The price for commercial truck insurance varies based on many factors. Many people already know that the deductible amount, collision and comprehensive coverage limits, and the driving record of your truck drivers all play a role. But what you may not realize is that there are other factors that also affect the price. If you are obtaining a commercial truck insurance policy, you may find yourself wondering what these factors are. Here are a few of the various factors that affect the price you pay for this type of insurance.
The Amount of Cargo Coverage You Opt For
When you are looking to obtain commercial truck insurance coverage, you will need to pay close attention to the coverage limit for cargo. Cargo coverage covers the cargo that is being transported in the back of the truck. If the cargo is damaged due to an accident, a fire or is stolen, this coverage helps to reimburse you for those items. You need to have enough coverage so that your most expensive loads are fully covered. The higher your coverage, the more you can expect to pay for it.
How Long Your Truck Drivers Have Been Driving Trucks
Another factor that affects the price you pay for commercial truck insurance is how long your employees have been driving trucks. A commercial truck insurance policy covers all of your employees who drive your fleet of trucks. Their driving record is checked. But being accident and ticket-free is not the only factor that affects the price. Insurers want to see that the drivers have experience. You may pay higher costs if you have drivers who have been driving trucks for less than two years.
The Number of Miles the Driver Drives Per Day
The last factor that affects the price that you will pay for commercial truck insurance is the number of miles that your drivers drive per day. If your truck is driven 50 to 100 miles per day, you will pay less in insurance than on a truck that is driven 300 miles per day. The more your truck is driven, the higher the odds are that the truck will be involved in an accident. As such, the more miles that the truck is driven, the more you will pay in commercial truck insurance costs.
If you are looking to obtain commercial truck insurance, it is important to obtain quotes from various companies, such as Metropolitan Insurance Service Consultants. This will help you select the policy that best fits your needs as well as your budget.