As with a car, the cost of insurance needs to be considered when calculating the total cost of owning a truck. There are many factors that could influence how much an insurance company will charge to provide financial protection in the event that it is damaged.
Weight
Heavier trucks may be more prone to getting into an accident than lighter trucks because they can be harder to stop or otherwise maneuver. Larger trucks may also cause more damage if they are in a crash and may also cost more to repair. Finally, a heavy truck may carry dangerous cargo that lighter trucks aren’t fit to transport across long distances. Ultimately, that added risk is going to result in higher insurance premiums.
Age
Newer trucks tend to have advanced safety features and other electronic components that can be more expensive to repair or to replace. Therefore, you are likely going to spend more money to insure a truck that was just manufactured compared to one that was made 30 years ago.
State of Operation
Every State sets their own laws as they relate to how much insurance you must carry on your truck. Generally speaking, mandatory minimum coverage amounts for commercial trucks are higher than passenger vehicles. How much you pay for coverage also depends on how many miles the truck travels each day.
Accidents
Trucks, because of their size and potentially hazardous cargo, are at risk of being involved in dangerous accidents. These accidents may result in serious injury or death to those riding in a truck or in a passenger vehicle. The vehicles themselves could also be totaled in a wreck, which could result in tens of thousands of dollars in replacement costs. Those who have been involved in previous accidents can expect to pay more than those with clean records.
How to Lower Costs
Having a clean driving record or significant experience behind the wheel could make it easier to keep commercial truck insurance premiums to a minimum. Insurance companies may also offer discounts to safe drivers to further reduce what they have to pay to their insurance providers.
Not having a valid truck insurance policy could put you at risk for financial and criminal penalties. It may also be difficult or impossible to obtain or renew your commercial license. Therefore, be sure to pay your premium on time and to keep your most recent insurance card in the truck with you.
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LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
