If you own a small commercial trucking company or are an owner operator, then you know just how important commercial truck insurance is for your business. At the same time, you also know that sticking to your budget by finding affordable coverage you can trust is vital for a healthy bottom line.

Think you are paying too much? Here are the top 10 tips for lowering your truck fleet insurance premiums.

1. Know The Value of Your Fleet

Used truck values fluctuate, sometimes by a large percentage each year. While you want enough coverage to fully insure and protect your fleet, not giving much care or concern to its proper value can leave you vulnerable to higher premiums. Accurately evaluate your fleet, adjusting it accordingly as time passes. This will ensure that you don’t pay more than you need to.

2. Improve Your Credit Score

Your credit score matters even when it comes to truck fleet insurance. For underwriters, a better credit score often coincides with less risk. Individuals with higher credit scores often tend to have fewer accidents and file fewer claims.

To lower your premium, raise your score.

3. Pay on Time

You always want to be a model customer. You don’t want your insurance company to chase you down for your late payment and you want to make sure your fleet is covered at all times. Don’t put your fleet at risk by sending in your payment too late.

4. Be Consistent With Coverage

You always want to shop and compare before you buy your truck fleet insurance coverage. Switching up your coverage midway through doesn’t look good to your future underwriter. It means you engage in risky, inconsistent behavior that could potentially leave your fleet uninsured.

5. Keep Your Business Afloat

Those who have been in business for extended periods often have lower truck fleet insurance premiums. Not only can their insurance history be tracked, but they have accumulated stability along the way.

If you are a newbie or starting over, you can expect your costs to be a bit higher for a while. Stay operational and you should see your plan payment decline.

6. Watch Your Distance

Are you a long-haul trucker? Do you plan on sending your fleet throughout the United States? The longer the distance, the greater the insurance rates will be.

If you want to keep your insurance costs low, avoid long-hauls and majorly congested cities as both of these increase your risk of having an accident.

7. Only Hire Good Drivers

Just as insurance companies are picky about their customers, you should be picky about your drivers. If your drivers have good records and continue to have clean reports, you can expect a lower premium payment. Accidents and moving violations can seriously drive up the cost of your truck fleet insurance.

8. Raise Your Deductibles

One thing you can always do to reduce your truck fleet insurance premium is to raise your deductible. By agreeing to pay more out of pocket should an accident or incident occur, you could save more on your coverage cost.

9. Don’t Be Afraid to Discuss Your Budget

Sometimes insurance companies can offer you bundles and such to lower the cost of your insurance. If you have a great credit score, impeccable driving records, continuous insurance coverage, and so forth — you are a customer that insurance companies want.

If the cost is too high, don’t be afraid to ask about lowering your premium. They may or may not be able to but it is worth asking.

10. Compare Costs

Work with a team of transportation risk management experts in the industry who can help you see what is available to meet your needs and help you compare costs from one company to the next. This is the best way to find the most fitting plan when it comes to coverage — and your budget.

Daniel & Henry provides comprehensive, value-added commercial truck insurance solutions designed for your trucking business while reducing your overall insurance costs.