Trucks, due to their sheer size, are kings of the road. However, with size comes danger. Despite their huge size, many trucks speed up, exceeding the required speed limit. This puts lives and properties in great danger. Thus, it must not come as a surprise that truck insurance are much higher than cars.
If you drive a trailer or own one, and you managed to get low rates in the snap of a finger, it may occur to you later that it was not at all a wise decision. If a vehicular accident occurs and your truck damaged properties or injured someone, causing damages exceeding your insurance coverage, then it is your responsibility to pay all remaining expenses. This would give you the worst headache you will ever have.
Insurance companies compute premium based on some factors that you need to understand to help you get the best truck insurance package. If you see the need to have an insurance policy for trucks or trailers, consider the following factors:
Who is behind the wheel is a crucial factor. Statistics reveal that teenagers and elderly drivers have higher risks to get involved in vehicular accidents than other age groups. Thus, in order to have lower rates, you hire drivers aged 25 to 50. Another important thing to consider is the driving record of employees. Drivers with a spotless driving history will look favorable to insurers, thus, they have greater chances of getting lower rates.
Length of time your business has been operating is another determining factor to get affordable packages. If your company has been in business for many years, then insurers will consider you as a confident owner with good management skills. This usually translates into low cost truck insurance package.
Another variable is the route where your truck drives through. If it is often driven in accident-prone areas, do not appear shocked if rates are insanely high. The kind of cargo and its value also greatly affects costs of the premium. To get cheaper rates, be sure that you maintain the good condition of your vehicle or truck. You also have to install anti- theft devices and some other safety features.
In addition, if you increase the amount of deductibles, insurers may lower premiums on your truck insurance. Moreover, be sure that you maintain a commendable business credit score as well as credit rating. Since a lot of insurance companies only provide good rates to the good clients, you have to have a solid and spotless business credit to enhance your negotiating power.