If you are involved in trucking and hauling large trucks and other motor carries, you should insure them with commercial truck coverage. This type insurance is only for commercial vehicles like vans and light-duty pickup trucks. Even though they can make it more expensive, these vehicles are still worth the investment. Here are some tips for commercial trucking insurance.
How premiums are calculated
The rates of this product insurance are determined primarily by the driver’s past accident history and traffic violations. What if the driver was at fault in an accident is irrelevant. It matters that he was involved in an accident. The same applies to traffic violations. The higher the insurance premium, the greater the traffic violations.
Commercial truck drivers who are employed in the commercial hauling industry should have the minimum experience required. These are important factors in determining your insurance premium. The lower the premiums, the more experienced the driver is. A Commercial Driver’s License or CDL is necessary. Commercial driving requires that the driver is between the ages 30 and 65.
The premium amount will also be determined by the vehicle’s current value, its condition and year of manufacture. The certified technician will perform an inspection of the commercial vehicle. This will include the mileage of the vehicle, the possibility of theft, as well as the cargo it holds.
The time gap in which the insurance was purchased will also influence the premium price. If the company’s existing insurance policy has expired and was not renewed promptly, the premium price will be higher for the next insurance product. There is an exception, however, where the cancellation was not due to an excess accident claim.
If you have commercial vehicles equipped with safety features like anti-theft devices or airbags, your insurance company might offer discounts. An experienced discount can be provided for businesses that have been established for at least three consecutive years. This discount may also be available for drivers who have been with the company a long time. Insurance companies see the driver’s past employment as an important connection. It is a sign that the driver is reliable and efficient.