For businesses owning multiple trucks or vehicles, having heavy commercial vehicle insurance is necessary. However, most transport business owners are stressed by the insurance’s expensive cost. Fortunately, there are a few tricks that can lower the cost of this insurance. Keep on reading this article to discover all such ways:
Use One Insurer For Multiple Vehicles
Do you own several heavy vehicles? To save money on your heavy commercial vehicle insurance, you can hire a single insurer for all your vehicles. Many insurance providers offer great discounts if you add all of your vehicles to their plan. This way, you can enjoy high discounts as well as lower interest rates. Another great benefit of picking one insurer for all your vehicles is- easy payment tracking. To maintain the low rates, it is crucial to keep track of your payment schedules. This becomes quite complex when you own multiple policies from several brands. On the other hand, it's easy to track all your insurance transactions when affiliated with a single brand.
Maintain Your Penalty Score
A penalty test by NHVR discovers the high-risk drivers and motor carriers by the number of their traffic law offences. NHVR - National Heavy Vehicle Regulator is an agency that regulates the trucking industry in Australia. This agency’s primary mission is to reduce crashes, injuries, and fatalities involving large trucks and buses.
You might not know, but this score plays a crucial role in your commercial vehicle insurance cost. Sometimes, even a small mistake like- crossing a red light might result in a dramatic increase in the cost of your insurance rates. Before purchasing such a policy, you should first work towards lowering down your penalty score. Keep this thing in mind- the higher this score, the higher the policy rate.
But how can you keep this score down? Encourage your drivers to drive carefully and safely in exchange for rewards. Like with each year they spend without any accident or rule break, you can offer them a certain increment. And if offering rewards won't work, try establishing the punishment system. Deduct a specific amount from your driver's salary on each rule they break. The fear of punishment will encourage them to maintain all the driving guidelines. Hence, the fewer rules they break, the lower your penalty score will remain.
So, these are a few ways to decrease the cost of heavy commercial vehicle insurance. We hope these tricks help you in lowering down the cost of your policy. If you know a few more such tips and tricks, share them with us in the comment section below.