It shouldn’t come as a surprise that running a transportation company is challenging. For instance, it requires the acquisition and management of several costly assets. One of the largest vehicle-related expenses a business must endure is truck insurance.
Consequently, your company may never recover if you lack sufficient insurance coverage and are hit with a devastating lawsuit.
We’ll talk about how DOT compliance services can reduce your truck insurance costs in this article. This is useful in demonstrating to the authorities that your fleet places a high priority on safety.
DOT Compliance Services and Truck Insurance
You will need to make an investment in DOT compliance services and additional safety measures to demonstrate that you take your fleet’s safety seriously to increase your chances of obtaining lower insurance rates. Additionally, you must show that you’re attempting to strengthen your operations if your business has a history of truck crashes.
Therefore, you should make sure that your business is functioning under adequate coverage to prevent unpleasant scenarios. Here are a few tried-and-true methods for lowering insurance costs with DOT compliance services.
Routine Vehicle Maintenance
A pre-trip inspection is necessary to find any potential issues that need to be addressed before you depart. Failure to do so could endanger both your safety and that of others. To avoid high repair costs and potential legal trouble, you must perform regular maintenance and inspections.
Here’s our commercial motor vehicle pre-trip checklist:
- Start the vehicle
- Verify the functionality of your gauges and warning lights and the condition of your windshield wipers.
- Verify the functionality of your vehicle’s headlights, taillights, brake lights, and reflectors.
- Make sure your tires are filled appropriately.
- Make sure your cargo is secured and that it won’t move during transit.
When repairs are made, keep the documentation that details what was done and to which vehicle. In addition, for routine maintenance, you must have a recorded schedule that you intend to follow. Failure to keep your documentation can get you in hot water with the DOT.
As a motor carrier, you must keep accurate records on all of your drivers and follow strict procedures. Nonetheless, many trucking companies struggle to adhere to FMCSA standards, resulting in confusion, expensive fines, and penalties.
This issue is primarily the result of drivers withholding information, clerical errors, oversight issues, or they’re unaware of current FMCSA standards. Unfortunately, failure to keep your driver qualification files (DQF) up to date has a direct influence on your fleet safety.
However, with the assistance of DOT compliance services, you may regularly update these files without concern. When MVRs or medical certifications must be updated, you’ll be alerted.
Implement Modern Safety Technologies
By implementing new safety technologies, motor carriers are encouraged to adopt safety devices in their regular operations. Some of the most common safety enhancements that result from the implementation of new technology are as follows:
- Driver-facing cameras
- Fatigue meters
- Collision warnings
- Electronic stability control (ESC)
Regardless of how long your company has been operating, you should look into DOT compliance services if you want to lower the price of your truck insurance. As mentioned earlier, these services aid trucking companies, drivers, and others in navigating crucial laws, regulations, and back-office paperwork to keep your trucking company compliant.
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TruckingHQ is here to help transportation companies navigate regulation, compliance, and back office paperwork.