Insurance is one of the largest fixed expenses that every trucking company faces today. Trucking insurance is expensive compared to smaller vehicles and semi-trucks due to the nature of work that trucks are involved in. Of course, other factors such as the age and experience of the truck driver also come into play when calculating premiums. There are several ways you can reduce your truck's insurance premiums and lighten the load on your annual trucking expenses. Read on to find out how.

Reduce the insurance claims

The number of claims you make annually can negatively impact your truck insurance rates. Multiple claims, tickets and fines on your record are an indication of careless driving, a fact that insurance companies don't take lightly. If you own a fleet of trucks, ensure your drivers avoid careless driving, over-speeding, and reckless overtaking, as those behaviours increase chances of accidents.

Hire qualified truck drivers

If you own a trucking company or a fleet of trucks, you should only hire qualified truck drivers who have some years of experience driving a commercial truck and a clean driving record. If one of your drivers has recently been involved in an accident or has received multiple tickets, your insurance premiums will shoot up, and this could negatively affect your business.

Regularly maintain your trucks

Trucks that remain in proper physical condition and with optimal performance tend to attract lower insurance rates. The random inspections performed on the road by police and other authorities can earn you a ticket if your truck is not properly maintained. The most important things when it comes to maintenance are:

•    Running periodic checks and inspecting the trucks every morning before operations.

•    Undertaking regular servicing as per the manufacturer's requirements.

•   Hire a company that offers maintenance plans for trucks. The plans include regular checks and repairs on all your trucks.

While maintenance may set you back a little financially, it will save you from high insurance rates. What's more, well-maintained trucks experience fewer accidents and costly breakdowns.

Write down your safety policy

A written safety policy that addresses safety-sensitive issues such as how you handle accidents and drug and substance abuse can help lower your insurance premiums. To the insurer, a trucker who takes the time to think about and write down safety policies is more likely to follow them.

Finally, learn to negotiate with your insurer. Truck insurance costs aren't fixed. If you have maintained a clean record and made no claims in the last year, you can negotiate for lower rates. You could end up earning yourself a cheaper deal just by being smart.