All drivers including owners running a trucking business know how costly truck insurance is getting these days. No wander every truck owner is trying everything they can to save money. Here are 7 handy tips on how to save on truck insurance costs. Hopefully, following these expert tips will help reduce your insurance costs.
Begin by comparing truck insurance quotes. Doing so will allow you to unearth low-cost truck insurance policies. Spend a little time on comparing free truck insurance quotes that companies publish in newspapers, magazines, as well as online. That will give you an idea of the prevailing rates.
Augment Your Deductible (Excess)
Try to keep your insurance deductible a bit higher. For instance, if you can augment the deductible from $250 to $1,000 you allow yourself to save almost 40% on your premium. You will have to pay extra out-of-pocket, should you need to file a claim. However, the savings will offset the additional costs.
Buy Both Your Home and Truck Policies From the Same Carrier
By opting for a single carrier both for your home and truck insurance policies you can save money. That way you’ll end up saving nearly 15% on both premiums.
Money Can be Saved By Cutting Down Mileage
You can get a substantial discount by driving fewer miles, regardless of whether it is due to fluctuating fuel prices or a change in your commute. If you can keep your annual mileage down you become eligible for varied discounts that insurance companies offer to drivers.
Make Premium Payment In Full
This is another way to reduce your truck insurance costs. By making up front payment of the entire insurance premium you get up to 15% discount.
Opt for Electronic Funds Transfer
This is a smart way to save a little money. Since cheque processing fee is waived when you make payment through EFT, you save money in this transaction.
Get Your Personal Car and Truck Insured From The Same Carrier
By insuring your personal vehicle and truck with a single carrier, you become eligible to get a multi-policy discount. Use this option to save money on truck insurance.
Lastly, if your business is seasonal get a seasonal insurance policy. This is a good way to save money while eliminating breaks in your coverage.
The above given ways about how to save on truck insurance have been collected from the experts; hundreds of trucking businesses all over Australia follow them to reduce their insurance costs.
Truck Insurance HQ is a market leader in the Truck and Transport insurance industry and can help you with all your insurance needs. Call Truck Insurance HQ on 1300 815 344 or go online to request a quote.