Lower Your Bobtail Insurance Cost with the Right Agent
It’s no secret that the rates of some insurance companies are lower than the rates of others—the trick is finding the company with the best policy and lowest rate. Be sure to read your lease agreement carefully to avoid double coverage while making sure there are no gaps.
Truckers who are leased to a motor carrier, generally are needing:
- Bobtail coverage
- Physical damage insurance
- Non-Trucking Liability
Package or Piece it out?
These coverages can usually be purchased in a package and the main factor driving the cost is how much the physical damage portion of the policy is worth. It will be more expensive to cover a 2015 Peterbilt than it would be to cover a 2000 Volvo.
For older trucks these packages range from $1,500-$2,500. Sometimes it makes sense to piece out the different coverages through different companies. Unless you are lucky enough to already have the best deal, you can often save $500+ just by shopping around.
Higher Deductible = Lower Cost
When negotiating a price with your agent, you can lower your monthly premiums by agreeing to a higher deductible. However, if an accident does occur, you’ll be responsible for a higher out-of-pocket cost. You might be paying a few dollars less each month, but after an accident you could end up paying thousands more than you would before lowering your deductible.
Maintain a Solid Driving Record
Just like with your general liability insurance, bobtail insurance costs depend in part on your driving record. If you have any speeding tickets, any DOT violations, or a long list of accidents, your premiums will go up. There are a million reasons to be safe on the road, and this is one of them.
Shop your Bobtail Insurance Each Year
Over time insurance companies tend to increase rates. They know the law of inertia and that it’s hard to shop. It’s not hard with our service, though! They can get away with these incremental increases because most of their customers simply accept the increase and don’t speak up. But proactive truckers can maintain low rates by shopping their trucking insurance on an annual basis.