Trucking insurance is a type of commercial insurance designed to cover trucks, truckers and owner operators both on and off the road. Since trucks tend to be larger and carry more people or hazardous material than a typical commercial vehicle, trucks often cost more to insure. 

Trucking insurance premiums vary depending on several different factors, however. Understanding those factors can help you calculate how much you are spending on trucking insurance and where you can save money on your policy. 

Location 

Your location has an influence on your trucking insurance rates just as it does on your personal auto insurance policy. The cost of living, crime rate and rate of accidents in your area can all affect how much you pay for trucking insurance. This may come into consideration if you are looking to start a trucking business or looking for a new location. 

Number of Vehicles 

Obviously, the more vehicles you have to insure, the more you will pay for insurance. An entire fleet will generally cost more than a single or even a couple of trucks. This is especially true if you have multiple drivers sharing trucks. 

Who is Insured/Who is Driving 

Vetting your employees is not only important for the face of your business, but for the insurance, as well. Employees you have on a trucking insurance policy can have an affect on your rates. Drivers with poor records or low credit scores tend to drive trucking insurance rates higher, as these drivers as seen as less reliable and more likely to be involved in an accident. 

Claims History 

Risk also applies to the business as a whole. If your trucking business has filed multiple trucking insurance claims in the past, you may face higher insurance rates. This is because companies with a history of claims are seen as more likely to file a claim in the future. 

Cargo Being Transported 

The way the trucks are used also matters when it comes to trucking insurance. In general, heavier or more hazardous material will cost more to insure, as there is more of a liability risk in transporting these materials. A freighter carrying oil, for example, will typically pay more than a truck transporting furniture. 

Distance Traveled 

As a rule, trucks traveling further will cost more to insure. This is especially true for truckers travelling over state lines to deliver. The more time on the road translates to a higher risk of an accident.