If you're just starting out as an owner/operator with your own truck, you're going to need insurance. Unfortunately, commercial truck insurance can be expensive, especially if you don't know how to keep the rates low. Luckily, there are some tricks that will help you save money on your insurance. Here are just four of the steps you can take to get the best deal on your commercial truck insurance.
Don't Go with the Lowest Limits
Now that you're starting out in the trucking industry, you may think that you can save some money by going with the lowest policy limits. While that may save you some money short-term, in the long run, you may find that lower limits are more costly than you might have imagined. Unfortunately, you won't find out until you experience your first accident. Those lower limits might not be enough to cover the damages, which means you could find yourself facing lawsuits and out-of-pocket expenses that you weren't expecting. Before you choose the limits for your insurance policy, conduct a risk assessment. That way, your policy limits will match your risk.
Shop for the Best Rates
If you're going to go with the first quote you get, you might miss the opportunity to save some money. Not all insurance companies charge the same amount for their coverage. Before you choose a policy, take the time to shop around for the best rates. You may find that you can save money on the same coverage, or even spend the same amount of money for better coverage by going to a different insurance company.
Don't Go for the Monthly Payments
If you're on a tight budget now that you're starting out as an owner/operator, you may think that you can save some money by going for the monthly payments. However, in the long run, you may find that you're paying more money for your policy by opting for monthly payments. Before you choose between a lump sum payment in full, or low monthly payments, do your math. The added service charges may result in a dramatic increase in the cost of your insurance policy. If that's the case, you'll be better off paying for your policy in full.
Keep Accurate Records
Your service records play a vital role in the rates you'll pay for your commercial truck insurance. If your records aren't up-to-date, or you've missed scheduled inspections, you'll end up paying more for your insurance. To avoid the increased costs, be sure to keep accurate service records for your commercial truck.
For more information, reach out to a commercial truck insurance agent today.