There are many factors that can affect the rate of your commercial or owner operator truck insurance in Iowa, but there are some factors that hold more weight than the others. There are some factors that you are able to control and turn them into more money for your company, but there are some factors you may not have much control over.
Some of the main factors that can significantly impact the cost of your commercial or owner operator truck insurance, including the following:
The type of cargo you are responsible for transporting can play a significant role in the type of cargo insurance you will need. If you are carrying expensive cargo, you can expense to hold a premium that is also expensive. If you are transporting goods that need to be refrigerated while they are in transit or goods that can be broken easily while they are in transit, your insurance provider may look for additional premiums.
The truckers will hold the responsibility of ensuring the load gets to its destination without any damages or without any of the goods being destroyed. The trucker will bear the financial responsibility of the load while it is being transported. If anything unfortunate happens while in transit, the trucking company will be held responsible for the cost in full. If an accident happens on the road, the trucking company can be liable for several damages.
You can use insurance to help you throughout a claims process. The insurance company will generally pay their claims, but you can expect to see an increase in your rates after the claims have been paid. The companies that do not have a long claims history will be the companies that are offered the best rates. While we know that sometimes there is not much you can do to avoid a claim, you can ask questions about the type of options that are available to you.
Where Are You Transporting?
Did you know that the areas you drive can have an impact on the premium you have? Typically, one’s premium rate will be in your favor if you have to transport goods over a significant distance. While it may go against one’s expectation of having a better premium if you are transporting over long distances on an interstate, areas that are more congested will generally increase the chances of an accident taking place.
The type of truck you are driving and your driving history can also have a significant impact on your rate. It is important that you consult with an insurance provider so you can learn about the best rates and the best ways to reduce high costs when it comes to insurance. For more information on trucking insurance, contact us today. We are licensed in Iowa, Nebraska, Illinois, Texas, North Carolina, South Carolina, Tennessee, Georgia & Florida.