We Make Commercial Truck insurance in NY Easier
The thing about commercial truck insurance is that it can prove to be an expensive component no matter how large or small your business is. As an owner-operator with your own authority, it is up to you to make sure all your resources are insured including your drivers, trucks, cargo and your trailers. Some insurance coverages like physical damage and primary liability are mandatory and unavoidable while some others can be kept at minimum limits.
How to Get Cheap Truck Insurance in 2022
With soaring rates in insurance markets and recurring losses that insurance companies have been facing over the last several years, insurance prices have only gone up. Yet there are a few tips you can follow to try and get a relatively inexpensive insurance package for your trucking business.
Package Policy
Bundle together all your insurance coverages into one package from a single company instead of buying each piece of insurance separately, for different time periods and from different companies. Not only is it easier to track and be updated but it also almost always works out cheaper.
Compare Policy Rates
With so many new insurance companies that have come up and some old time big companies, you are at a great advantage. Most companies will rate your risks differently and quote different prices. Some companies may even lower their rates for you to improve their business. Take some time to get multiple quotes from different companies and see which one suits you best. However, be careful if a quotation is unrealistically low.
Make Sure Your Limits Suit Your Risks
If your quotation is really low — significantly lower than what other companies are willing to offer — find out why. It can also harm your business to have really cheap insurance because that usually means that your coverage limits are really low. In the case of an accident, then, you might have to pay from your own pocket as the limit is low. You should know how much of a risk each of your resources pose and try to get a policy whose limits match those risks.
Ask for Discounts
Many insurance companies offer discounts to customers with good driving records, or for new customers. Just ask your representative to lay out what kind of discounts are offered by different companies and which ones you qualify for.
Increase Your Deductibles
The amount of your deductibles and coverage limits directly affect your premium amount. You may want to consider opting for higher deductibles, thereby lowering your limits but also lowering your premium amount.
Maintain Safe Scores
Hiring experienced drivers with clean driving records, maintaining a fleet of trucks which aren’t too old and don’t require too much taking care of and paying your installments on time can really help you with better CSA scores and better credit reports. This will automatically reduce your risks and insurance companies will offer lower premiums for the same reason.
Raise Your Credit
Maintaining a good credit score or asking your credit card company to raise your credit (so long as you can continue to pay your bills on time and in full) can be beneficial for getting a better insurance policy. Showing that you are financially responsible helps reduce risks that the insurance company will take on your business.
Also Read about: Tow Truck Insurance NY
Getting a Really Low Quote on Your Truck Insurance May Not Be the Best Thing
While there is nothing wrong with finding an insurance policy quote that is really cheap, be very careful and read through your policy entirely. If your quote is unrealistically low, it could be for one of the following reasons:
- Low Coverage Limits: Not all policies are made to fit you best. One policy might cover your cargo insurance only up to $10,000 while another might cover you up to $25,000. With the former, if you do have a cargo spill and the debris removal bill comes up to, say $19,000 then you will have to pay $9,000 out of your pocket.
- Lack of Vital Coverage: Some policies might be very cheap to buy but may lack some significant coverages. Policies can be bought in packages that generally cover physical damage, primary liability, cargo insurance, bobtail and non-trucking liability. They may, however, leave out umbrella coverage or general liability. Be sure to ask your representative exactly what is included and what is left out.
- Misidentification of Your Business: Some insurance companies may even wrongly classify your business category in order to change your insurance rates and make it appear as a bargain. Scrutinize your policy carefully if the quote is really low.
The most basic tip of all, really find an insurance company that can offer you cheaper rates of insurance. We at East Insurance are committed to helping your business run smoothly while also understanding your risks. Visit our website today!
