1. US DOT Experience
When you obtain a quote for new venture trucking insurance, you will more than likely find it to be higher. This is primarily due to insurance companies not having a track record of the risk of your business. For example, someone that has had their own authority active for 3-5 years could provide loss runs to see if they have had any claims.
A fresh company can not do that, so insurance carriers have less data to calculate your trucking premium.
2. Cargo / Commodities Hauled
The commodities that you transport can increase your trucking insurance premium more than others. For example, a trucking company hauling automobiles is going to carry a higher premium rather than a trucking company that hauls agricultural commodities.
It is extremely important to disclose the cargo that you haul to make sure your insurance policy is rated correctly, and to ensure you have coverage in the event of a claim.
3. Trucker Driving History
Your driving history plays a very big role in providing affordable trucking insurance. Accidents, speeding tickets, and other violations can cause insurance premiums to be higher.
Monitoring your driving habits can save you thousands of dollars and even more important, protect your life and other motorists. Learn 7 ways to prevent cargo insurance claims.
4. Mile Radius
Truckers that operate on a large mile radius or typically known as 'long haul trucking' will pay a higher insurance premium due to the broader exposure. Lower rates for example would be an operation that is a local or 'short haul trucking' operation.
5. Picking the right insurance partner
Choosing the right insurance partner is important for properly rating your trucking policy and ensuring you're covered while offering exceptional customer service. Contact Russell Agency or get a quote online today.