Whether you are planning to purchase a brand new truck from a showroom or a used truck from an online truck auction site, it is mandatory to have valid truck insurance before you can drive it off. Having said that, when it comes to buying a truck insurance, cost is one of the major concerns for truck buyers. Though comparing truck insurance premiums of different truck insurance companies is one of the ways to get your truck insured at a reduced price, it’s not just the only way. In this post, we list a few other ways to save on truck insurance premiums. Read on.
1. Hire Experienced Drivers
One of the key factors that truck insurance companies consider when calculating the truck insurance premium is the experience of the truck driver. More the experience, lesser the premium. Tip – When hiring a driver consider a driver who is neither too young, nor too old. Hire someone in the age bracket of 30 to 50 years.
2. Buy Newer Trucks
The truck’s age and condition are important factors that truck insurance providers consider when determining truck insurance premium. While buying a used truck is okay, make sure the truck you buy is not too old. If you are buying a truck from a salvage automobile auction, get it inspected by a professional mechanic to ensure it has been properly maintained.
3. Go for a Higher Deductible
Adjusting your policy structure is also one of the ways to get a lower truck insurance premium. For example, if you go for an insurance with a higher deductible you will have to pay a lower premium. The downside, however, is that in the event of an accident you will have to pay more from your pocket.
4. Even the Routes Matter
Did you know that the routes on which your trucks operate can also impact the insurance premium. In case your trucks operate in areas that are more prone to accidents, the insurance provider may charge a higher premium from you. Similarly, trucks that ply in highly populated cities such as Los Angeles, Chicago and Houston have higher insurance premiums.
Last Few Words
Don’t let price be the only factor when buying a truck insurance. Even if you have to pay a little extra, make sure your truck insurance includes all the important coverages such as general liability coverage, cargo damage coverage and non-trucking liability coverage.
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