If you own a business where commercial trucks are being used, you are required to carry commercial truck insurance. Commercial truck insurance can vary drastically in price based on many different factors. If you are looking to purchase this type of insurance, you may find yourself wondering what factors will affect the quotes you receive. Here are a few of the factors that affect the price you are quoted for commercial truck insurance.
The Type of Truck That Is Being Insured
Commercial truck insurance covers a wide array of trucks that are all used for commercial purposes. This includes big rigs, garbage trucks, semi-trucks, tow trucks, and even trailers. Each type of truck has its own value and its own risk factor. As such, the type of truck that is being insured affects the price you are quoted for insurance.
The Value of the Items Routinely Being Hauled or Transported
Another factor that can affect the price you are quoted for commercial truck insurance is the value of any items that you routinely haul or transport. When you haul or transport goods, you need to carry enough insurance to cover those goods. While you can purchase a supplemental policy if you are hauling something that is unusually valuable or of higher value than you normally transport, you want to carry enough insurance to cover the value of the items you typically transport.
What Type of Coverage You Opt For
There are different types of coverages that you can opt for when you are purchasing commercial truck insurance. This includes liability coverage, under or uninsured motorist insurance, loss of cargo insurance coverage, and physical damage coverage. The number and types of coverages you select can affect your quote.
The Driving Record of Employees or Drivers
Lastly, most insurance companies will check the driving record of the employees who will be driving your commercial trucks. They use an opt-in system to determine who can operate your trucks. If your employees have a good driving record, your rate will be lower. If their driving record is poor, your rates can increase due to their tickets and accidents.
There are many factors that affect how much you are quoted for commercial truck insurance. If you are looking to purchase commercial truck insurance, be sure to take the time to get quotes from multiple companies. In addition to the factors listed above, the company you select can also play a role in how much you pay. Taking the time to get quotes from various companies helps you to find the policy at an affordable price.Share