If you're preparing to purchase commercial truck insurance, you might be wondering how much it will cost. Even if you already have commercial truck insurance, you might be wondering what factors go into the pricing of your policy. There are actually a number of different things that can impact the cost of your commercial truck insurance, including the factors listed below.
1. The Number of Trucks That You're Insuring
Of course, the number of trucks that you're insuring will impact the cost of your commercial truck insurance. Many insurance companies will give you a discount on additional trucks that you add to your policy, but as you can probably imagine, it will typically cost more to insure multiple trucks than it will cost to insure just one.
2. The Value of the Trucks You're Insuring
The value of the trucks that you are insuring matters, too. Naturally, if you are putting commercial truck insurance on an older truck that won't cost much to replace in the event of a total loss, insurance coverage for that truck typically will not be as expensive as it would be for a brand new, valuable semi-truck.
3. The Level of Coverage That You Have
There are certain minimum levels of coverage that you are required to have in order to operate a semi-truck on the road. However, you can choose whether or not you want to have additional coverage to protect yourself, your trucks, and your business. If you opt for additional coverage, your commercial insurance premiums will probably be higher. However, many truck owners and truck drivers do find that having additional coverage is worth the cost.
4. The Driving Records of Your Truck Drivers
Be aware that your insurance company might charge higher rates for your truck insurance if one or more of the drivers who operate your trucks has a bad driving record. Encourage drivers to abide by driving laws, and carefully screen potential employees' driving records prior to hiring them to help with this.
5. The Safety and Security Features That Your Trucks Have
Trucks that have improved safety features are safer to operate and are therefore often more affordable to insure. Security features like alarms and GPS tracking systems can also sometimes help you score lower premiums.
6. The Other Types of Coverage You Have Through the Same Insurance Company
In many cases, purchasing all of your commercial insurance through the same insurance company — when possible — will score you discounts on all of your policies.
7. The Insurance Company You Have Chosen
Lastly, you should know that some commercial truck insurance companies charge higher rates than others. Consider shopping around and getting quotes from a few different companies if you aren't sure if your insurance company offers the most affordable rates.
For more information, contact a commercial truck insurance provider.