Insurers charge small semi-trailer truck companies higher insurance premiums due to the increased risks associated with insuring their vehicles. Truckers carry too much risk. Road accidents are more rampant, trucking startups have minimal credibility, and drivers are committing road violations more frequently.
Do insurance providers increase their rates randomly? Not at all. Trucking insurance companies consider several factors before increasing policy premiums, which include:
Explore all your insurance options to get the best deals in the state. Dozens of companies insure semi-trailer trucks in the state. Compare at least three to four quotes, then see which policies offer the most coverage per dollar.
However, don’t blindly opt for the cheapest policy. Several factors affect the quality of an insurance policy, which includes the insurer’s financial strength, insurance specialties, and coverage extensiveness.
Small semi-truck companies typically face higher insurance premiums due to increased risks such as higher road accident frequency, lack of business tenure, high vehicle prices, and increased insurance claims.
The cost of the vehicle impacts the insurance premiums as more expensive vehicles typically cost more to insure.
Small semi-truck companies should explore various insurance options and compare at least three to four quotes to find policies that offer the most coverage per dollar. However, it's also essential to consider other factors such as the insurer’s financial strength, insurance specialties, and coverage extensiveness.
Are you worried that tow truck insurance rates are going up as well? Let Assured Standard shed some light on the topic. Check out our quick piece explaining why tow truck insurance rates have been increasing lately.
Arthur Williamson graduated with a degree in Business and Management at the University of California, Berkeley. He is knowledgeable about what small and big businesses require to keep operations moving.
