February 23, 2012

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How truck insurance premiums are calculated

January 3, 2012 By LeonB

You may find that truck insurance premiums vary when you call for one particular driver over another, or when you call different insurers.
This is because premiums are worked out with a number of factors in mind. These include age and driving record of the driver, previous coverage, the routes covered and the cargo carried.
Age
The most likely to have accidents are oldest and youngest drivers. So, these two groups will push premiums up and those aged 30-55 will get preferential rates.
Experience on the road
Risk lowers according to numbers of years spent driving without having an accident. And knowledge of a particular type of truck will count in the driver’s favour for insurance purposes.
Employment to date
Insurers will want to know the length of an employee’s service with a particular company, so they can assess how familiar a driver will be with certain routes, and what risk of accident there might be.
Similarly, if a haulage company is newly established, it is less likely to be able to show that its drivers have a good driving history.  A longer established company will benefit from lower premiums if they have good insurance history behind them.
Accident and claim history
If a driver has a poor accident record, it’s likely to increase the premium, and vice versa.  Like a no claims bonus that you get with normal auto insurance for a Honda Civic, for example, the better your driving record the cheaper your truck insurance is likely to be.
If you have been refused truck insurance or have not kept up with previous payments, then it is likely another truck insurer will want to know the details. They can then decide whether you represent too much of a risk, and will price your premiums accordingly.
Where the truck will go?
Depending on what your regular routes are will affect the premiums. Factors insurers consider include road and weather conditions.
What’s on board?
The truck insurance premiums will vary depending on what kind of cargo they’re transporting. The higher value, easy-to-steal cargo adds to the premiums.
These are just some of the factors taken into account by truck insurance companies. It’s a far more complex business than getting insurance for a new civic 2012, for example, as there are many other influences beyond the driver’s age and personal driving record.
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Truckers don’t report minor collisions

December 14, 2011 By LeonB

Apparently, up to 30 per cent of commercial truck accidents aren’t reported by their drivers. Generally these are accidents where they haven’t been at fault and the truck driver assumes that the other driver will make a claim on their insurance policy if they need to.

This is bizarre as it’s very unlikely that the same drivers would do this in their own private vehicle, whether they drive a Honda or a Ferrari, an old rust bucket or one of the eco cars UK consumers now own in bigger numbers. With their own cars, there is perhaps more of a sense of responsibility. Sometimes, not reporting an accident in a work truck may be down to embarrassment or a hope that no one will find out. But quite often the non-reporting is because the driver doesn’t know how to go about it.

The person responsible for managing a commercial fleet of trucks and drivers should brief drivers on how to go about reporting accidents. All insurance companies provide accident report forms and a copy should be kept in each truck, ready to use if and when needed. Train the drivers on how to complete these forms.

The most important thing is that the drivers think on their feet at the time of a collision. Take down as much information as possible. Gather facts – don’t accuse anyone of anything.

First off, make sure no one has been hurt.  Assuming not, then make sure everyone is out of danger and then go ahead and get the other driver’s details. Note the date, time and place the accident happened.  Take a note of other vehicles’ registrations and drivers’ names, whether they had passengers.

Blame shouldn’t be discussed until the police arrive.  If anyone has a camera, take pictures of damage and position of the vehicles. Drivers should also note down a description of how the accident happened, and draw a diagram to illustrate it. They should contact their fleet manager and then the insurance company.

Claims that go in with full and clear details are handled much more quickly than those with sketchy information.

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Winter’s the time to check your truck insurance

November 21, 2011 By LeonB

As winter approaches, it’s really important to dig out the relevant files and check that any trucks your business owns are covered for insurance.  The number of road incidents soars during the winter months, mainly due to weather based driving difficulties.

Common causes of problems are ice on the road and drivers not slowing down sufficiently to take account of the change in road conditions. Trucks and lorries are liable to jackknife in icy conditions; causing at the least huge traffic jams, sometimes injuries and perhaps even fatalities.  Even being caught in a jam behind a jackknifed lorry can cause misery in the cold winter months if you’re stuck there until the stricken truck is moved.

If one of your trucks does happen to be in an accident, it’s vital to be properly covered by your insurance policy.  It’s best to have comprehensive insurance as that will cover damages to your truck, you and any other vehicle or property involved in the collision.

Search around for the best insurance deal. Just as owners of hybrid cars can sometimes get a better deal with a specialist insurer, so can truck drivers. If an insurance company specialises in a particular group of vehicles, they are more likely to be able to offer better prices than a generalist insurer.

Certain vehicles like low emission cars will be able to get good insurance deals. While trucks rarely qualify as low emission cars, it’s still worth making sure you know all the details about the kind of vehicle you have, and what you want covered by your insurance policy before you start ringing round or searching online for quotes.

During winter, the most important thing is to take your time on the roads. Allow for extra journey time, so that you don’t try to shave minutes off a trip and put yourself and others at risk in the process.

