| Truck Insurance premiums are calculated | | | | Years Operating in Name |
| according to a variety of factors. These | | | | |
| factors are used to determine the financial | | | | As with newly employed drivers, a company |
| risk, or probability of an accident. Many of | | | | newly operating in its name is more likely to |
| the factors that are taken into consideration | | | | have the added burdens of management |
| are things that the driver can have an | | | | development. As a company becomes more |
| influence on in order to decrease rates, such | | | | experienced managing its operation, including |
| as accident history, while others are factors | | | | safety programs, drivers, adherence to |
| that the insured person has no control over, | | | | regulations, the frequency of losses, etc. is |
| such as age. | | | | also likely to decrease. |
| | | | |
| Age of Driver | | | | Driving Area |
| | | | |
| Statistically, younger drivers and very old | | | | The routes a driver has can have an effect on |
| drivers are more accident-prone. For this | | | | premiums. This is determined by average road |
| reason, drivers in higher risk age groups | | | | conditions and infrastructure, weather during |
| will have higher premiums. The preferred | | | | different seasons, and so on. |
| drivers are typically between the ages of 30 | | | | |
| and 65. | | | | Cargo |
| | | | |
| Driving Experience | | | | The type of cargo a driver carries will also |
| | | | affect their truck insurance premium. Cargo |
| The more truck driving experience an operator | | | | Insurance is based almost entirely on: cargo |
| has, the less their risk assessment will be. | | | | value, time sensitivity for delivery, |
| Experience with various equipment and weather | | | | potential for theft, etc. |
| conditions is inherent in the number of years | | | | |
| that an operator has been driving similar | | | | Equipment Operated |
| types of trucks. | | | | |
| | | | The value, age, and condition of equipment |
| Employment History | | | | operated are a determinant in truck insurance |
| | | | premiums. However, the age of a truck is |
| The number of years that an operator has | | | | often irrelevant as the condition of the |
| worked for different companies will be taken | | | | truck is dependent on upkeep, as well as |
| into consideration as an experience factor. | | | | recently installed equipment. |
| The more familiar a particular driver is with | | | | |
| specific routes and equipment, the less | | | | Deductible |
| chance there is that an accident will occur. | | | | |
| | | | The deductible is the amount of damage or |
| Accident History | | | | loss that the insured party is responsible |
| | | | for Typically, the greater the deductible the |
| A driver who has been responsible for | | | | less the insurance premium will be. |
| accidents in the past is prone to accidents | | | | |
| in the future. For this reason, the fewer | | | | DOT Safety Record |
| accidents and violations a driver has, the | | | | |
| less their truck insurance premium will be. | | | | A record of an owner operators or companys |
| | | | DOT safety rating, violations, Safestat and |
| Previous Coverage | | | | Inspection and Selection (ISS-2) scores, etc. |
| | | | is routinely used to assist in determining |
| Truck insurance providers may ask if you | | | | the truck insurance rate. |
| previously had insurance coverage. If you | | | | |
| have been previously canceled for non-payment | | | | Safety Features and Programs |
| of premium or for underwriting reasons, the | | | | |
| potential provider will want to know. If you | | | | Safety features for an insured truck, such as |
| have had truck insurance, the previous | | | | warning stickers, are beneficial for risk |
| carrier can inform the new insurer of your | | | | assessment. Safety programs for companies and |
| loss history. | | | | safety trainings for drivers are also |
| | | | helpful. |