Reducing Your Insurance Premiums

Getting the best rate for truck insurance is essential for any independent owner operator or trucking company.  Knowing the factors that insurance companies consider when determining a quote will help you reduce this expense. The most common factors include: driving history, number of trucks, radius of operation, insurance claims history, and safety violations.

The number of trucks and radius of operation provide basic parameters for any insurance carrier to better understand where your trucks are operating and how many are on the road.  The more trucks you operate and the more miles they drive usually means there is a increased likelihood of an accident.  The higher the likelihood of an accident, the higher your overall insurance rate will be.

Driving history, insurance claims history, and safety violations help the insurance carrier to determine your risk level.  The more of a risk you present, the higher your insurance rate will be.  When a commercially licensed driver receives a safety violation, such as an oversized load or improper truck maintenance, it becomes public record. Insurance companies and underwriters are then able to view these violations while they are quoting a new insurance policy. It is important for owner operators to work with their insurance agent and inquire about any type of safety history that could be improperly reported.

In some cases safety, violations can be reported on a driver's safety records that are not actually the driver violations. When this happens it is important for the records to be corrected so that the appropriate premiums are being charged on the policy. This way the consumer will not be paying a premium for their commercial truck insurance that is not appropriate for the driver's safety history.

To maintain low insurance cost, always drive safely and cautiously.  One accident and/or safety violation could significantly raise the premiums for owner operators and trucking companies.


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