Trucks are considered the most dangerous vehicles on the highway. Expect a lot of expenses whenever a truck is involved in an accident. If you drive or own a truck, you might need to spend a fortune whenever your vehicle gets into a collision. To save you from these unfortunate situations, it is important to get truck insurance.
It is a necessity these days to have an insured vehicle to make sure you do not pay nasty costs when mishaps happen. That is also the case when it comes to trucks. According to a recent study, a good percentage of the total number of vehicular accidents in a state involves trucks. What if your truck becomes included in this percentage?
That is why it is actually a no brainer for trucking companies and truck owners to apply for a truck insurance coverage. Just imagine the possible costs you have to pay when your truck collides against a car on the free way. You may be left financially miserable because of just one accident.
Purchasing truck insurance is as easy as getting ordinary auto coverage, but in a higher price. Because insurance companies consider these huge vehicles as high risk, they will definitely charge very high premiums. To avoid paying too much on your coverage, you have to consider important factors that will most likely affect your rates.
Aside from common factors that determine auto insurance such as the driver’s age, gender, employment and credit records, and driving history, there are other important details that are important when it comes to truck coverage. These are the truck’s condition, mileage, neighborhood, and cargo.
Unlike normal vehicles, trucks are more valuable and reliable as they get older. This is because insurers recognize the fact that a vehicle has already “weathered the storms of time” and is therefore tested to function properly. However, it is still important to conduct regular checkups to ensure that a vehicle is indeed in excellent working condition before even applying for a quote.
Mileage is the number of kilometers your truck is supposed to run annually. Make sure to keep this low because less time on the road means less possibility of getting into accidents. The truck’s neighborhood represents the area where it has its route. If insurers think that the location is safe for cargo transport, they will more likely charge less on premiums.
Lastly, the type of cargo determines whether the truck insurance coverage would be high or low. Usually, heavy and expensive cargoes reflect higher premiums than those which are lighter and less expensive.