6 Tips to Save on Truck Insurance Premium
In India, if you drive a commercial truck, you must have a commercial vehicle insurance policy to ply on the road. All the heavy-duty vehicles used for commercial purposes are covered under this policy. If you are a truck driver or small fleet owner, you might be looking for ways to save money on truck insurance premiums. The below article will guide you on how to save money on truck insurance premiums.Read more
How to Save Money on Your Truck Insurance Premium?
There are a few steps that you can take to lower the cost of your truck insurance premium. To know more, read below-
1. Hire the Right Driver
Choosing the right driver that follows all the traffic rules means fewer accidents. In the insurance industry, low risk means a lower insurance premium. As per the survey regarding the driving habits in India, over-speeding, fatigue, and sleepiness are the primary causes of road accidents by truck drivers.
Finding a good driver who can deliver maximum output and keep all the safety measures in mind can be a difficult task. But you can start this by taking a speed test of many drivers at the time of hiring.
Moreover, you must go through their background verification to check their previous employment history. Always look for drivers with clean driving history. It is one of the crucial factors that commercial vehicle insurance companies look for before lowering your truck insurance premium.
Generally, those with more experience can handle all kinds of situations, like- bad weather, road rage, or any other problems that truck drivers usually face daily. So, there is no surprise that the trucker's experience plays a major role in determining your truck insurance premiums.
2. Consider the Route
Knowing the route where you will drive regularly can help in reducing the chances of accidents. Thus, it will affect your insurance cost. Making your everyday route planned should be an integral part of your day. Whether you are hauling a load or picking a load, you must know the directions.
Also, as a trucker, you must be aware of the broader crossing, state tolls, restricted borders, and road closures you may have to drive through every day. If you are driving in a city where you can face heavy traffic or rush, then plan your day, so that you can travel in the off-hours.
But do you know how it will impact your commercial vehicle insurance premium? For example- if you are a newly joined driver in the company, and you have to drive through a high-traffic area that you are not aware of, there are more chances of accidents. Therefore, with the awareness of the routes, you can easily avoid those areas, and the risk will automatically reduce, leading to a decline in your insurance premium.
3. Consider Your Truck Model
Trucks differ greatly not in size but also the mileage, comfort, performance, safety, reliability, and price. However, all these factors are related to your truck insurance coverage and insurance cost. Choosing a suitable truck according to your business needs can be tricky. So, we suggest you buy it according to the requirement and the budget.
For example- if your daily task includes carrying large loads or pulling heavy haulage, you must buy a heavy-duty truck. However, if your daily haulage has small packages or low loads, you can buy a light-duty truck or a midsize pick-up truck.
If you buy a large expensive truck, it increases your truck insurance premium. So, buy a truck according to your business need as it is directly related to your premium amount.
4. Know Your Truck Insurance Coverage
You must know your truck insurance coverage. For the best deal, you must compare different commercial vehicle insurance online quotes based on the premium and add-on covers. Choose a policy with a minimum insurance premium and maximum coverage.
Moreover, you must opt for higher voluntary deductibles as it decreases your insurance premium. If you can pay a maximum portion of the damage from your own pocket, then only opt for voluntary deductibles.
Also, do not raise claims for small damages that you can easily bear because it will affect your No Claim Bonus (NCB).
5. Make Safety a Priority
One of the simplest tips to lower your truck insurance premium is to make safety your priority. Your insurance claim history includes how many claims you have raised, and the size of claims. So, the better your record means the fewer claims and the lower your premium rates will be.
Therefore, you must focus on developing safety as your priority and give your drivers regular safety training.
6. Become a Member of the Automobile Association
In India, as a truck owner or a trucking business owner, if you become a member of the Automobile Association, you can avail of maximum discounts on your truck insurance premiums.
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With the help of the above-mentioned tips, you can save a lot on your truck insurance premium. Also, it is advised to compare the cost of your truck insurance coverage with multiple policies online to get the best rate.
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