Factors That Impact Commercial Truck Insurance Costs

Insurance Blog

Although purchasing commercial truck insurance is mandatory if you use trucks in your business, it's also a prudent thing to do. This type of business insurance helps you minimize financial losses due to mishaps that may happen during trucking operations. It covers various risks, such as property damage, lost business income, and injuries to truck drivers and other injured parties. 

If you're shopping for commercial truck products for your business and are concerned about the cost of acquiring them, you've come to the right place. Commercial truck insurance rates can vary based on your specific needs. Continue reading to acquaint yourself with some factors that influence the cost of insurance for commercial truck users.

Your Truck Size

Not all trucks are created equal. They come in various engine sizes and load capacities to suit different jobs. Insurance premiums increase with truck size. As a result, it costs more to get coverage for large trucks than for smaller ones.

Your Drivers' Level of Experience

The type of drivers you use can also impact your commercial truck insurance cost. Experienced drivers will boost your commercial fleet's overall safety rating, hence attracting lower premiums.

Your Claims History

Insurance companies love to keep their risk exposure levels as low as possible. If your company has had high auto accident claim rates in the past, chances are your trucking insurance rates will be high.

The Age of Your Truck

In addition to having advanced safety features, newer trucks are less likely to experience mechanical failures that may lead to an accident. As a result, insurance premiums for these trucks tend to be lower than for older models.

The Routes You Use

Certain road conditions, such as sharp bends, unmarked junctions, narrow country lanes, and foggy weather, create dangerous situations for truck drivers. If your trucks use roadways that present these hazards, expect to pay high insurance rates for them.

What You Carry

The types of goods you transport can also affect your commercial truck insurance rates. For example, your premiums will be expensive if you transport dangerous cargo, such as petroleum products. Such products pose a greater safety risk than general cargo types.

Commercial truck insurance costs depend on several factors other than your unique situation and needs. Your state and local government requirements and the insurer's operating costs may all affect your quote. 

Contact a commercial truck insurance company near you to learn more. 


6 February 2023

Preparing for the Future

Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!