After determining an annual premium based on your trucking operations, Great West can break down your premium into monthly payments based on gross revenue, mileage, or the value of your equipment. Monthly payments may be particularly effective in dealing with budgets and to assist with cash flow issues.
Liability and Physical Damage Coverage:
Gross revenue method. Your premium rate calculaton is based on the estimated annual gross revenue. Your premium payments are reflected by actual monthly revenue activity.
Mileage method. Your premium rate calculaton is based on the estimated annual mileage. The amount of laden and unladen mileage put on all insured units per month determines what you pay. The monthly premium reflects actual monthly mileage versus an estimate.
Per unit method. Your premium is determined by reporting the actual number of revenue-generating power units in operation throughout the month.
Physical Damage Coverage Only:
Equipment value method. Your annual premium is based on the actual cash value of your equipment at the time the policy is issued. Monthly premium payments are adjusted according to your equipment’s depreciation schedule and the value of new, substituted, or deleted equipment as of the reporting date.
Smaller carriers: If you are a smaller carrier, we also offer installment premium payment plans based on the following criteria:
This summary is intended for informational purposes only and does not replace or modify the definitions or information contained in any insurance policy or declaration page, which controls all coverage determinations. Terms and conditions may vary by state, and exclusions may apply.
- Nine or fewer units
- Less than $1 million in revenue
- Less than one million miles