Numerous factors are responsible for determination of premium rates for a truck insurance cover. These factors settle on the odds of an accident and the financial risk involved in offering truck insurance. Nonetheless, the vehicle owner can drastically reduce the premium rates if they have a comparatively clean record of their driving history and have fewer accidents reported, while factors like age of the insured cannot be controlled.
Driving Experience:
The experience of driving a truck in different weather conditions, geographical areas and in different time zones enables a truck driver to obtain relevant and robust experience. An experienced truck driver will thus obtain a lower rate on the insurance premium amount. However, you need a proof to support your driving experience.
Accident History:
With the increasing number of vehicles on the road, accidents are bound to occur at some point on time. For a truck driver who has been involved in an accident in the past is likely to experience it again. Should you be seeking a reduction in premium rates, reduce traffic violations and accidents.
Age of Operator Driver:
Statistics reveal young and old adults are more prone to accident. Subsequently, this age category is considered high-risk and therefore the premiums are higher. You cannot control this factor because the preferred age is between 30 and 65 years.
Driving Area:
Insurance premiums are affected by the numerous routes the drivers must embark on. Since the routes are controlled by road infrastructure and condition, weather and population density, therefore you are likely to experience a higher premium rate.
Employment History:
The driving experience of a truck driver involves his employment history. The number of years and the different employment companies are considered before settling on the insurance rates. It is believed an experienced driver is well-versed with explicit routes and equipments, and therefore lesser odds of accidents.
Previous Insurance Coverage:
Truck insurance companies will weigh the matter if your previous policy has been cancelled for non-payment of premiums. Typically, you must mention any previous insurance carriers. Your previous insurers will reveal the reasons to your new carrier regarding your loss history.
Deductibles:
The amount of damage borne by the insured while making the insurance claim is termed deductibles. It is always wise to keep your deductibles higher for a lower premium rate.
Truck Cargo:
The type of cargo carried by a truck driver plays a vital role in determining the cost of the insurance premiums. Typically, factors like cargo value, delivery time and odds of theft are essential factors to weigh the premium rates.
