Most people don’t realize it, but trucking insurance is much more complex than auto or homeowners insurance. There is a lot of information that must be compiled to ensure you the best deal. However, most companies that offer trucking insurance have gone to great lengths to make the buying process as fast and as simple as possible.
As an insurance company assesses your premium, one of the factors they will consider is your driving history. If they see that you have been a risk in the past, you will likely receive a higher premium. Likewise, discounts are given to those that have a clean and respectable driving record.
As the insurance company looks into your past, they will also consider your claim history. If they see that you have cost your previous insurance providers considerable money, they will assume you will do the same to them. Since this will increase your rate, you should consider only filing the claims that are necessary.
It is more cost efficient for the future to pay for a scratch yourself rather than trying to get your insurance company to do so. Also, because an applicant’s credit is considered for each insurance policy, paying the rest of your bills and being financially responsible will lower your premiums.
Personal information isn’t the only factors that are considered. The truck you drive and the cargo which you are transporting is also carefully considered. Depending on what your drive, you could end up paying a lot or a little on your insurance.
If the truck you drive is old and problematic, the chance of it breaking down and causing and accident increases. If you drive a truck like this you can expect your liability coverage to be higher. Driving a reliable truck is one of the best ways to get moderately-priced insurance.
Your cargo is the other major factor considered, not only for comprehensive but for liability. Liability insurance can run from a basic minimum of 750k for basic cargo all the way up to a required 5 million for nuclear and other hazardous material. Comprehensive will also vary depending on the worth of your cargo.