6 ways to cut your insurance costs

| July 11, 2013

After a truck payment, insurance is often the biggest fixed cost for owner-operators.

Whether you’re leased or running under your own authority, there’s plenty you can do to reduce costs when updating existing policies or shopping for new ones.

Mind the deductible. You can raise your policy’s deductible to lower the premium, but independents should weigh their risk in an accident with multiple claims. For example, separate $2,500 deductibles on a tractor, a trailer and cargo easily could come into play at once, yielding a $7,500 bill. Leased operators should know if their carrier holds them responsible for a certain amount of carrier liability or cargo deductibles in a loss.

Keep credit history clean. Credit reports often are pulled by underwriters to determine owner-operator insurance rates. Pay your bills on time, and follow other practices to maintain a high credit score.

Include aftermarket items in stated value. When you determine fair market value during policy updates, use online and dealer resources to help determine aftermarket add-ons’ real effect on your rig’s resale value. Also, enhancements that would lower the insuror’s exposure, like deer catchers and anti-theft devices, can bring rate discounts.

Account for safety. Don’t be shy about communicating a strong safety record during any rate quote or policy update.

Compare rates. As with anything you buy, it’s wise to compare rates periodically. Before changing insurors, see if your current one offers a discount for staying with the company.

Update business information. Type of freight, miles driven and area of haul are factors that affect the accuracy of your rates.

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  • http://www.facebook.com/profile.php?id=1269137418 Mike Jones

    Pay yer bills on time? With WHAT? Freight rates are being kept down by abundance of illegal alien truckers…..how would you pay for anything????

  • http://www.facebook.com/profile.php?id=1269137418 Mike Jones

    Even as a wage driver…our pay is always kept LOW by the fresh supply of illegal alien drivers pouring in from Mexico and the Mid East……..no shortage of Cheap Labor that is for sure.

  • David S. McQueen

    With one of the top 5 violations found in roadside inspections being “non-English speaking driver”, isn’t that a red flag? The ability to read and speak English is a basic requirement in Section 391.11 FMCSR (general qulifications of drivers). Motor carriers cannot permit or require persons to operate a CMV unless qualified.

  • Trucker J

    wow Mike Jones, why don’t you show your true color while your at it!!!!!!!!!!!! in order for you to have a CDL & operate a CMV you have to have to be a US Citizen. If you want to understand what people are saying why don’t you learn a different language? It seems to me you’re too consumed by hatred toward everyone else about your hardship as a driver. Maybe these “wetbacks” laugh and communicate with each other differently than what you’re used to. It’s called being social whether you understand it or not. You are assuming anyone with brown skin and speaks Spanish is an illegal. open your mind and analyze your life before criticizing everyone else because with all that hatred, all you’re doing is surrounding yourself with negative vibes. I must admit I see what you describe often but it doesn’t bother me. Why? Almost every race out there helps each other out unlike most “white Americans”. You almost sound like a “black” man still stuck on slavery days & how they deserve this and that. Grow up and if trucking wages aren’t for you!!!!! GET OUT!!!!!! No one is forcing you to be behind the wheel of a truck. Hey, I have an idea. Go work in a field under a hot sun all day. Maybe you’ll learn to appreciate what’s in front of you instead of complaining about it. I hope one day you come to realize that your actions will lead you to disaster. Everyone has a flight or fight attitude, I would really reconsider the battles you bring upon yourself because most of those “wetbacks” will not choose flight, since they’ve came from nothing & are making a life for themselves. I mind my own business on the road and have had a great trucking career. Maybe you should stop looking for excuses as to why your not making it and figure out a plan to “make it”. Don’t spend your dollar before you earn it or you’ll always be where your at. I hope your children don’t pickup on your awful attitude toward humans whether white, black, brown or any color. GOD BLESS.

  • Mike Smith

    Trucker J says, “If you want to understand what people are saying why don’t you learn a different language?” Obviously you know nothing about my countries history. It’s a good guess you don’t know what the 13 strips represent on the US flag. You sure don’t Remember the Alamo. People like you should be tried & executed for treason, for your support for Mexicans & other 3rd world savages in our country, that is if you are an American. If you are an American you’ve been seriously brainwashed the the corporate PROPAGANDA MACHINE. Just go to So. Cal if you want to see what will happen to the rest of the country, it’s almost all Mexican and other 3rd worlders. A white male can’t even get a working mans job to support a girlfriend and or family because of your Mexican friends who have 6 kids. This is a New Form of Genocide. And you & those like you support with your nonsense statements.

  • Mike Smith

    The government intentionally hides the race of the drivers who get citations & accidents. Just try and find statistics.

  • trucker J

    Pretty sad how all you got from my statement was, ” to learn an new language …..”. Then you go and throw history in the mix. Tried and executed? Wow, you really think that you own this country? Look around you and get acquainted with the people that surround you because they haven’t gone away and the fact is……THEY’RE NOT!!!!!!!!!!!!!!! I hope you’re a History Major to defend your statement but from your statement I hardly doubt you have a very good education or you would not be so stupid. If anything, my statement was to try and change a negative statement made to a thinking conversation to make people realize that you are the source of your own destination in life whether you live in the U.S. or any other country. My Nonsense Statements are facts whether you like them or not is up to you. Anyone with a brain can find a job anywhere in this country. It’s people like you and your racist ways that make excuses as to why you can’t find a job and then you go & complain about not finding a job. When was the last time you applied for a job in So. California? I imagine you’re not working & live there since your comment. I’ve vacationed in So. California and have gone to many retail stores, restaurants, etc. and seen many different races employed there. It’s not Corporate Propaganda. It’s that your broke and unemployed and you focus your attention as to why your broke, come up with an excuse and blame society for your bad decisions. I know plenty about U.S. history. The Star Spangled Banner says, “Land of the Free & Home of the Brave”. Not “Land of the White & Home of the Lazy!!!!!” Comment about 6 kids? Really? This is another statement made by a person that wishes to have more but obviously can’t afford it & finds of ways to attack other people for your poor decision making to make you feel better so you can then go share it with your family and they can follow in your “broke” life. Why is it that they can afford to raise 6 kids, have a fleet of trucks, put their kids through college, vacation, have nice cars, nice homes, money in the bank, etc.? They don’t sit there complaining on how they got short changed by this race or that race. They simply work. Maybe you should try it and not get involved in the B.S. created by you and your friends. Don’t hate on people that are trying to better themselves just because you choose to not do the hard work that comes with WORK!!!!!!! New for of Genocide? Hardly fitting for this discussion. Look up what a word means before you use it. Everyone is entitled to their own opinion as we have freedom of speech in this country even if you have already executed me before even knowing me. Hitler did the same and look where it lead him. I love all races as I am not God to judge anyone, I just analyze phrases. I wish you luck if you are unemployed and hope you have a good and positive life. I used to think like you but decided that my family was more important and focused my attention into creating a successful business. I created it. The only reason why I entered this conversation was because I wanted cheaper Insurance rates for my fleet and clicked on the Overdrive Magazine link. I will no longer be commenting on your or anyone else statements as it takes time away from my family and business. I like to make money and this is not making me money and is making me be somewhat negative. So have a good life as every human being on this earth deserves to and God Bless.

  • theresa

    Hello J I hope some day you will read this. I to was looking for a cheaper insurance and this conversation cought my attention. All I want to say is God Bless you. I hope there will be more people out there like you.