It is required, by law, to hold a minimum level of insurance for the vehicles which operate on public roadways.
Whether it's a car, SUV, van, truck; and whether it's a single vehicle, or a fleet of more than a hundred vehicles. Each province has differing legal requirements and depending on where you operate from, it is important that you secure the appropriate level.
The top in the list of requirements is Automobile Liability Insurance for all vehicle owners. This is mandatory. Liability Insurance covers damage you may cause to another person’s property and bodily injury.
In some provinces, Upset or Collision Insurance is included with your provincial insurance plan, but in others, you will be required to purchase it separately. Collision or Upset Insurance protects the insured vehicle if it is struck or upset by another vehicle, rock or roadside object.
Comprehensive Insurance provides you with protection for damage to the insured vehicle from certain weather related incidents, fire, theft and vandalism. This type of Insurance is not automatically included, but we at Goldmine also offer this comprehensive insurance, as trucking is our area of expertise. We have been a leader in the transportation insurance industry.
We have provided the following insurance basics to help you make an informed decision in choosing an insurance company. For further information please contact our Commercial Division and speak with one of our knowledgeable transportation specialists.
How Insurance Premiums Are Determined
When determining your trucking company's premium, the insurance company will consider factors which increase or decrease the chances that a loss will occur, and its potential size. Insurance is a unique product where the actual cost of the product is known only after the product has been sold. The following items are some key factors affecting your chance of having a loss and, therefore, the premium you will pay.
As a general rule, younger drivers are involved in more accidents than older drivers and, as such, they pay more for insurance coverage. The probability that a driver will have a loss decreases each year. However, after reaching a certain age, the likelihood of accidents again increases and as such, rates generally begin to rise.
The more familiar a driver is with the particular routes, equipment, and commodities hauled, the less likely the driver is to be involved in a loss. This clarifies the more number of year an employee is employed the less chances of risk, hence less premium.
Accidents have a direct result on your rate. If you have been involved in an accident you may pay more for your insurance.
What You Haul
The time sensitivity of the load, the potential for theft and the impact of changes in temperature will all effect your premium amount.
Years Driving Experience
The more experience drivers have driving similar equipment, the less likely they are to be involved in losses. Changes to different equipment will increase the chances that the driver will be involved in a loss.
Your driving record plays a crucial role in determining premiums. If you have more violations on your record, you may pay more for your insurance premium.
Where You Drive
One of the major factors in deciding your premium is the route, haul and other geographic conditions. For example, you would be more likely to experience high rates if you were regularly traveling into or through larger metropolitan areas than if you traveled only within smaller cities.
The value, age and condition of equipment is taken into consideration when determining your rate of premium.
Other factors involved in the process are: Area in which you operate (Canada, USA or beyond); Cargo (owned by your company or someone else); Volatile substances; Deductibles; Equipment attached to vehicles; Fleet insurance; Long-haul transportation activities; Number and type of vehicles; Type of company and purpose of travel; And more. For further information please contact our Commercial Division and speak with one of our transportation specialists, or email at email@example.com.
What to Look for in an Insurance Company
Everyone claims to be the best, but if you want the best value for your dollar, be confident in knowing what to look for when choosing an insurance company to meet your unique trucking needs. We excel in the following areas: Excellent Claims Service, Provide Full Coverages, Risk Control Resources, Competitive Pricing, Personalized Agent Relationships & Financial Stability.
We assure you expert advice from our knowledgeable staff, competitive pricing, and a follow-through claims process that is second to none; with a dedicated transportation division. We are proud to be members of the British Columbia Trucking Association. If you have any questions concerning a competitive quote on your cargo insurance, or would like to set up a fleet or prorate account, you've come to the right place.
Unlike many other insurance lines, cargo insurance is a highly specialized area as each load of cargo tends to differ greatly in terms of size, diversity, value and itinerary. Goods being transported may not be covered under your vehicle insurance, so make sure you're protected.
Here at Goldman Insurance we're able to arrange the best possible insurance solution for any kind of cargo. That's because we retain a far reaching knowledge of the policies available, and will proceed with unbiased advice and recommendations. We take care of the details - so you can take care of business. This is offered with no obligation on the part of the client. Once the policy is in place, we provide a speedy and effective claims handling service.