Hunting for ways to save on your CV insurance? Afterall, a heavy truck comes with heavy profit and high insurance premiums.
However, we did some research so that you have to spend less on insurance and make sure that your commercial vehicle is safe and sound. Check out the following tips that might help you in cost-cutting of your insurance:
Hire Drivers with Good Records and Driving Skills
A responsible and skilled driver will have a good record or good driving history. You should ensure that you hire the right candidate as a driver who can give maximum output. In the insurance sector, lower risk buys you low premiums. Insurance companies engage themselves in inspecting the driver’s history before lowering the insurance premium.
According to a survey, the first and foremost reason for truck accidents is over-speeding. You can take a speed test before you hire a driver.
Plan your delivery trip
An efficient transport business requires diligent planning and execution. Thus, it is imperative to take a close look at a couple of factors that may impact your delivery trip . One such factor is truck accidents due to fatigue and sleepiness followed by the overloading of the truck. As a precaution against this, you can make sure that the trucker has a schedule and is not overworked while he takes the truck out from the pickup point.
Additionally, choosing the right route will make it easy to transport the load. At times, unexpected events like traffic, bad weather, etc. can affect the delivery and also elevate the chances of accidents. So some planning by the backend team can help in avoiding unwanted trouble.
Along with this, choosing the right vehicle will also help reduce the chances of accidents. In areas where the weather is likely to go ruthless, you can choose a heavy-duty vehicle that is stubborn and mighty. Always consider the truck model and its carrying capacity while planning the trip.
So, being vigilant about these factors and being cautious of it can ensure a safe, damage-free trip which can help you save cost in the long run. It is rightly said that, “A stitch in time saves nine”.
Package Your Insurances
Commercial vehicle insurance companies provide heavy discounts on package insurance. For example, if you are willing to insure multiple trucks/lorries from the same insurer, you might get good discounts.
You may opt for material insurance along with third-party and commercial vehicle insurance from the same insurance provider and negotiate your insurance premiums. At Vahak, we provide insurance on almost all types of materials and goods along with commercial vehicle insurance.
Remember we are looking for all the ways we can save more on insurance.
Choose Your Add-Ons Wisely
Commercial vehicle insurance companies provide many add-ons like roadside assistance, EMI cover, towing-damage cover, zero depreciation, invoice protection, etc. However, if you choose an add-on that would hardly be of any use for your commercial vehicle, then it would just add up the insurance cost.
Maintenance First, Safety Follows
Poor maintenance of a commercial vehicle can increase the chances of mishaps. Irregular maintenance or wear and tear of the truck/lorries leads to damage to vehicle parts. This will be counted in the depreciation while renewing the insurance
A stitch in time saves nine!
NCB- A must have
So, now you have read through the article and have equipped yourself with a couple of tips to save on CV insurance. However, one question still remains unanswered. What if you never find the need to claim your insurance?
In such a case, you can avail a discount on your insurance renewal! If your insurance plan includes NCB as an add-on, then you can negotiate the price of your upcoming premium.
No Claim Bonus (NCB) is an add-on that you can buy along with the basic insurance plan. You can avail NCB only in cases when you did not claim your insurance at all during the tenure. NCB is like a discount coupon that applies to your upcoming insurance premium but you can use this coupon only if you have not claimed your insurance previously.
The discount on premiums keeps growing with all the years of unclaimed insurance. For example, if for the first claim-free year you are getting a discount of 30%, then you might get a hike in discount up to 50% for the next claim-free year.
Insurance costs will go low if you are a safe trucker.
Big Deductibles
If you can pay for a good sum as a deductible, it will ultimately cut off the cost of your insurance premium. Bigger deductibles help in lowering the overall cost of the insurance.
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