When you own and operate any type of commercial truck, you need to carry certain forms of insurance and of course you don't want to be too skimpy with the coverage you buy. You may think you'll never get into an accident but even one supposedly minor collision can be costly in terms of damage to your truck and your cargo. While you want to carry certain insurance coverage and certain amounts, there are some ways to save on this coverage overall. Note a few suggestions here.
1. Improve your own credit score
Your credit score may not seem important to you, but insurance companies often use it to see how reliable you are with paying bills and may raise the rates of those with poor credit because of the risk of having to send their account to collections. This might be true if your own personal credit score is low, even if you own the truck through your business or for commercial purposes. If your name is on the business paperwork or the truck registration, your personal credit score may affect your premiums. Do what you can to raise your credit rating if possible; this might include paying off old bills or even getting new lines of credit to build a good credit history.
2. Consider accessories on your truck
Accessories that keep you safer at night or in hazardous driving conditions might lower your insurance premiums; this can include fog lamps or a deer guard, as examples. Before you invest in such accessories, be sure to ask if they would lower your insurance premiums and by how much so you know they would be worth the investment.
Accessories might also include proper signage for your truck, and warning signs might reduce your risk of an accident and, in turn, lower your insurance premium. Ask your representative if signs warning other drivers about driving in your blind spot or keeping a certain distance from your truck might affect your insurance rate.
3. Maintain your logbook
A truck's logbook, or record of its servicing and maintenance, may affect insurance premiums. If you neglect regular maintenance of your truck and neglect to fill out the logbook properly, an insurance company might assume that the truck will be more likely to break down when on the road and potentially cause an accident. Maintaining your logbook and presenting it to the insurance company can help to keep your premiums low, as the insurance representative will see that your truck should always be in good working order and therefore safer when on the road.