truck insurance Premiums are calculated based on a variety of factors. These factors are used to determine the financial risk, or probability of an accident, involved in providing a driver truck insurance. Many factors taken into consideration are things the driver can influence to lower rates, such as accident history, while others are factors the insured has no control over, such as age.
Driver age Statistically, younger drivers and very old drivers are more prone to accidents. For this reason, drivers in higher risk age groups will have higher premiums. Preferred drivers are typically between the ages of 30 and 65.
driving experience The more truck driving experience an operator has, the lower their risk assessment will be. Experience with various equipment and weather conditions is inherent in the number of years an operator has been driving similar types of trucks.
Job history As an experience factor, the number of years that an operator has worked for different companies will be taken into account. The more familiar an individual driver is with specific routes and equipment, the less likely there is for an accident to occur.
accident history A driver who has been responsible for accidents in the past is prone to accidents in the future. For this reason, the fewer accidents and violations a driver has, the lower their truck insurance premium will be.
previous coverage Truck insurance providers may ask if you previously had insurance coverage. If you have been previously terminated for non-payment of premium or underwriting reasons, the prospective provider will want to know. If you have had trucking insurance, the previous carrier can inform the new insurer of your loss history.
Years Operating in Name As with newly hired drivers, a company newly operating on your behalf is more likely to have the added burdens of management development. As a business gains more experience managing its operation, including security programs, drivers, compliance, loss frequency, etc. it is also likely to decrease.
driving area The routes a driver takes can have an effect on premiums. This is determined by the average conditions of roads and infrastructure, the weather during different seasons, etc.
Burden The type of load a driver carries will also affect his truck’s insurance premium. Cargo insurance is almost entirely based on: the value of the cargo, the sensitivity of the delivery time, the possibility of theft, etc.
Equipment Operated The value, age and condition of the equipment operated are determining factors in truck insurance premiums. However, the age of a truck is often irrelevant as the truck’s condition depends on maintenance as well as recently installed equipment.
Deductible The deductible is the amount of damage or loss for which the insured is responsible. Generally, the higher the deductible, the lower the insurance premium.
DOT Safety Record A record of an owner, operator, or business’s DOT safety classification, violations, Safestat and Inspection and Selection (ISS-2) scores, etc. is commonly used to help determine the truck insurance rate.
Security functions and programs Safety features on an insured truck, such as warning stickers, are beneficial for risk assessment. Business safety programs and driver safety training are also helpful.
As a full-service trucking insurance agency, Cover Me Insurance Agency (CMIA) is dedicated to providing the most efficient truck insurance service with a personal touch. All of our agents have between 5 and 20 years of experience working with owner operators and small fleets.