Trucks, since these are big vehicles they are considered relatively dangerous on the road. Some truck drivers get reckless and handle the wheel beyond the required speed limit thus increasing the danger that comes with its size. Considering these facts, truck insurance premiums are more expensive than the ones offered to regular vehicles.
However, getting cheap truck insurance for your truck is possible and easy. But will you be adequately covered in case of an accident? If you get into an accident and damaged properties or caused injuries even death, what happens to you if the cost of damages exceeds that of your mediocre coverage? You have to shoulder the difference from your own bank account and pockets.
Like with all other vehicle insurance coverage, truck insurance rates vary based on different factors. Once you understand how insurers compute for your premium, you become more knowledgeable in choosing the best package suited for your needs. Save on your policy by considering the following factors:
- Registered drivers of the vehicle: Avoid letting teenagers and elderly to drive your truck because these age groups are considered high risks on the road. Hire those who are aged twenty-five to fifty. In addition, check their driving records. You do not want to hire individuals whose driving history is really poor. If your drivers have spotless records, have no or little traffic violations, you will look favorable to insurers. Thus, you have a great chance of getting price cuts.
- Length of time your business is in existence: If you have been in the business of trucking for a long time already, insurance companies will consider you to be a stable entity in the industry. They are confident that you can handle your finances well and that you have impeccable management skills that constitute a responsible individual.
- Usual routes and cargoes of your trucks: If you do business in a crime-laden community and accident-prone areas, expect higher rates. Be sure that your vehicle is in good condition all the time and that the security features are sufficient to avoid theft.
Truck insurance premium is usually higher because of the risks this big vehicle imposes. It is possible to lower your premium by increasing the amount of deductibles. Moreover, maintain a promising business credit score on top of your personal credit rating. Insurance companies are more than willing to provide good rates to clients who are able to control their credit history. Remember that a solid business credit will give you additional negotiating power that can potentially lower your rate.