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