Skip to main content

Covering Your Fleet for Cheap: Learn How To Save on Semi-Truck Insurance 

Running a fleet of semi-trucks isn’t just about keeping those big wheels turning; it’s also about managing the costs that come with them, especially commercial auto insurance. Similarly, coverage for semi-trucks isn’t just another bill; it’s an essential part of your operation. 

But don’t worry — there are ways to keep these costs under control without skimping on protection. Here’s your guide to understanding and saving on semi-truck coverage, whether you’re a driver or a manager who needs commercial insurance for a fleet of vehicles. 

Understanding Semi-Truck Insurance Basics 

So, how does trucking insurance work, anyway? Semi-truck insurance goes beyond your everyday car policies. It’s specially designed to handle the bigger risks that come with operating large trucks. Here’s what a typical commercial auto policy might include

  • Liability: This covers damage or injuries your truck might cause to other people or their property. It’s mandatory in most places. 
  • Physical Damage Coverage: This protects your truck from damage, whether from an accident, theft, or natural disaster. 
  • Cargo: If you’re hauling goods, this covers damage to or loss of the cargo. 
  • Non-Trucking Liability: Also known as bobtail insurance, this covers your truck when it’s not being used for business purposes. 

Factors that affect how much you pay include the truck’s value, the goods you’re hauling, your driving history, and where your truck operates. Astute business owners can get cheap commercial trucking insurance — and it all starts with the “risk assessment.” 

The Importance of Risk Assessment 

Smart risk management can lead to big savings on your commercial truck insurance. Insurers set their prices based on how risky they think your operation is. They look at: 

  • Accident History: Fewer accidents mean lower risks and lower costs. 
  • Vehicle Type and Condition: Newer trucks with good safety features are cheaper to insure. 
  • Driver Profiles: Experienced drivers who have clean records get better rates. 
  • Operating Areas: Trucks that travel in areas with bad weather or high crime rates might pay higher premiums. 

A good risk assessment can help you identify areas for improvement to lower your risks and your costs on trucking commercial insurance. 

Tips for Bagging Cheap Semi-Truck Insurance 

Here are some handy tips to help you save money on your truckers insurance policy. 

Clean Driving Records: A Non-Negotiable 

Safety first! Insurers value drivers who have clean records. Encourage your team to drive safely and responsibly to avoid accidents and traffic violations, which can bump up your rates. 

Enforce clean driving records with your staff and only hire drivers who have an up-to-date commercial driver’s license. This will prevent you and your company from having to incur additional premiums to make up for a riskier driver base. 

Volume Discounts: Insuring Multiple Vehicles 

More trucks, more savings. If you insure several trucks with the same company, you could get a discount. It’s simpler, too, with just one policy to manage for all your vehicles. 

Transportation businesses operate based on scale. The faster you scale your operation, the more savings you’ll be able to negotiate with your insurer. After all, if a carrier knows they can insure 100 trucks as opposed to 10, you will find yourself in an advantageous position at the bargaining table when it comes time to renew your policy. It is beneficial to learn more than your competitors know when it comes to finding commercial auto insurance benefits in Georgia. 

Line of blue and white semitrucks covered by commercial auto insurance - Cheap auto insurance in Georgia

Insuring multiple vehicles under one policy is a straightforward way to reduce costs. According to industry research, fleet managers like yourself can enjoy discounts of up to 10%-20% when you insure multiple trucks with the same carrier. 

This is because insurers see the administrative cost benefits of managing one account over several and perceive a bulk deal as lower risk due to diversified assets. For example, if a fleet has a mix of new and older trucks, the newer, safer models can offset the higher risk associated with older ones, resulting in overall lower premiums. 

Moreover, when dealing with fleets, insurers often consider the total risk across all vehicles, which can lead to more favorable terms compared to insuring trucks individually. This collective risk assessment can help you negotiate further reductions, especially if your fleet has a good safety record and modern safety equipment installed in the trucks. 

Taking Advantage of Discounts and Bundling 

Don’t be too shy to ask about discounts. You might get reductions for: 

  • Safety Equipment: Things like extra airbags, anti-lock brakes, and stability control all help when it comes to convincing insurers that your fleet can meet the highest safety margins in the industry. 
  • Security Features: Technologies like GPS tracking and anti-theft systems can provide underwriters peace of mind that your fleet remains well protected from crime. 
  • Bundling Policies: Combining different types of coverage with the same company can also save you money. 
  • Higher Deductibles: Agreeing to pay more out of pocket if an accident happens can lower your monthly premium. It’s a bit of a gamble, but having a good driving record will save you money in the long run. 

Embracing Technology for Safety and Savings 

Modern tech makes driving safer and can help reduce the cost of commercial insurance for your fleet of trucks: 

  • Telematics: This tech tracks how trucks are being used and can help improve driver behavior. Insurers might give you a discount for using these systems because they help prevent accidents and theft. 
  • Advanced Driver Assistance Systems (ADAS): Features like automatic braking and lane-assist help prevent accidents before they happen, which insurers love. 
  • Dash Cams: These can be vital in determining what happened in an accident, helping to settle claims quickly and possibly proving your driver wasn’t at fault. 

Using technology not only improves safety but also makes you more attractive to insurers. Consider adding additional coverage to your commercial auto policy as well! 

Save on Affordable Commercial Trucking Coverage 

Semi-truck insurance is a big expense, but understanding how it works and how it’s priced can help you make smart choices to reduce costs. By focusing on safety, taking advantage of discounts, and using the latest technology, you can save money while keeping your fleet running smoothly. Remember, every dollar you save on your policy can go back into your business, helping it grow and thrive. 

To get started with your customized truck insurance policy, give us a call today at (855) 468-3569, visit your local Velox office to speak with one of our friendly agents, or request a quote online to get the ball rolling. We look forward to learning about your business and your commercial needs! 

Ready to Get a Quick Quote?