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There are multiple factors that determine a drivers insurance premium such as:
1. Driving History
2. Type of Vehicle(s)
3. Location of Vehicle
4. Age and Number of Drivers
5. Years Licensed
6. Length of time you've had your vehicle
7. Type of coverage needed
8. Length of time you've been insured with the same carrier
9. Credit Score (some companies do not take this into account)
10. Mode of payment. Typically paying the entire 6 months offers a discount on payment. As well as electing to have automatic payments via bank draft (EFT) or Credit/Debit card.
Keep in mind that these factors differ for everyone, therefore, rates can differ drastically between a driver and their spouse. There is even discounts for married couples. So sometimes it's beneficial to switch the policy owner to the spouse with the better credentials. Things like defensive driving class discounts and vehicle safety discount, as well as home ownership and having multiple policies with an insurance company also affect the rate.
We understand the very intricate and diverse needs of the commercial industry when it comes to insurance. That's why we are partnered with several companies, to cover those needs. From the transportation industry to construction we offer a wide range of Insurance products to cover.
1. Truck Drivers
2. Contractors
3. Health Care
4. Janitorial Services
5. Consultants
7. Security
8. Sporting Events
9. Professionals i.e. Doctors, Executives, Public Figures, Politicians (E&O and D&O)
10. Daycares and Care Facilities
11. Gyms and Event Centers
12. Garage Coverage for Valets, Parking Lots, and Car Dealerships
13. Clubs and Bars
14. Livery Services such as: Taxis, delivery services, couriers, etc.
15. Beauty Stores
16. Nail Salons and Hair Salons
17. Schools and learning centers
18. CPR
19. And many other industries.
For trucks that will only drive in Georgia, meaning they do not cross state lines, but weigh more than 10,000 pounds, Georgia requires minimum policy limits of $100,000.00 per person and $300,000.00 per accident. We tell our Truck Drivers to carry at least 1 Million in coverage for adequate protection. Commercial vehicles carrying more than 12 passengers must have an insurance limit of $500,000.00 or more.
Common commercial truck insurance coverages include:
1. Primary Auto Liability
As mentioned, you are required by federal regulations to have this insurance coverage. Every one of your trucks, including leased units, must carry commercial auto insurance. Liability insurance will provide you with protection when a third party becomes injured from an accident.
2. General Liability
Every state requires general liability coverage. It protects you if one of your drivers causes property damage or bodily damage because of a crash. It covers a driver’s actions who is operating on another person’s premises, like truck stops or loading docks. It also includes load delivery mistakes.
3. Physical Damage
Physical damage coverage will pay for a commercial truck or trailer repairs from damage by things like:
Alternatively, if your truck becomes damaged beyond repair, this coverage will replace it. The cost of the truck and equipment will determine the premiums.
4. Bobtail
Bobtail coverage, also called non-trucking liability, is coverage for circumstances where the truck driver is driving the truck for personal reasons or is off dispatch. Any situations where the owner-operator isn’t covered by primary liability coverage, bobtail coverage will cover kick in. But, bobtail insurance doesn’t protect truck drivers when they’re pulling a trailer, using a truck to make money or driving a truck for a trucking company.
5. Motor Truck Cargo
This coverage provides you with protection if the cargo on one of your commercial trucks is lost or damaged. Premiums will depend on the freight type.
6. Rental Reimbursement
Rental reimbursement is exactly what it sounds like — it provides you with money for renting a replacement truck while your vehicle is being repaired.
7. Trailer Interchange
Trailer Interchange insurance provides Physical Damage insurance for trailers being pulled under a trailer interchange agreement. This is essentially Physical Damage insurance for non-owned trailers. This insurance protects you if the trailer is damaged by collision, fire, theft, explosion or vandalism.
8. Medical Payment
Medical payment coverage pays for any medical bills you or a passenger incur while driving or riding in the truck. Each state will vary in this coverage.
9. Uninsured/Underinsured Motorists
This insurance will protect you if another person hits you and doesn’t have liability insurance.
10. Reefer Breakdown Coverage
If you own refrigerated trucks, reefer breakdown coverage would cover the cost of things like:
Some insurance policies have exclusions. For instance, certain products are excluded, such as tobacco products, frozen food, or seafood.
Keep in mind, while cheaper trucking insurance is always nice, it might not provide you with the protection you require. While most basic liability insurance coverages are similar across insurance providers, you should thoroughly examine other coverages, including and beyond those discussed above.
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We thank you for choosing Dramaine Smith Insurance Agency. From our family to yours, have a great day!