Insurance covers are vital and you cannot afford to live without purchasing one. There are a wide variety of insurance policies that can fit your needs. There are different kinds of motor vehicle insurance, life insurance, property insurance, and many other types of insurance. You can find the coverage that suits you needs from the many insurance companies available in the market. In this article, you are going to learn about semi-truck insurance policies.
Semi-truck insurance is usually comprehensive with a number of policies that may include motor carrier insurance, owner operator insurance, private carrier insurance, among other types of insurance policies. The semi-truck you own could be a trucker that hauls general goods or a trucker that specializes in a particular area, for example, logging or garbage transportation. Each insurance company has their specific rates which considers a number of factors. This means that premium payments differ in each insurance agency. The following are some of the things that will influence how much insurance premiums you will pay for your semi-truck insurance policy.
The USDOT authority will influence your periodic premiums. It is vital for you to ensure that you follow all the regulations of this authority. Any breach can make you pay higher premiums because the rate will be increased.
If you need federal filing for your trucker, you will pay more than the set minimum limits since the liability limit is higher. Semi-truck insurance rates can also be increased by additional insurance covers. Some of those insurance policies include motor truck cargo policy, trailer interchange policy, and physical damage insurance policy. In some insurance companies, you must have the above additional covers before you are considered for semi-truck insurance.
The other factor that affects premium payment rates is the nature of cargo you will be carrying. If the cargo is heavy, there will be more loss in case of an accident than if the truck carries lighter cargo. You ae supposed to give an accurate description of the goods your semi-truck will be hauling. If you lie, you will have trouble when making claims after the occurrence of an accident since the insurer will deny you the claims. This means that you will be the one to lose.
The other factor that affects semi-truck premium payments is the vehicle's operating radius. If the vehicle operates longer routes, the truck attracts a higher rate of premium payment. This is because the longer the journey, the riskier it becomes. You may also pass routes you less familiar with which increases the risk. If the trucker is driven in local areas, the rate will not be so high.
Your semi-trucker driving history will also affect how much you pay in form of premium rates. If you have been involved in a number of accidents and violation of traffic rules, your rate will be high. For you to have a good semi-truck rate, you should have a clean driving history that is free from accidents. Driving carefully saves your life and those on the road. It also saves your property and the property of others from damage.