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.