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Hello everyone, Mike Lawrence here again from InsureMyRig.com, the premiere trucking insurance agent on the web. InsureMyRig.com is an excellent source for online trucking insurance information, as well as a provider of highly competitive trucking insurance quotes and fast, professional customer service.
Today I would like to offer my top 5 tips for reducing and controlling the cost of your trucking insurance premium which is a big annual expense that helps determine your bottom line profit.
Tip no. 1: Hire the best drivers you can find. Drivers, for many reasons, have the potential to positively or negatively impact you insurance cost dramatically. Good drivers with multiple years of commercial driving experience, clean motor-vehicle reports and excellent references are a great asset to your company. MVR is one of the primary tools that underwriters use to rate your company’s trucking insurance cost. Simply put the more violations the higher your insurance cost will be. Potential driver hirees that have multiple speeding violations, at-fault accidents or even more major violations needs to be judged carefully.
Tip no. 2: Keep your company equipment well maintained. The department of transportation has a duty to inspect your vehicle and that information is than made public. Higher that average out-of-service violations are a cause for concern from an insurance stand point, especially brake violation, excessive tire ware and load securement issues. Mandate regular inspections to the vehicles and develop a solid maintenance plan for your service people to follow.
Tip no. 3: Develop a culture of safety within your operation. A strong safety director or an owner who understands what is required out of motor-carriers by the government is essential. Someone in your organization needs to be an advocate for these regulations and enforce the penalties when the company’s standards are violated. Reward drivers who consistently pass inspections and don’t get violations and schedule regular mandatory safety meetings.
Tip no. 4: Utilizing tehnology can also asist you in lowering insurance cost. GPS units can direct drivers to find better and safer routes, low tracking chips can help avoid the unnecessary cargo losses due to theft, electronic log books will limit hours of service violations, speed governors can keep drivers obeying the speed regulation in the nation’s highways and electronic on-board recorders can help track unexpected and sudden driver behavior that are a cause of many major accidents.
And finally Tip no. 5: Hire an agent who understands trucking exposure. Many insurance agents stable in trucking risks, but only a few select agents around the country are truly trucking insurance experts. These agencies can put together a quoting packet that appeals to underwriters, can help explain your risk in the most positive light and can also approach many different insurance market to help you decide which insurance company fits you best. The experts at Roemer insurance and InsureMyRig.com have been specializing in trucking insurance for over 75 years and y Know we will do a great job for you. If you have any questions or are looking for a quote please go to www.InsureMyRig.com , from there you can browse our information, request a call online or email me directly. Thanks, and drive safe out there.
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As a semi truck driver, you own a very large vehicle that needs it own specialty insurance. The need for the right coverage is made to protect you and your vehicle as well as the drivers on the road around you. Since an eighteen wheeler is more than an investment, it is a livelihood, it is no wonder the a special type of insurance policy is needed.
However, there is much detail to truck insurance, and you could find yourself confused by all of the policy information and the great number of decisions you will have to make. In order to make your life and your choices easier, below is a compiled list of three things that you need to know when you are shopping for and purchasing truck insurance.
1. Unlike standard auto insurance, this type has to cover a vehicle that is being used for commercial purposes. This means that the insurance has to be more in-depth and detailed. Because of this, there are actually nine different types of policies you will need to consider in order to fully protect your truck. While only one of these types is required by law, the others are strongly suggested for the safety of you and your vehicle. Here is a short breakdown of each of types along with a short definition.
The type that is required by law is called commercial auto liability. This type of policy is made to protect other people who may be involved in a collision with your truck. If you are in a collision that is your fault, and the other party suffers property damage or personal injury, this policy will pay for the expenses.
Warehouse legal, cargo, and terminal coverage are all policies made to carry the load that you are transporting in various parts of the trip and storage times. If you are in an accident that damages this load, the insurance policies will pay for replacement.
Trailer interchange, non-owner trailer liability, and non-owner trailer physical damage are policies that are usually sold in a group package. These policies cover the actual trailer of your rig, whether you own it or not.
Non-trucking liability is a type of policy that will cover your truck when it is not in commercial use, or has not been dispatched to haul a load.
The final category is called physical damage, but it is easier to understand when compared to collision insurance for other regular vehicles. This is the policy that will pay for repair or replacement of your truck if you are involved in a collision.
