As a truck driver, getting insurance is an important, if not critical, prerequisite before you hit the road. In fact, most states and regions require commercial truck drivers to have insurance before they operate a truck. Insurance covers a number of things: collision damage, payload loss or damage, and even medical bills. It will also cover the truck driver or the company in the unfortunate event that another driver sues. When it comes down to it, hundreds of millions of dollars are lost each year as a result of truck driving collisions. Yet, insurance can be expensive, especially if it is coming out of pocket. Here are five ways to save money on commercial truck insurance.
Higher deductibles. Essentially the more you are willing to pay out-of-pocket in the instance of a collision, the less your annual insurance premium fees will be. However, while a high deductible will give you a much lower insurance rate, you want to make sure that you can afford getting into an accident. Getting a higher deductible is only worth it if you have the capital to back it up, or if the company you are working for will cover the deductible; you can find more here.
Add your truck onto your personal car insurance. Sometimes, if you have a relationship with an insurance company, they will be more likely to give you a discount. Insurance companies want to keep existing customers, especially customers who have a certain amount of equity or have been paying customers for a long time. Insurance companies call these “loyalty policies” and they can be much more affordable than going with a fresh new provider. In some cases, it might even be more affordable than the insurance your company offers.
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Have you ever heard anybody tell you that they have just built their emergency fund? If you have, then did you ever ask them what an emergency fund actually is? I ask this because most people that I talk with have no clue what an emergency fund is or why it is important to their financial future.
