Whether your trucking business is seasoned or a new venture, trucking insurance will be one of your greatest expenses. And unfortunately, rates continue to rise. So, how do you keep your insurance expenses down for the long haul? Here are 5 ways to get the lowest rates on trucking insurance.
- Maintain Clean Driving Records– Your drivers can make a huge impact on your trucking insurance premiums. Insurance companies know that claim settlements resulting from trucking accidents can be astronomical. Statistically, a driving record with just one traffic violation will lead to an increased probability of claims from accidents. Before hiring a driver, run a Motor Vehicle Report (MVR) so you won’t be surprised when your rates go up due to a poor driving record. You can access your DMV online here: North Carolina, Virginia and South Carolina. If you are a client of ours, we can provide these for you at no cost.
- Maintain Low SAFER Scores– SAFER or Safety and Fitness Electronic Records System is managed by FMCSA and are monitored by insurance companies at the inception of a trucking insurance policy and at renewals. Inspections and traffic violations can result in increased scores for Unsafe Driving, Crash Indications, Hours-of-Service Compliance, Vehicle Maintenance, Controlled Substances/Alcohol, Hazardous Materials Compliance and Driver Fitness. You can check your company’s SAFER scores here at FMCSA.
- Improve Your Credit Rating– This may come as a surprise, but credit has a lot to do with your insurance rates. Insurance companies have found that insureds with poor credit have more claims, leading to higher trucking insurance
- Use an Insurance Broker/Agent That Specializes in Trucking Insurance– Trucking insurance is complicated. It takes years of experience and education to be able to provide a high level of expertise and to develop relationships with the most reputable insurance companies that offer the lowest rates.
- Use a Trucking Insurance Broker/Agent That Can Shop the Marketplace for You– It is in your best interest to develop a relationship with an experienced trucking insurance broker/agent that will look out for you for the long term. This agent should have access to numerous companies to “shop” your insurance rates, finding the right coverages for you at the lowest cost. He or she should also do this for you every year, keeping your rates down for the long term.
Whether your trucking company has been in business for several years or is a new venture, call our office to get great rates and the service you deserve. Paramount Insurance specializes in protecting trucking companies and looks forward to talking with you. Plus, all of our trucking clients get access to our 24/7 online instant certificate request service which means you will never get held up from picking up a load due to a missing COI. Call us at 336-869-3335. We serve North Carolina, South Carolina and Virginia.