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How to Get the Best Rate on My Truck Insurance

These days, insurance underwriting guidelines and rating factors are more complicated than ever. While many of the time-tested techniques are still used, such as radius of operation, garaging location, annual mileage, types of goods hauled, as well as driver points and experience, over the last decade, several more complicated methods have been introduced. The following three factors have a high impact on insurance rates.

CREDIT SCORE. Insurance statistics show that responsible drivers generally have higher credit scores and fewer losses. Your credit score can impact your truck insurance rate by as much as 50%.

DOT RECORD. Insurance companies consider your Department of Transportation safety records when reviewing your risk. Please see our previous articles about your DOT score and how it can affect your insurance rate.

CLUE REPORT. The commercial CLUE report comes from a national database of driver activity and claims history. This report includes driving activities that may or may not have been reported to the DMV. Because insurance companies are using this tool, they are aware of accidents that may not appear on a driver’s DMV report.

To get the best rate on your truck insurance, you must first be aware of the different rating factors used on your commercial truck insurance policy, as knowledge is power. Keep your credit score high, and address any issues that might be negatively affecting your score. Get access to your DOT report, and check it quarterly to immediately address any issues that might arise. Hire experienced drivers with clean CLUE reports and DMV records. Update your vehicle values, garaging location, annual mileage, and driver schedule. And finally, be sure to make your agent aware of any substantial changes in your business operations. While insurance rates may continue to rise, if you pay attention to the details that the insurance companies use to develop your rates, you can use this information to offset some of those rate increases.