Posted on: 4 August 2016Share
Insurance for your truck is a legal requirement and one which can be expensive. Here are some top tips for getting the best deal on insurance for your transport and saving you money, whilst keeping you within the law.
Loyalty can pay
It is often said that the best insurance deals are always reserved for new customers so you really are best to shop around and compare what other companies are offering, rather than just allowing your policy to auto-renew.
However, if you contact your insurer at renewal time and discuss your policy with them, it's usually possible to negotiate an acceptable premium.
Fully comprehensive cover saves you money
You can often get fully comprehensive cover at a cheaper rate than third party fire and theft cover, and this will give you the advantage of much greater protection.
Paying annually is best
Although it may at first appear a better option to spread the cost of your insurance by paying monthly, settling your annual car insurance premium upfront is a much cheaper option. This is because monthly premiums attract interest, which can really push the cost up.
Set excess payments wisely
Always check the excess amount before making your decision on which policy to opt for. A very high excess can mean that your premiums will be considerably lower, but can you afford it if you need to make a claim? Remember that excess has two components; mandatory, which is set by the insurer, and voluntary, which you select yourself.
Don't name yourself as the main driver when you aren't
This practice is known as 'fronting' and is commonly used by an older driver insuring a vehicle on behalf of someone below the age of 24, when truck insurance premiums are generally higher.
Fronting is not only illegal, it also invalidates your insurance, will earn you a hefty fine, and will also put penalty points on your driving licence, which will inflate your premiums when you come to renew your own policy.
If you are a young driver, you could insure the vehicle in your own name, and then add a more experienced driver to the policy to help reduce premiums, whilst remaining within the law.
It is possible to save money on truck insurance by taking the above tips into consideration when renewing your policy. For more advice and information on how you could save yourself some cash at renewal time, have a chat with your transport insurance provider.