When you are buying insurance as a truck driver you will see that rates change at the drop of a hat—but the truth behind this is insurance rates run in cycles and will change over time! With this pricing cycle in mind and these tips, you can help yourself find better rates when you shop for your Commercial Trucking insurance!
- Understand your Current Insurance Plan
You do not need to be a complete expert, but you do need to be versed in what your policy covers and what it does not in order to avoid confusion. Having a good understanding of your policy will help you make sure you are not overlooking any gaps in your coverage, and knowing what your coverage consists of can help you secure the right coverage for your business.
- Focus on Risk Management
Trucking companies that don’t have a safety manager or documented safety procedures are not nearly as attractive to insure for insurance agencies as companies that do have these things in place—the ones that do not have these precautions usually have a harder time securing better rates and some insurance carriers will flat out not insure these companies as well.
- Communicate Early and Often with your Agent
It’s best to keep the line of communication with your agent open at all times since being in fluctuating markets can affect your business quite a bit! Starting the renewal process early is also a big advantage for you and your agent since it gives your agency more time to secure coverage for you and your business. Owners who proactively address risk factors and navigate their way through them will be better prepared to weather the storm of a bad market and can find better rates than if they did not take any of these steps.
Also remember, if you have a larger fleet, you should give yourself more time to make sure that the process goes smoothly and that you get the best coverage/rate! Work with your agent to better prepare your business for any changes that happen down the road!