How to Get the Best Price on Trucking Insurance?
Truck owners must have a truck insurance policy that financially protects them in unwanted situations. However, finding the right truck insurance for a trucker can be a challenging task. Read the below guide to understand how to get the best price on the insurance policy.Read more
6 Tips to Get the Right Price on Your Commercial Vehicle Insurance
Finding a good insurance rate with so many options available is a tough job. Fortunately, we have a couple of tips to shop for the best rates for your truck insurance.
1. Keep Your Truck Maintained
One of the important tips to receive lower rates in your insurance policy is to keep your truck in good condition. You can do this with regular servicing sessions and get the truck checked with the right mechanic.
Proper servicing on your truck will help in detecting all the issues. You must check the engine oil, air filter, engine coolant, power steering fluid, brake fluid, and windshield washer fluid regularly. Moreover, you must ask the mechanic to rotate the tyres since it reduces vibrations and enhances the gas mileage.
Along with the interiors, you should give some time to clean the exteriors of a truck. Remove any abrasive dirt, sand, and dust. Also, remember to clean the undercarriage.
If an insurer finds your truck in a well-maintained condition, they consider you a responsible driver and a policyholder who is less likely to raise a claim. Therefore, you will receive truck insurance at lower rates.
2. Maintain a Clean Driving History
To get trucking insurance for truckers at a lower rate, a driver must maintain clean driving history. If you are a commercial truck driver or manage a truck driver for your company, having a clean driving record can turn out to be the biggest asset for the company.
When you have a good driving history, the insurer will have faith in you and will consider you less risky to cause any damage to the vehicle. Also, if there are no accidents and speeding challans in your account, then you are likely to receive lower truck insurance rates.
To check whether you are a safe driver or not, the insurance company will consider several factors like-
- Driving License (DL) suspension history
- Number of claims raised previously
- Training and certifications
- Speed limit challans
- Age and experience of the driver
- Any other challan or suspension activities
3.Compare Multiple Truck Insurance Quotes
You can start this process by searching for a commercial vehicle insurance policy for truckers online. Shortlist multiple plans according to the coverage and price. Most commercial vehicle insurance policies offer customized plans as per your need and budget. So, you must take enough time to compare quotes & prices, understand coverage and ask questions to the insurance company.
To avoid the hassle of shortlisting, you can visit Policybazaar.com to compare multiple commercial vehicle insurance policies in one place and get the right coverage for the trucking business.
4. Pay for Annual Premium Upfront and Receive Discount
Investing a large amount of cash upfront can be challenging, but it can save a good amount later. Do you know many commercial truck insurance companies offer discounts to those policyholders who pay their yearly premium in a lump sum? Yes, you can ask for this from your insurance provider and save a good portion on paying your premium.
5. Customise Your Insurance Policy
It is not a thumb rule that you have to choose from different plans offered by the insurer. Instead, you can customise your policy based on your company's needs at the time. If you need the other coverages in the future, you can upgrade the plan. To get the best deal for the tailored plans, you must talk to an insurer executive.
6. Don't be Underinsured
Never compromise on your coverage. Yes, it is genuine advice to never compromise on your coverage just to save money. It is recommended to read all the terms and conditions of the coverage before you accept it. Read your policy wordings carefully before you invest money in it. In the insurance market, there are many affordable policies with maximum coverages offered by multiple insurers. All you need to do is compare the plans and choose the best.
Finding the right truck insurance plan that fulfills all your needs can be quite confusing at times. With the help of the above tips, you can get the best coverage for your trucks. Also, you must read the policy wording carefully before making the deal.
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