Finding cheap semi truck insurance can be a difficult process. Whilst it is good to go for the cheapest possible solution, they may not always prove to be the best when an unforeseen accident occurs.
Many factors go into the development of a good insurance plan and based on the amount of factors, you may see some increases in the overall average price that you will be paying for your insurance.
No two semi truck insurance companies are the same, and each company utilizes a set of criteria that they follow to assess the risk factors that are involved.
Understanding Your Semi Truck Insurance Policy
If you work in a high-risk industry then you might see noticeable increases and changes to your policy that others may not. The reason for this is that when conducting a risk evaluation, the insurance company needs to ensure that the policy you receive is able to cover both you and itself.
Different types of risks are assessed when formulating the policy. These are some of the risk factors that the semi truck insurance company may look at before quoting you.
Experience of Driver
If you are employing drivers, the best way to lower your insurance costs is to employ experienced and safe drivers.
Since newer drivers do not have as much experience in operating a semi truck, they are seen as being more prone to causing an accident. On the other hand, getting someone who spent more years on the road mitigates the risks due to their history and skills within the industry.
The reason that this plays a big role in determining the risk factors that are present in the assessment is that an experienced driver will understand how to employ the correct safety measures in certain situations without causing an accident, such as:
- Driving in bad weather
- Operating the vehicle on difficult roads
- Reduced risk of damaging other vehicles on the road
These are all positives that insurance companies look at, and if you or your drivers have proven experience in the industry then you will see a noticeable decrease in your insurance costs.
While it is good to hire drivers with a lot of experience, it is also equally as important to ensure that they have a clean driving record.
If the driver has a lot of experience but is prone to being a part of accidents then this could negatively impact the overall average cost of an insurance plan as they would be considered a high-risk driver.
Weighing the experience and driving history of a driver and the safe driving behaviors of the potential employee is an important step toward lowering your insurance premiums.
Verified Employment History
One sure way to lower your insurance premium is by showcasing a verified history of you and your driver’s employment history. This goes hand-in-hand with the aforementioned topic of experience and driving record.
The reason why it is a good idea to provide a verified history is that it is a more valid way of showcasing the necessary skills in the industry whilst also presenting an ideal low-risk image that insurance companies prefer seeing.
The Age of Your Trucks
A great way to lower your insurance premium is to utilize a newer semi-truck in your daily business operations. Newer vehicles are less prone to failure and getting into trucking accidents as opposed to older ones.
Due to things such as wear and tear, older vehicles may not be completely sound when on the road and could pose a potential hazard to other drivers and personal private property.
If you have an older vehicle, it is important to ensure that it is frequently maintained and that an adequate level of servicing has been conducted to ensure that it is not considered a high-risk entity.
Your Usual Business Route
The route that your semi truck takes when conducting business plays one of the larger roles when determining the overall average cost of your cheap semi insurance. Trucks that take shorter routes and spend less time on the road see a larger overall decrease in their premiums as opposed to trucks that spend a large amount of time on the road.
This is due to the fact that any vehicle that has to spend a prolonged amount of time on the road is more prone to being in an accident, and drivers that go for hours without any rest also suffer from lowered reaction time and exhaustion which could cause an accident.
If you transport cargo or provide any other services over a short distance, you will notice that the general monthly cost for your insurance rates will be sufficiently lower.
Having a Business that Remains in Operation
Newer truck companies that are just starting up will usually see higher prices for their insurance prices. This is because they are still viewed as potential high-risk clients due to the fact that there is not an adequate amount of information available to assess their overall quality of service and driving.
If your business remains in operation and your operating authority is consistent then insurance providers will see your business as a low-risk client.
As a business owner, staying in business and operating under the same name is also a great way to boost your overall company image not only with insurance providers but also with potential customers that may want to utilize your services.
Frequently Asked Questions:
What factors can affect the cost of my semi-truck insurance?
Factors affecting insurance costs include driver’s experience, driving record, verified employment history, the age of your trucks, your usual business route, and the longevity of your business operation.
How can the experience of the driver lower my insurance costs?
Hiring experienced and safe drivers can reduce insurance costs as they are seen as less prone to causing accidents due to their driving skills and ability to handle challenging situations.
Does the age of my trucks affect my insurance premium?
Yes, newer semi-trucks often result in lower insurance premiums as they are less prone to failure and accidents, while older vehicles might be seen as potential hazards due to wear and tear.
How does my usual business route influence my insurance costs?
Trucks that take shorter routes and spend less time on the road often see lower insurance premiums as they are less prone to accidents. Longer routes with more road time increase the risk and therefore the premium.
Can the operation of my business impact my semi-truck insurance costs?
Yes, newer businesses often face higher insurance costs due to their potential high-risk status. Established businesses with a consistent operating history may be seen as low-risk, reducing insurance premiums.
The Only Cheap Semi Truck Insurance that Provides You with Comprehensive Cover
We have years of experience in providing fleet owners, leased owner-operators, private carriers, independent owner-operators, and commercial drivers with competitive and cheapest semi truck insurance rates that are affordable and driven toward service.
Being an industry leader in the trucking insurance industry, SoCal Truck Insurance utilizes its experience to provide you with the knowledge and tools necessary for you to succeed, as well as the peace of mind of knowing that you and your trucking company are covered during an accident.
Need help in finding the best semi-truck insurance? Visit our article about what to consider when looking for semi-truck insurance for help.
Get in contact with our professional team of expert insurance agents to receive a quote on your semi truck. Call us at 888-891-4304 at SoCal Truck Insurance today!