Semi Truck Insurance Tips for a Lower Premium

Long haul truckers know that because they are on the road all the time, they face additional risks, and those risks can translate into extraordinary semi truck insurance costs. From choosing the right company to only paying for coverage you need, here are 4 things you can do to ensure you get the lowest possible rates.

1. Choosing the Right Company

It is likely that, if you just call up the person who insures your house or your car, you will be able to get semi insurance for your long haul business, but it may not be the best insurance or the best price. When you start shopping for an insurance company, it is important to remember that not all insurance companies are the same, and that specialized insurance can often be found at better rates when you obtain it from a company that can spread the risk over a larger number of insureds.

As well, when you choose your coverage from a generic insurance company that does not specialize in long haul trucking insurance, these companies are often not aware of the special coverage options you may need to consider. They are also less likely to offer discounts that are based on actuarial data or have the flexibility to let you increase your coverage for specific trips outside your normal route.

2. Service Is Important

When your vehicle is your livelihood, keeping it insured and on the road is vital. Having a claims and service department that will fight for you is as important as a good price. You need a company that is familiar with the Department of Transportation regulations regarding long haulers, and you need a company that will respond to your needs and do everything possible to meet your needs. To determine whether or not you will be able to get the service you need when you need it, consider how long the company has been in business and how stable the company is.

3. Premium Comparisons

The cost of insuring a semi truck is 10 to 30 times higher than the cost of insuring a private street vehicle. It is a significant cost of doing business for the long hauler. However, skimping on insurance coverage to get lower premiums could result in your truck being off the road for longer periods of time when claims are not quickly settled.

When determining who has the best deal, going for the lowest premium alone is not wise. You need to balance the cost of the premium with the types of services you are being provided. If a deal seems too good to be true, look for exclusions that may severely curtail your coverage. Read your agreement carefully before signing.

4. Get Only the Coverage You Need

There are certain types of coverage, like liability and uninsured motorist coverage, that you will be required to carry by the Department of Transportation. However, some coverage may not be necessary or may be provided by a subcontractor who leases your services. While you have to have semi truck insurance in order to remain in business, it is important to choose your coverage wisely.

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