If you own a commercial trucking fleet, you already know that maintaining truck insurance is a necessary part of the operation. But while you must pay your truck insurance premium to stay in business, that doesn't mean there aren't opportunities to lower the amount that you have to pay. One of the best ways to get a better rate is to start paying closer attention to the background of the drivers your company hires. Here are some things to look for when considering bringing in someone new to your team.
Previous CDL Experience
When you go to add a new driver to your truck insurance policy, the insurer will look to see if the new driver has previous experience driving under a commercial driver's license. You ideally want someone with years of experience driving for other trucking firms along similar routes in order to keep the rate down. An inexperienced driver will likely make your premium go up.
Verify Driving Record and Employment
Before you submit the new driver to your insurance and in fact even before you officially hire them, you should take the time and effort to verify the driver's history including their record on the road and their previous employers. Hire a background check company to do this for you and then consider sending the results in to the truck insurance firm if the results may help you receive a lower premium or rate.
Age Could Be a Factor
A 16-year-old driver that gets a new car from their parents is likely going to have some very high insurance costs because insurance companies view younger drivers as being riskier. The same logic applies to commercial trucking. Try to hire drivers who are well into their 20s or 30s because you'll be more likely to get people with experience. Some insurance firms also dislike aging drivers. If you have drivers at your firm who are making your insurance rate go up because of an advanced age, consider offering a bonus for early retirement to get them off the books.
Your Rates Will Go Down Over Time
Even if you must hire riskier drivers right now, know that with a clean driving record in the years to come, your company's truck insurance rates should go down. The longer your company stays in business and the longer your drivers go without any incidents, the better off you'll be when it comes to your insurance premiums.