Get a 12-Month Commercial Truck Insurance Policy
By getting a 12 month commercial insurance policy versus a 6 month insurance policy provides a number of different advantages. One major advantage is that most companies will actually give you a discount for paying an insurance policy in full. With a 12-month truck insurance policy, you get a small discount as if you paid one 6-month policy in full. The biggest advantage is that you will be able to ‘lock in’ your insurance rate for a full 12 months. If you get a 6-month truck insurance policy and you get into an accident, get a speeding ticket, or make a claim during your 6-month commercial truck insurance policy then after your insurance policy is over, you will have to renew your policy at a higher truck insurance rates. A 12-month truck insurance policy will not change based on driving record or claims during the 12-month period.
Year, Make & Model
The year of your vehicle or how new or old it is can affect your truck insurance rates. You won’t be able to access such data from the insurer, actually, you might not get it in the least. But the truck insurance companies have a system for rating every car make and model. Most of these companies have a system to evaluate the vehicle’s cost, safety factors and theft data. For commercial truck insurance Peterbilt and Mack trucks are cheaper to insure than other makes of big rigs. This is because those that buy Peterbilt and Mack truck-tractors have a tendency to get into fewer accidents and make their payments on time. This is just what the research shows.
Physical Damage Stated Amount
Many people when they start getting truck insurance rates for their truck insurance overstate the stated amount of their commercial vehicle in the hopes that if they get into an accident, they will receive this overstated amount from the insurance companies. I hate to be the bearer of bad news, but insurance is there to make you ‘whole’ again. They wouldn’t be in business if they overpaid people for what their items were worth. It is important to know that when getting commercial truck insurance rates, you state the amount of your vehicles and trailers as close to market value as possible. A good rule of thumb is if you state the amount of your vehicles close to what it would cost to by a similar make and model used, this is basically what the insurance company is going to do in the event of a total loss.