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Knowing what factors affect the cost of truck insurance can help you to save a good deal of money. With this in mind, below are some of the main factors that affect the cost of a truck insurance policy –
The size of the truck(s)
The size of the truck(s) being insured is one of the biggest factors that will determine the cost of a truck insurance policy. Generally the larger the truck is, the more risk it’s considered to be at and therefore the higher the price of the policy. Trucks are categorised into three sizes – Light, medium and heavy. Get more information on truck sizes and classifications here
The type of goods being transported
This is another big factor that will affect the cost of a truck insurance policy. Goods that are particularly delicate and/or valuable will certainly boost the price of a policy. Basically the greater the chance of the goods being lost, stolen or damaged, the more you will pay.
The named drivers
The named drivers on the policy will also impact its cost. The younger and more inexperienced a driver is, the more likely they are to be involved in a collision and therefore the higher the premium will be. This is why trucking firms generally hire very experienced drivers who are over the age of 25 and who have a clean driving history with no points on their licence.
How secure the vehicles are
Trucks are expensive vehicles and can easily be targeted by thieves and vandals. This is especially true when the cargo being transported is valuable. You should take any steps you can to improve the security of your trucks, including installing alarms and tracking devices. The more you can decrease the risk of theft of both your goods and the trucks themselves, the lower your premium will be.
The mileage of the vehicles
Vehicles with higher mileage are more likely to break down and need parts replacing so it makes sense that they’ll cost more to insure. This is something to bear in mind when purchasing used vehicles that have done a lot of miles.
Get quotes now
If you want to save money on truck insurance then one of the best ways to do this is getting multiple quotes. You can get quotes now from a panel of specialist truck insurance providers by clicking the green button.