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Tips on choosing and using truck insurance

September 26, 2011 By LeonB

Shopping around for truck insurance is not something you want to do at the end of a busy week.  Yet it’s essential that people get the right kind of cover for their vehicles, be it their work truck or their family or 4×4 cars.
As with most things in life these days, a lot of the search time has been reduced by the numerous websites who will do the comparison between insurers on your behalf.  You only need to put in all those long and lengthy details once, and with a click of a button all the searches are done for you.
However, it may be worth doing a little bit more of the legwork yourself, as not all insurers are checked by every comparison website.  You may find a better deal this way, and once you’ve got all the information together for an initial search, at least you’ll have it at your fingertips for any other calls or searches you make separately.
If you do need to make a claim on your truck insurance, it’s much the same process as people go through making claims for family cars.
1.    Call the police, or go and get a police report as soon as possible after the incident.
2.    Call your insurance agent immediately and be as honest and detailed as you can on all the facts.
3.    Take photos of the vehicles involved. These can be used as evidence.
4.    Get a witness to give you their contact details, and agree to be contacted by your insurance agency.
5.    Once the claim has been processed, make sure you are happy with the amount the insurance agency offers before you agree to settle.  Any delayed complaint is less likely to be resolved in your favour.
6.    Remember, each claim you make is likely to push up your premiums, so if the damage is minor, think about paying for the repairs directly, not through your insurance.

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Safe lorry driving brings down insurance costs

September 15, 2011 By LeonB

Driving safely on the roads and being able to prove it is an important way in which fleet operators can minimise the costs of their truck insurance.
Safety is, of course, the paramount concern of the transport industry.
Currently, around 8% of road traffic accidents involve trucks and lorries, but they are responsible for over a quarter of all casualties. Clearly, this is due to their sheer size and weight. The number means that somewhere in the region of 20,000 people are injured in a lorry accident in the UK each year.
Many accidents occur when drivers hit a lorry from behind as they were driving too close to stop their vehicle in time.
Others happen when a lorry pulls out in front of another vehicle on the motorway, whilst a jaknifed lorry can cause fatalities and major hold-ups.
Road safety is important for its own sake, of course. But insurance is also a major cost. And it looks like becoming even more important if Government proposals to increase the size of lorries get the green light.
Recent Government research suggests that lengthening the lorries is “not expected to result in a noticeable increase in road traffic accidents. Although the risk per vehicle may be marginally higher, the reduction in the number of vehicle movements means that the overall number of HGV accidents is expected to fall.”
But insurance costs may still rise in the same way that 4×4 cars are more costly to insure than saloon or estate family cars due to the increased damage they tend to cause to their surroundings given their larger size and increased weight.
So truck safety and safety policies look like becoming even more important. Regularly reviewing driver safety and regular training will help ensure drivers are reminded of the paramount importance of safety and ensure they are up-to-date with recent safety rules and suggestions. Such action will also cut the insurance bill.

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Choosing Commercial Truck Insurance

February 21, 2011 By admin

Commercial wagon insurance shares plenty of likenesses with private auto insurance. Policies typically offer you coverage against collisions, uninsured motorist protection, general responsibility as well as any medical or legal charges that could be incurred in the eventuality of an accident. Some firms that offer commercial lorry insurance will also include definite coverage for facets of your business with your insurance cover. These could be a real advantage so it is worth researching them. Some of the additional coverage can include insurance against your cargo being lost, damaged or stolen during transit. Coverage may also be offered for lorries even if they aren’t being used at once as a commercial lorry. Examples of this may be if it was on its way to a garage to undergo repairs or upkeep. After you have decided which commercial truck cover you’re going to buy telephone the insurance corporation and they are going to be able to steer you correctly thru the method.

 If you’re uncertain of anything in your policy, ensure you seek clarification from you commercial van insurance supplier.

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Researching Commercial Truck Insurance

February 15, 2011 By admin

The 1st step to getting an insurance plan for your commercial van is to start researching firms. Different firms will have different things to offer you and you can only get the very best quote by snooping around. To hurry up the method, ensure you have 1 or 2 key details prepared. The insurer will wish to know the make, model and age of the lorry, to start with. They may also need the mileage and the VIN number ; this may be found on the dashboard on the drivers’ side, close to the windscreen. Commercial wagon insurance is available for all commercial lorries, like, a recovery wagon, tipper van, tractor-trailer and a boom van among others. The insurer will have to know what the lorry will be utilised for.

Getting a quote for commercial van insurance is complex and you’ll struggle to get an all-inclusive quote on the internet. It is advisable to telephone around the insurance corporations so they can tailor your quote to your particular wishes. This is often long nevertheless it gives you the benefit of having the ability to compare not simply the costs of differing insurance firms, but also what they can offer you

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How to choose commercial Truck Insurance

February 15, 2011 By admin

Today many folks get stuck when referring to insuring their LGV. This will put a Holt to any work as other smaller cars wouldn’t be sufficient for the work to hand.

 Commercial lorry insurance is a requirement for any business. Insuring a commercial wagon isn’t that different from regular vehicle insurance, there are lots of firms that will offer you commercial van insurance which can potentially make the method quite perplexing particularly if you do not know what you’re trying to find. This guide will really help to outline what a commercial lorry insurance plan contains and what you should search for from your insurance agent.

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