In this challenging economic times it is more that ever important to reduce the cost existing in any business. When it comes to trucking business that traditionally operate os low profit margins getting the most out of what you have is even more important.
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So here please take a detail look how you can reduce on really big and important cost (more about general trucking industry costs you can find here: Truck Insurance Cost.)
1. Get Multiple Quotes/Offers
One of the oldest ways to reduce someones price is always showing results. Getting more companies (agents or brokers) in to the biding war always takes the price down to the bottom. The more companies you can get involved the better results you can expect. It is not always easy to do it and in some cases may take you some time, meetings or just phone calls but hey trust me – try it and save money!
- Contact Multiple Truck Insurance Companies
- Give them a deadline to respond
- Tell them that you would like a meeting with them
No matter what they say and how they might behave believe me all the brokers want to work with you. Trucking companies pay a ton of money for the Truck Insurance and it is way easier to sell truck insurance compared to the car insurance. One Truck Insurance policy is worth up to 10 car insurance deals so have that in mind when getting quotes.
2. Negotiate
The best way to get the most out of this situation is to dedicate some time into this process. In ideal situation it would be best if you can start with step #1 at least 2 months before the current insurance expires.
Get multiple quotes and after that sit and do nothing! Wait for them to contact you and then start your play. Respond to each one of them by telling them that you were busy visiting presentations the insurance companies gave you in order to lower the insurance cost. That will make them aware that there are multiple companies negotiating and they will know that in order to close this deal they need to do their best.
- Be clear and say that you have multiple offers on the table
- Inform them that they are most expensive and that they need to modify their proposal
- Play the game for few days. Don’t respond immediately. Buy yourself some time.
3. Have a Story
Now when you got their attention it is important to tell your story. In most cases insurance companies love to hear what you have to say about your business, how you run the business and what is your business strategy and goal.
If you want them to take you seriously you need to have reasonable attitudes and present yourself like a man and like a company that can be trusted and you need to make them to believe you are the guy that the only thing he will do each month is – send check.
Insurance companies don’t want or even don’t like to work with problematic trucking companies. And in order to make you look serious you need to behave and make an impression that you are that kind of trucking company owner and that you are running serious business that is looking to stay in business for 50 years.
4. Watch Your Safety Rating
Up to this part everything was easy and doable. Actually it was kind of piece of cake for you. Now it get’s tougher because up to now the only important skill was to talk and to say what you need and want.
Now it gets more tricky because not only you can say things – you need to show and prove that you are right and that all those things you said are correct. Watching and having a safety rating is the #1 thing almost every insurance company is looking after.
And you need to demonstrate it by simply showing your safety rating. It is all about numbers there is no place for personal remarks – the numbers will say are you good with this or not. Have this in mind so if the present situation is not so beautiful and your safety rating is not perfect there is still time to improve and generate better results by the next year.
5. Hire Drivers With More Driving Experience
Now days when finding a truck driver is always an issue finding a good one is even bigger challenge. If you are capable to beat those challenges meaning that you probably have an amazing recruiter in your company or that you have some good connections in drive recruiting agency.
Source: www.gobytrucknews.com
But even that may happen to be that it is not enough. Sometimes you need to take one step more to get the not the good drivers but the best ones. Establish some transfer fees, pay them vacations – just come up with some solutions that make them happy and willing to come and drive at your company. Because if you can’t find drivers that have these type of qualities it will be very hard for you to lower the truck insurance cost:
- Try to hire truck drivers that are at least in their 40’s and up
- Try to hire truck drivers that have at least 15 years of experience
- Hire drivers that didn’t switch companies too often
6. Maintain Your Trucks
Not because you like to, because you need to. After all trucks are along with drivers bringing cash to the company – but because as you know safety rating is affected by inspections and audits performed on the road.
LEARN 12 SECRET STEPS HOW TO MAKE $950 MORE PER TRUCK / MONTH
Hey! I'm George J.Magoci and I will send you a FREE eBook where you can learn 12 secret steps how to make $950 more truck/month.
I know you all had bad experience with police and all other kind of inspections, in my trucking life I’ve seen a lot of inspections that resulted with ticket that was unfair. Simply in some cases drivers and equipment were great and unfortunately they run into some bad cop but what you gonna do – shit happens.
