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How Truck Insurance Premiums Are Determined
by: Joe Trzepla

Truck Insurance premiums are calculated according
to a variety of factors. These factors are used
to determine the financial risk, or probability
of an accident. Many of the factors that are
taken into consideration are things that the
driver can have an influence on in order to
decrease rates, such as accident history, while
others are factors that the insured person has no
control over, such as age.

Age of Driver
Statistically, younger drivers and very old
drivers are more accident-prone. For this reason,
drivers in higher risk age groups will have
higher premiums. The preferred drivers are
typically between the ages of 30 and 65.

Driving Experience
The more truck driving experience an operator has,
the less their risk assessment will be.
Experience with various equipment and weather
conditions is inherent in the number of years
that an operator has been driving similar types
of trucks.

Employment History
The number of years that an operator has worked
for different companies will be taken into
consideration as an experience factor. The more
familiar a particular driver is with specific
routes and equipment, the less chance there is
that an accident will occur.

Accident History
A driver who has been responsible for accidents
in the past is prone to accidents in the future.
For this reason, the fewer accidents and
violations a driver has, the less their truck
insurance premium will be.

Previous Coverage
Truck insurance providers may ask if you
previously had insurance coverage. If you have
been previously canceled for non-payment of
premium or for underwriting reasons, the
potential provider will want to know. If you have
had truck insurance, the previous carrier can
inform the new insurer of your loss history.

Years Operating in Name
As with newly employed drivers, a company newly
operating in its name is more likely to have the
added burdens of management development. As a
company becomes more experienced managing its
operation, including safety programs, drivers,
adherence to regulations, the frequency of losses,
etc. is also likely to decrease.

Driving Area
The routes a driver has can have an effect on
premiums. This is determined by average road
conditions and infrastructure, weather during
different seasons, and so on.

Cargo
The type of cargo a driver carries will also
affect their truck insurance premium. Cargo
Insurance is based almost entirely on: cargo
value, time sensitivity for delivery, potential
for theft, etc.

Equipment Operated
The value, age, and condition of equipment
operated are a determinant in truck insurance
premiums. However, the age of a truck is often
irrelevant as the condition of the truck is
dependent on upkeep, as well as recently
installed equipment.

Deductible
The deductible is the amount of damage or loss
that the insured party is responsible for
Typically, the greater the deductible the less
the insurance premium will be.

DOT Safety Record
A record of an owner operator’s or company’s DOT
safety rating, violations, Safestat and
Inspection and Selection (ISS-2) scores, etc. is
routinely used to assist in determining the truck
insurance rate.

Safety Features and Programs
Safety features for an insured truck, such as
warning stickers, are beneficial for risk
assessment. Safety programs for companies and
safety trainings for drivers are also helpful.

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Action Donation Services Marks First Anniversary Processing Car and Boat Donations for Thomas House Temporary Shelter
Action Donation Services® announced today that they have successfully been picking up, processing and selling donated cars, boats, RV's, trucks, and other property to benefit Thomas House Temporary Shelter for Homeless Families in Orange County, California since September, 2007. (PRWeb Oct 7, 2008)