.

How to Shop for Low Cost Commercial Truck Insurance

As the independent owner and operator of a commercial truck, you sit behind the wheel of your big rig for hours on end, transporting cargo for hundreds of miles. Your job provides independence, flexibility and the opportunity to travel, but being on the road for long stretches of time also increases the likelihood of an accident. According to the Insurance Institute for Highway Safety, over half a million large truck and commercial vehicles were involved in accidents in 2010, and that number continues to rise. If you are uninsured at the time of a crash, the accident could leave you financially devastated.

            Your trucking business is important, and it’s just as vital to protect your investment and your livelihood. Because commercial trucks are much larger than regular automobiles and cause extensive property damage and bodily injury, they are considered a higher risk by insurance companies and carry a more expensive premium. Don’t put off obtaining insurance due to the price of a policy, because a collision could cost you a fortune.

            The following tips can help you obtain cost-effective insurance for your big rig:

            A clean driving record and history. It pays to be a good driver. You may be entitled to a lower premium if your driving record and history shows that you’ve been accident- and ticket-free for a number of years. Other factors that may be taken into consideration by an insurance agent are how long you have been driving commercial trucks and how established your route is.

            Safety is key. As mentioned above, big rigs are larger than the average vehicle and therefore cause greater damage, which results in a pricy premium. But some insurance carriers will provide discounts if you alert other drivers by posting safety signage on your truck. You can save big bucks by doing little things, such as featuring a sign “How am I Driving?” “We Hire Safe Drivers” or “This Vehicle Makes Wide Right Turns.” Taking proactive steps for vehicle safety demonstrates that you are a responsible driver concerned about reducing risk and can pay off in the long run. Another tip for reducing rates is to take safety classes and instructions.

            Maintain your big rig. It should go without saying that a well-maintained commercial truck that is in proper working order, gets regular checkups and can pass routine inspections sends a message to insurance agents that you take vehicle safety seriously. This can translate to a lower premium.

            Protect your credit. Some insurance carriers take the age and credit score of potential clients into consideration when drafting a policy. The logic behind this process is that clients with bad credit scores tend to be more reckless behind the wheel. Maintain your good credit by paying your bills on time, and it could shave a few more dollars off your premium.

            Buying commercial truck insurance doesn’t have to be a lengthy or expensive process if you do your homework beforehand. Talk to an insurance agent today to discover which policy is right for you and your business.