As a trucker, you know how important trucking insurance can be. But you also want to keep your insurance costs down to avoid paying too much out of pocket. There are many things that can attribute to higher insurance costs. Here are three reasons why your trucking insurance may have increased over the years.
1. Safety Violations
Insurance companies realize that trucks can be very dangerous on the road. The state laws require that truck drivers maintain their truck and loads while traveling. If you have failed a compliance check or a safety audit, then you will likely be penalized by your insurance company. Violations may make you appear to be a risk to your insurance company, and they will likely increase the amount you have to pay to maintain insurance on your truck. In order to avoid this from happening, you need to conduct your own safety inspections ahead of time to ensure you have no problems during an audit.
2. Hazmat Loads
If you are running hazardous materials, your truck may be considered more of a risk than another trucks that may be transporting safer products. If you plan on doing this type of work long-term, you may want to talk to your insurance company to see how you can reduce your rates. If you plan on hauling hazardous materials for a short time, you need to notify your insurance company. By notifying them, this ensures that they do not increase your rates permanently and they are informed in case you are in an accident while transporting a hazardous load.
3. Traffic Violations
One of the biggest reasons your trucking insurance rates go up is a traffic violation. Just like other drivers, you are expected to abide by all traffic laws. In fact, truck drivers are considered professional drivers, so they are held to a higher standard than other drivers. When you fail to drive safely, you can expect higher insurance rates.
With a clean driving record, you can get lower rates from your insurance company because you aren’t as great of a threat to the safety of others while you are driving. By maintaining an excellent driving record and being cautious with your loads, you can effectively reduce the cost of your trucking insurance.
Budget Insurance Agency, Inc.
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