Welcome back! Last time, we looked at ways to reduce your commercial truck insurance premiums by following a few simple tips. While some companies and owner-operators might assume that there just isn’t a way to minimize trucking insurance premiums, there are actually many ways to do so. Some of the best ways to save money on your semi truck insurance premiums include:
- Employing drivers with clean driving records with less than two accidents in a three year period.
- Hiring experienced and reliable drivers with at least two years of CDL experience.
- Following up on potential employees’ driving employment history and references.
- Taking into consideration a high-deductible policy.
- Maintaining your operating authority and trucking business.
- Calling Forerunner Insurance Group, Florida’s Top Rated Local® commercial insurance group.
Let’s continue looking at a few more tips for reducing your commercial truck insurance premiums in today’s blog post. Please continue reading below to learn more!
Maintain a Clean Driving Record
One of the most important things you can do as a commercial trucking company, owner-operator, and/or driver is to make sure your Department of Transportation (DOT) record is clean and free of recorded incidents that could impact your insurance premiums. You can access your fleet or owner-operator safety rating record by visiting the Safety and Fitness Electronic Records (SAFER) System to request a USDOT Number PIN, get a company snapshot, pay fines, and access useful resources to help you maintain your DOT driving record. It is good practice to regularly monitor your rating and record to ensure that your record reflects your driving history accurately. If there are unpaid fines that a driver forgot about, they will usually be listed on this site. Additionally, many insurance providers will access a DOT rating when determining a commercial insurance policy for a company, so keeping your record in good standing is the best way to get a lower premium.
Hire Drivers in the Right Age Group
In many industries, hiring younger age groups is favored; however, the trucking industry is one that values experience, reliability, and responsible drivers. According to a report from the Centers for Disease Control (CDC), drivers between the ages of 15-24 cause a quarter of all fatal accidents in the United States. For many right out of high school, trucking seems like a great way to see the country and make good money while doing so. They enroll in the necessary training programs to earn their CDL, and begin applying at trucking fleets across the nation. While these youthful potential employees could have a lot to offer a company, they lack one important thing: experience. What’s more, reports show that younger adults are more at risk of being involved in traffic accidents than drivers between the ages of 30 and 60-65. Additionally, those over 65 years of age are also at a higher risk for accidents. Your best bet is to hire drivers between the ages of 30 and 60 to keep premiums down.
Map Out Your Trucking Routes
Another aspect of trucking that insurance providers consider relates to trucking routes, population density, high traffic areas, and areas that experience inclement weather. Aside from hurricane season, Florida doesn’t receive much inclement weather in the way of snow and ice (although, there have been several freak snow showers in our state), but considering severe thunderstorms, tornadoes, and areas that are subject to flooding are important when planning out trucking routes. Additionally, driving through metro centers is basically unavoidable, especially when you’re delivering to these high-end business centers. Try to pick the safest route when traveling through these areas. To keep your premiums low, take care to plan your routes wisely, and be sure to keep these and other considerations in mind.
Use Newer Trucks
Just like with personal automobiles, insurance providers will always consider the age, make, condition, and value of commercial trucks and semi trucks. Insurance carriers also take into account the equipment installed on company vehicles, and will look at the age, condition, and risks that old or faulty equipment could pose to trucking companies, employees, and other drivers. Whenever possible, try to purchase newer trucks and commercial vehicles that are at a minimum of 10 years old or newer. Also, replace old equipment with better, more reliable modern equipment to reduce hazards to employees and other drivers on the road. As Florida’s top commercial insurance provider, we understand that purchasing newer trucks and equipment is not always in every company’s budget, but even just one or two newer vehicles in a fleet can make a difference in your premium costs. Call us and talk with us about your older commercial trucks and equipment and we’ll come up with the best solution for your situation.
Follow Up On Driver Complaints
Many trucking and fleet companies have the “How’s My Driving” sticker on the back of their trucks, but how many of these companies actually follow up on these comments and complaints? While these are not always the most reliable ways to gauge your company’s drivers, it doesn’t hurt to read the reports or listen to people’s comments and complaints. We understand that any angry Joe Schmoe driving along the highway could call in a false complaint just to spite a trucker for driving too slow in the left lane; however, there could be some valuable information in these reports that could help commercial trucking companies address common issues being reported consistently about their drivers. Addressing these issues could also lead to lower premiums, so this is something that trucking companies should definitely consider.
Talk With A Forerunner Agent
Another way to save on commercial trucking premiums is to call Forerunner Insurance Group and speak to one of our friendly and helpful agents. We can guide you on ways to save on trucking insurance premiums, offer advice for how to manage drivers, and provide you with several insurance policy options until we find the one that best fits your company and your needs. Our team of experienced insurance professionals are dedicated to finding Florida trucking and fleet companies the best policy at an affordable rate that fits their budget. These are just a few reasons why we are Florida’s Top Rated Local® commercial insurance group, so give us a call today!