2. While every state law is going to require that you have at a very minimum, the commercial auto liability coverage on your truck, the exact minimum required can be different from one state to another. When you choose your truck insurance, make sure you are aware of the minimum required in your state so that you can stay within the law. Otherwise, you could run into very large legal problems if you are involved in a collision.
3. Not all truck insurance policies will cover any personal belongings you keep inside. More than likely, you will have personal belongings with you since you could be on the road for several days and nights at a time. When you choose your coverage, you will need to find out whether or not personal belongings will be included. If not, you may want to consider adding it just in case you are a victim of theft or vandalism.
Personal belongings policies are, of course, not required, but they could save you a great deal of money, especially if you regularly keep quite a bit of your own items within your rig.
Because commercial trucks are more expensive, can accrue greater damage, and can cause greater damage, the types of insurances available and needed are quite different from standard auto policies. In order to make sure your truck is correctly covered, you will need to choose he right policies and you will need to make sure you have at least the minimum required coverage by your state laws. By choosing the right insurance, you could save yourself a great deal of money and stress in the future.
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Acquiring trucks insurance is something that is important for business owners and owner operators. Though many people consider trucks insurance to be just another type of auto insurance, this is not necessarily true. Most auto insurance policies are tailored for private use, while most trucks are designed to acknowledge that trucks are generally used for commercial and business endeavors.
Trucks insurance is available from the commercial arms of mainline insurance carriers as well as trucking specific insurers. You can choose which is the best fit for you based on your business, your experience level, and your trucks. Some policies are tailored for small fleets, while others are only available to experienced business owners. You will have to carefully evaluate your business to find the best policy available in your region for your trucks.
Information Needed For Trucks Insurance Quotes
To get a trucks insurance quote, you need to have information about the drivers you want to insure as well as the vehicle. Though a commercial driver’s license is not required for all trucks, many do require it. You will be unable to get a quote for a named driver who does not have the proper licensing.
Next, you will need to provide information about the trucks themselves. Size, make, model, average distance traveled, and typical cargo hauled will all be considerations. Also, you will need to clarify if your fleet rotates drivers or if there is one driver per truck.
If you are an owner-operator, you will also need to discuss this with your agent to be sure you get all the coverage you need for your operations.
Common Trucks Insurance Policy Features
Though trucks insurance will vary a bit based on the size of the fleet being insured and the size of trucks on the policy, there are many common features. The most typical trucks insurance policy features are:
- Physical Damage Coverage. This coverage helps to repair or replace your truck if it is damaged on the road, vandalized, or stolen.
- Motor Load Loss Coverage. If something should happen to the cargo that you are carrying, this coverage will step in to replace the cargo or reimburse you for the loss.
- Liability Coverage. For most trucks policies, this includes property damage liability and bodily injury coverage. If your truck harms another person or causes property damage, you will have protection from litigation costs.
- Medical Payments Coverage. If you and others are injured in a trucking accident, this coverage will offset your medical bills.
- Uninsured Motorist Coverage. If you are in an accident with an uninsured or underinsured motorist, this coverage will help pay for repairs and medical bills.
- Roadside Assistance Coverage. If your truck breaks down or you are stranded due to weather conditions and need help, roadside assistance coverage can help you get the right people to you to aid you.
Trucks Insurance Discounts Available
Given their high cost, lowering trucks insurance rates is a high priority for many drivers and firms. You can get trucks insurance discounts by taking a number of steps. You can have your safety features inspected, avoid accidents, and combine policies to earn premium credits.
Safety features are a big issue with trucks. Your insurance company will reward you for regular verification of lights, brakes, and cargo hold seals. Mirror enhancements, back up cameras, and GPS tracking in the event of thefts can also help you get discounts.
Accident avoidance will also earn safe driver discounts and fleet discounts. Safety courses for drivers or incentives based on milestone mileages without accidents can trigger accident free premium reductions.
Finally, combining policies will help you get discounts. Standard auto, homeowners, or business owners insurance combined with trucks insurance can help you lower your overall rates.
Trucks Insurance Exclusions To Note
Read your policies careful to watch for certain cargo restrictions, qualified driver restrictions, and regional or mileage limits on coverage. This is especially true for owner-operator trucks insurance, which may carry a short mileage limit of no more than 500 miles.
Also, accidents that occur as a part of committing a crime, such as smuggling unauthorized cargo or drugs, will generally not be covered by any trucks insurance policy.
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