If you’re a new owner operator, you might be looking at an annual bill of between ten and sixteen thousand dollars. Gaining experience and keeping your driving record clean could help it fall between nine and twelve thousand dollars, but that still leaves you with a large bill. While a good driving record with few claims is the best way to keep your insurance low and your business well-covered, here are a few other tips that can help you chip away at that cost:
- Improve your credit. Semi truck insurance providers focus on the risk you present as a driver: how much you drive, what you carry, and what your driving history says about you. But companies also have to evaluate your risk as a customer. If you have poor credit or a bumpy track record, focus on organizing your business and personal finances into an organized, manageable schedule of payments. Once your score is higher, contact your insurance representative and talk about adjusting your premium rate.
- Adjust your payment plan. Many insurance companies add on processing fees and late fees depending on how you pay. On the other hand, a lot of companies also provide discounts if you pay your premiums as a lump sum every six or twelve months. Look at your business’s finances to see if you can afford to make those large, infrequent payments.
- Ask your insurance company. Every company is different and, while they might not advertise discounts for certain behaviors, training sessions, or added safety features, they have them for drivers who ask about them. Truckers insurance providers don’t want to let go of low-risk customers and they will work with you to agree on a reasonable rate.
Chances are you deserve to have a lower insurance premium right now: good driving and regular payments are exactly what insurance companies want, but they’re certainly not going to offer incentives until you bring it up. Talk to your insurance company or, if they’re not budging, talk to someone at J.E.B Insurance Services, LLC if you are garaged in Florida, Georgia, Texas, North Carolina, South Carolina, Tennessee, Iowa, Illinois or Nebraska about the insurance rates you think should have.