Having a proper insurance in difficult situations can literally save your company. Any time invested in this part of a trucking business is useful and cost saving in the future.
A challenging aspect of doing business with insurance companies is being required to go through an agent. In the future, perhaps there will be a company that will disrupt the market and connect companies with insurance companies directly. There have been some attempts to do this, but at this early stage, none are worth highlighting. There are a few tips and tricks you can use to lower your insurance prices.
Prior to the annual renewal of your insurance policy, obtain multiple offers from different agents. Price differences can be astonishing when you have agents involved in a bidding war. This will likely be the only opportunity you will have to see substantially lower prices.
An Illinois-based company could easily pay a monthly insurance rate of $1,200 a month for a Class A truck. This is high price that would certainly affect a trucking company’s profitability. Obtaining offers from multiple agents, in my experience, can lower this price on average by 20% or more.
