By 1 – Driving Record (MVR or Motor Vehicle Record)
Keep your driving record clean. By driving safely throughout the year you can dramatically reduce the cost of your insurance. Some insurance companies will charge $1,000 for an accident or $500 per moving violation. You can avoid this added expense by keeping your driving record clean.
2 – Radius of Operations (Annual Miles)
This applies mainly to commercial trucking insurance. However, for personal auto insurance it helps to accurately state exactly how many annual miles you will be driving each year. For commercial trucking insurance, it helps to know that insurance companies base your driving radius on air miles or ‘as the crow flies’. Most people overestimate their radius. You make sure to ask your insurance radius to reevaluate your radius based on where you go and how far you usually drive away from your garaging location.
3 – Change the Deductibles for Your Commercial Trucking Insurance Policy
This amount must be paid before the insurance company will start to pick up the tab. This deductible usually only applies to your collision and you comprehensive coverage (not your liability, although some companies when writing commercial trucking insuranceput this on your liability to make it cheaper for you) and is the insurance that specifically covers your car.
By increasing the amount that you are willing to pay out when you need to make a claim is like telling the insurance company that you will pay more out of pocket if you get into an accident. This is a good indicator to the insurance company that you are a lower risk to them than drivers with lower deductibles. By increasing your deductible you can cut your premium dramatically. Since insurance is meant to cover the big stuff that you couldn’t handle normally on your own, by having a deductible that is higher can make a lot of sense. In general, increasing your deductible from, let’s say, $250 to $500 could have a big impact on your insurance rates. With this small change you could save 15% to 30%. By increasing your deductible to $1,000 you could save as much as 40% or more.
4 – Pay Your Commercial Trucking Insurance Policy in Full
By paying in full for your policy you can save up to $15 a month. This is just because you can avoid all of the monthly installment fees that insurance companies charge on top of your insurance premium. When it comes to commercial trucking insurance, most companies will give you an additional 5-8% discount just for paying in full at the beginning of your policy. This is another indicator of a low risk driver according to statistics.
