Assured Standard Logo
FREE Quote

How Much Will My Commercial Truck Insurance Increase From A Cargo Claim?

Get a Free Commercial Truck Insurance Quote

    What kind of truck do you have?

    When do you need it?

    Home
    Commercial Truck Insurance
    How Much Will My Commercial Truck Insurance Increase From A Cargo Claim?

    A lot of truckers worry about the potential premium increase that follows a cargo insurance claim. Some even go as far as purposely hiding cargo damages and losses. Yes, the premiums on your commercial truck insurance policy will likely increase if you file a claim. However, the spike isn’t as volatile or unpredictable as most first-timers assume.

    Historically, insurance claims can cause commercial auto insurance premiums to jump 20% to 40%. Several factors affect the exact rate increase, such as driving records, cause of the road accident, cargo hauled, claims history, and coverage terms. Of course, policyholders can retain the same rates if they have an updated policy with no prior penalties.

    Factors That Affect Truck Insurance Premiums After a Cargo Claim

    Factors That Affect Truck Insurance Premiums After a Cargo Claim

    Cargo Damage

    Pricey cargo claims involving high-value goods may increase your policy premiums, especially if the liability claims exceed the coverage limits.

    Driving History

    If you have been involved in more than one road accident before, your insurer will likely increase your premiums. Remember: truckers with poor driving records classify as high-risk clients.

    Policy Payments

    Policyholders with a no-fault insurance clause can avoid post-claims premium spikes, although most insurers only offer this clause upon policy application.

    Never forgo filing cargo insurance claims just to keep policy premiums from increasing. Even if your premiums double overnight, they still wouldn’t compare to the hundreds of thousands you could lose from cargo damage. The FMCSA even states that a single truck crash could set you back by $100,000 to $200,000. This amount might make most owner-operators bankrupt.

    Are you having trouble deciding where to get your truck insurance? Assured Standard can help! Check out our in-depth review of the best commercial truck insurance providers in the country.

    Was this article helpful?
    YesNo
    Get a Free Commercial Truck Insurance Quote
    assured standard logo
    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
    Commercial Truck Insurance
    Business Insurance
    Copyright © 2023 Assured Standard. All Rights Reserved.
    linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram