Even if you owned a business for years, you may not be familiar with the factors that determine the cost of commercial truck insurance. Many businesses only consider the base premiums when making their decisions, and while this is an important factor it's not the only one.
Here are some other considerations when determining how much you should pay for commercial truck insurance.
The Type of Truck You Own
Different types of commercial trucks require different levels of coverage, and different policies may be more or less expensive for a particular truck. For example, a semi-truck may need more comprehensive coverage than a delivery van.
Size and weight are major factors to take into consideration. Heavier trucks are more difficult to maneuver, not to mention they can cause more damage on the road. That's why they require more expensive premiums.
The Number of Trucks You Own
If you have multiple vehicles in your fleet, the cost of insurance will be higher than if you only have one truck. The more vehicles you have, the higher the risk of accidents or theft.
Your Driving Record and Claims History
Your driving record and claims history are important factors in determining the cost of commercial truck insurance. If you have a good driving record, you may get a lower premium.
You'll also need to consider the idea that other people will be driving these trucks. The experience and records of other drivers will also play into insurance costs.
The type of cargo you transport is another factor that affects insurance costs. Certain types of cargo such as hazardous materials will require more expensive coverage than regular freight.
Distance & Routes
The distance and routes you take to transport your cargo are also important factors. The longer the route, the greater the risk of something happening along the way.
Location & Traffic Conditions
The location and traffic conditions of your route can also affect insurance costs, as certain areas may be more dangerous due to the volume of traffic or weather conditions.
Your Insurance Company
Finally, the insurance company you choose to work with can also affect the cost of coverage. Rates vary from company to company, so it's worth your time to get quotes.
Contact a professional insurance agent to learn more about rates in your area. They can help you find the right coverage for your commercial truck at a rate that fits within your budget. For more information on commercial truck insurance, contact a professional near you.