Choosing More Coverage

Posted on: 20 March 2020

If you are an independent truck operator, driving your own semi-truck, there are many expenses that you have to deal with. Maintaining your rig and fuel prices are just a couple of examples. However, insurance for your semi-truck can be one of the largest expenses too. The following are a few tips to help you reduce this cost of your livelihood.

You can lower your deductible

If your truck is not brand new, it has likely depreciated in value, but you may still have a small deductible on your policy to protect your investment back when the truck was worth more. If you own your truck, it may be temping to eliminate certain parts of your coverage that are optional. However, because you are making a living with your truck, this is not a good idea. Any damage to your truck that happens when there is no one to pay for it but yourself will come out of your pocket. It is best to have a comprehensive policy, but increase the deductible to an amount you are comfortable paying out of your pocket. The savings on your insurance may be worth it.

You can pay for the entire policy

Cash flow can be tough for an independent trucker. You get paid by the job, and sometimes work can be hard to find. But if you can swing it, paying the full amount of the policy, whether it is for six months or a year, can help increase your profitability.

You can drive routes that are safer

Insurance companies are going to charge more to insure a truck that is driving in and out of a major city. There are more cars, so there is a higher chance of an accident. If possible, driving routes that are less populated will help to reduce your insurance rates.

You can get quotes from several companies

Although this may seem obvious, the insurance rates for an independent owner/operator of a semi-truck relate, not just to your driving record, but also to the years behind the wheel of your truck. If you haven't had any serious accidents, your insurance rates should come down. If not, it is time to start shopping around. If you haven't done this in several years, you may find out that your insurance coverage is expensive. It's easy to get several quotes—you can do it online. But make sure you are giving each insurance company the same information, so you can compare apples to apples.

Semi-truck insurance is expensive and is among the highest costs you have when driving your truck. However, there are ways to reduce this cost, and the tips above are just a few of the ways to do it.