Generally, truck insurance has a higher premium rate because trucks are big vehicles that are more dangerous on the road. A truck can cause more serious damage and injuries when it figures in a collision with another car. By learning more about truck insurance and following a few tips, truck owners may be able to lower premium rates significantly.
There are some factors affecting its premiums. Insurance companies consider a driver’s gender and age, as well as his driving background. Insurers also determine the type of commodity that a truck carries. Hazardous industrial chemicals and fuels will normally be imposed with higher insurance rates as compared to something safer like dry goods.
Here are five tips to lower rates when planning to get truck insurance. First, keep in mind that insurers check the condition of trucks so make sure that it is very well maintained. Clean the engines regularly, check the brakes, warning lights, mufflers and tires. It should all be in excellent working condition at the time of inspection.
Second, maintain a clean driving record. Insurers do a background check on drivers. They can lower premium rates if they can trust that a driver will be defensive on the road. They will also consider how many years of experience a driver has been handling big vehicles. It will also be helpful if he could present a certification from training school.
Third, invest on safety features to install in your truck. You could put additional side and rear mirrors. Reflective stickers can be placed at the body to make it more visible at night. Other cars on the road can be forewarned that there is an oncoming truck. Safety features earn the approval of many insurers and will not hesitate to give premium discounts.
Fourth, take note that insurance companies also compete against each other. Inquire from at least three different companies to compare rates and features. If they find out that you are weighing your options, they will offer more features at a lesser price in the hope of closing a deal with you. Insurance quotes are available online for free. Otherwise, you can pay insurance companies a visit and speak with a sales representative.
Fifth, it is advisable to create a financial plan. If you can afford it, opt to pay a bigger deductible. This will greatly reduce your truck insurance premium. As much as you can, do not be late in settling monthly fees to avoid penalty charges in late payments. Insurers give further discounts to clients who always pay on time.