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Challenges that Affect the Cost of Trucking Insurance

Updated: Jan 17

What is the cost of trucking insurance?

The Cost of Trucking Insurance

Today, the United States relies heavily on commercial trucking. Different industries, including grocery stores, gas stations, and retail stores, rely heavily on trucks to provide every necessary item. Because of how important the trucking industry is, Thomas Wilson Group ensures you get the best trucking insurance in Dallas and across the United States; this blog will discuss the different ways to tackle challenges affecting trucking fleet insurance. They include the following;

Enhancing the safety features of your fleet

Trucking companies should invest in safe and new technologies like outward and inward-facing cameras to prevent an increase in the cost of trucking fleet insurance. You may also need speed limiters to improve safety measures. Although this may increase capital and overhead costs, most insurers need this for safety. Thomas Wilson Group has partnered with MOTIVE, so our customers have a reliable partner with their outward-facing cameras and telematic data. You can visit MOTIVE's website to find out more!

Increasing driver qualification requirements

For professional drivers looking for employment, your driving record is essential in determining the cost of your trucking insurance premium. Trucking insurance companies will typically review a driver's motor vehicle record for violation history for the last three years. It is important to note that personal vehicle violations are also considered. By increasing your driver qualification requirements, you actively work to improve your safety and help with your truck insurance costs.

Actively following a preventative maintenance process.

For most trucking fleets, performing pre-trip and post-trip preventative maintenance on their equipment is standard practice. This is the practice of checking to ensure your equipment properly works before and after each trip. By doing this and having a set process that all drivers must follow, fleets can reduce their risk for claims by potentially finding issues with their equipment that could lead to a claim before they ever get on the road. This practice helps to reduce trucking fleet insurance costs because it can lower your overall risk exposure.

Choose Routes Carefully

Across the United States, truckers can experience a vast number of road conditions. Trucking companies can reduce their risk exposure by avoiding certain roadways that may pose a higher risk of an accident or a rollover. Using a reliable GPS can help you prevent and plan for unavoidable hazards.

Hiring Owner Operators

Owner-operators can use their equipment by leasing to your fleet instead of operating on their own Department of Transportation authority. You dispatch the freight to them; typically, your company and the owner-operator split the revenue and expense. This can help lower your premium costs by having the owner-operator purchase their physical damage and non-trucking liability policy.

With the tips mentioned above, trucking companies can stay competitive and on top of their game even in challenging market conditions.

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