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What Affects the Rates of Commercial Trucking Insurance?

Tuesday, March 14th, 2017 - Car Insurance

What Affects the Rates of Commercial Trucking Insurance?

Commercial trucking insurance is the first thing you need to think about when it comes to protection your business. Next, insurance rate for your commercial trucks is the next consideration. You have to try your best to get an insurance rate that is not higher than the average but not the lowest one as well. Higher rate means you overpay.

For your information, insurance rate for commercial trucks range between $800 and $2,000 per year. More than $2,000 means that you get an expensive rate. We may never know the insurance rate for our business since it is affected by several factors. If you can understand them, you will be able to avoid paying more than $2,000 per year that means, you can save more dollars from commercial trucking insurance. The more details on this can be seen as follows.

Driving Records

We are going to look into the factors that affect your trucking insurance rate. There are several factors, but mainly, insurance rates are determined from the driving record of all drivers you employ. It seems unrelated but trucking insurance companies take into account the driving backgrounds of your employed drivers.

Their underwriting requirements apply for those drivers. If your drivers have driving violations, it badly affects to your insurance premiums or makes you difficult to get the insurance that you need. Seeing this condition, you have to ensure that your hired drivers are not only skilled and qualified, but also have no claims, enabling you to reduce the risks and lower your commercial trucking insurance rates.

The Value of Your Trucks

When your business is getting bigger, you may be thinking about adding more trucks to your fleet. Well, it is a good choice to make more revenues, but you will also need to think about how much your commercial trucking insurance rate becomes. Higher value trucks makes you pay more for your insurance rate. You had better assess your possible insurance cost by contacting an agent before purchasing a new truck.

You will see how you can save your insurance cost annually. Besides, if your new trucks have more features, you will get higher insurance premiums.

The Policy Structure

You have a choice to choose any insurance companies for your commercial trucks. Perhaps, you want to check which one offers the best rate. However, do you know that if your purchase each of the insurance policy separately, you will pay more than you insure all of your trucks in one policy from one trucking insurance company?

A reduction of cost is typically obtained if you choose bundled insurance policy. Commercial trucking insurance companies will offer you a multi-policy discount. Besides, if you meet the requirement, you will get bulk discounts, but it depends on the size of the fleets.

Distance and Location

It seems like the mileage. The distance and location that your drivers take within a year or month affect your commercial trucking insurance cost. If you drive a lot, your mileage will increase. It means you are at greater risk of getting involved in an accident. That is the reason for why insurance companies charge you higher rate due to your high mileage.

Managing Insurance Cost

Those factors will become an assessment from insurance companies to charge your insurance cost. To avoid high cost, the first thing you have to look out is to have a yearly review of your commercial vehicle inventory, hired drivers, insurance portfolio and insurance rate since a lot of things possibly change within a year.

Discounts are commonly available. Suppose that you never file a claim in a year, you may qualify for claim-free discounts. There are a lot of things that you can get if you are willing to have an annual review. Only then, you can manage the rate of your commercial trucking insurance.

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