As trucks are prone to accidents and theft it is important to have suitable small truck insurance in place.
Maintain A Clean Driving Record:
A truck driver’s driving record can impact the cost of the premiums, with cheaper premiums typically a reward for drivers with a clean record.
A clean driving record can save you significantly on the cost of truck insurance. As a result, some small business owners reward their safe truck drivers, and where possible, avoid hiring drivers with regular driving blemishes and fines.
Choose A Plan According To Your Driving Distance:
In Australia, with some truck insurance policies, travelling longer driving distances may raise your truck insurance premiums. If your truck operates interstate over long-distances, you may want to avoid these policies. However, if you cover short distances (intrastate) with your vehicles, you may want to seek out an insurance company that favours less driving mileages/kilometres.
An insurance broker may be able to help you compare and decide.
Shop Around For Small Truck Insurance Quotes:
Many insurance companies spend a huge amount of money on advertisements to convince you they provide truck insurance at the lowest rate. But no single insurance company is the cheapest for everyone. The truck insurance company that’s reasonable for a truck driver in one state might be more expensive for a driver in another state.
The best way to ensure you are securing a suitable policy at a good rate is to shop around for small truck insurance quotes. That includes getting multiple small truck insurance quotes. Each insurance company analyses the risk differently. Again, a truck insurance broker may be able to help you shop, compare, and save.
Review Your Claims Experience:
The number and types of claims that have been made against your truck insurance cover will impact on your no claims bonus and what you pay. Different truck insurance companies have different policies in relation to claims and bonuses.
Ask your truck insurance broker for help in finding the truck insurance company that suits your claims history.
Keep Your Deductibles Higher:
A deductible is the amount you need to pay towards a claim if you face a loss caused by an insured event. In other words, it is the amount you pay out of pocket while making a claim. It is also known as the excess.
For example, if you have a deductible of $2,000 and you have an accident that costs $14,000 to repair your truck. It means that you must pay $2,000 out of pocket as your deductible, and then your insurance would cover the additional $12,000 amount.
If you choose a higher deductible amount, you might get a lower premium. This is because you are less likely to make a small claim and make a greater contribution to a claim. A higher deductable also shows the truck insurance company your intent not to claim unless essential.
Cover Multiple Trucks With The Same Insurer:
Some truck insurance companies provide further discounts if you purchase a couple of policies from them. You can frequently obtain a multi-policy discount by having multiple truck insurance from the same insurance company.
Small truck insurance can be costly. The abovementioned tips can help you get cheaper rates and save money on the premiums. What do you think? Let us know by commenting below!
*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations. Talk to a business insurance broker for more information.
Romit Malhotra is the brand representative of Smart Business Insurance, a leading Australian insurance broker. A big foodie, he loves to travel the world. Also, a diligent businessman, Romit likes to pen down his thoughts on related topics whenever he finds some free time.