The truck and haulage business has never been more competitive and for operators to turn a profit means watching every penny and saving money where you can. Some costs – such as fuel and road tax – are out of your hands. But other big ticket expenses, such as truck insurance or truck fleet insurance are ones you can save money on if you get the right advice. In this latest blog from Coversure Dudley, we’ll give you the benefits of our decades of industry experience to help you save money and possibly get cheaper truck insurance cover.
Tip 1: Consider Your Level Of Truck Cover – depending on the age and usage of your truck, it might be worth considering not going for a fully comprehensive policy but instead looking into either a third-party or third-party fire and theft policy. Many in the industry believe that third-party doesn’t really work for new trucks and HGVs and that’s probably true. If, however, like most haulage businesses, you have older lorries in your fleet, ones that don’t get that much usage or don’t do that many miles, then third-party truck cover could be a good option.
Tip 2: Check Your Policy Carefully – some truck polices come with features (and benefits) that you may not need and may not wish to pay for such as European cover or truck recovery insurance. If you don’t do European trips or are unconcerned about breakdown cover then these are options you could remove to reduce your cover costs.
Tip 3: Combine Polices – it’s amazing how many truck drivers and owners we speak to who have separate goods in transit, liability and truck insurance policies. Combining these into one policy could be an easy way to save money and it also makes managing your cover easier as you only have one policy to administer.
Tip 4: Consider Raising Your Excess – as with any motor policy, truck insurance policies come with an excess – the amount you pay in the event of a claim. Raising your excess can make a real difference to your premiums, and if your trucks are new, your drivers experienced and accident-free, it can make a lot of sense.
Tip 5: Consider Going For Named Driver Rather Than Any Driver Cover – any driver policies are really convenient – especially if you use casual or agency drivers – and if you have a fleet of trucks being driven by a number of drivers then you may need that convenience. Convenience can come at a cost though, so if you can stick to named driver it should bring your truck insurance quote down.
Tip 6: Consider Your Drivers’ Claims History – along with your location, type of work you do and condition of your truck fleet, how much you pay for your truck cover will be influenced by the people driving your trucks. Drivers with a history of claims will push up premiums significantly. Offering driver training can help keep claims down and if you have a higher excess it may well be that it’s cheaper to pay for any damage yourself.
Tip 7: Consider Using A Telematics System – telematics systems – ones that monitor vehicles while they are being driven – have been around for some time now, though traditionally they have been used by larger haulage firms. These days with systems available from around £20 per month they’re open to all and can make a real difference to your insurance costs. Insurers like telematics as they not only allow you to monitor your drivers’ driving, but they can also provide detailed information on the vehicle should it be involved in an accident or stolen.
Tip 8: Consider Your Trucks Security – if you can show that your vehicles are securely parked when not in use – for example in a locked or patrolled yard – and are fitted with security devices such as immobilisers and telematics systems, then this could make a big difference to your policy costs. It’s really important to be transparent about things like this when getting a truck quote, as is being upfront about what you do and how your business manages and reduces risk, as all of this can reduce the cost of your cover.
Tip 9: Consider Getting A Truck Fleet Insurance Policy – if you are running more than one truck, or if you have other vehicles that can be insured on a fleet policy such as a tippers, tankers or refrigerated vehicles, then you can look into a truck fleet insurance. This could not only save you money but could also save you time and give you more flexibility.
Tip 10: Consider Using An Insurance Broker – truck insurance is a complex area of the market and there are a number of variables that need to be considered when seeking cover. As a truck owner, you may not have the time, the specialist knowledge or the contacts to find great value cover any more than we have the expertise to run a truck business. So when it comes truck and HGV insurance it does make sense to get your quote from a broker. We could save you money and time, and also make sure you get the truck cover you need.
Like to Know More About Truck Insurance?
If you would like to know more about saving money on your truck insurance or would like some help or advice, then please contact us. You can call us free on (01384) 671270, email us by clicking here.