Truck Insurance With Bad Credit

It is more difficult and expensive to buy truck insurance with bad credit. Truck drivers with poor credit history pay $165.39/mo more for coverage than drivers with good credit. Some insurance companies do not even take your credit into consideration when quoting your insurance rate — but that's rare.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jul 22, 2020

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Here's what you need to know...

  • There are a number of things to keep in mind if you are looking for truck insurance and have bad credit
  • Insurance rates for drivers with bad credit are $165.39/mo higher on average
  • You can eventually lower your insurance premium by improving your credit, no matter what type of truck you drive
  • There are a variety of commercial trucks being driven and each one has a different insurance need

If you are a commercial truck driver with bad credit, you may have heard that getting insurance on your truck will be difficult to obtain.

If you do, it will be a much higher premium than if you had good credit. Although this is true, to some extent, it is possible to get insurance even if you have bad credit.

Some insurance companies do not even take your credit into consideration when quoting your insurance rate.

If you want to compare car insurance rates online now, feel free to fill in your ZIP code above.

Types of Commercial Trucks

Many insurance companies have a variety of specialty lines with regards to truck insurance.

There are many industries that need the use of commercial truck drivers.

Some of these industries include:

  • Construction
  • Farming
  • Vehicle towing
  • Moving
  • Transportation

Not all insurance companies offer commercial truck insurance so you will need to do some research.

Check with your insurance company to make sure the type of commercial truck you drive is covered by their policies.

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Enter your ZIP code below to view companies that have cheap car insurance rates.

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Truck Insurance Considerations

When you apply for truck insurance, there are a number of different factors that the insurance company considers when determining your rate.

When you speak with an insurance company representative, you should have certain information available to save both you and the agent time.

After obtaining all of your information, the insurance company will give you a quote for your insurance premium.

If credit history is one of their criteria and you have poor credit, your insurance premium will most likely be at a higher rate.

The good news is that you can work on improving your credit, which will eventually lower your premium.

How to Improve Bad Credit

One way to lower your insurance premiums is to increase your credit rating. Although this is a process and can take a bit of time, it is worth it in the long term.

The first thing you should do when wanting to repair your credit is to get a copy of your credit report, which is usually free.

Once you get it, look it over carefully and see if there are any errors which could negatively affect your credit score.

If there are mistakes, such as late payments that were listed incorrectly or an incorrect amount owed, you can dispute them with the reporting agency and credit bureau.

  • One big factor in improving your credit is paying your credit card and other bills on time. Set up reminders or automatic payments so that the payments are debited automatically from your account.
  • Another big thing you can do to improve your credit score is to reduce your debt. This process will probably take the most time. However, if you are diligent with it, you will see positive results.

If you have any questions about reducing your debt or how to further improve your credit score, you can go to Smart Money, an online financial magazine site.

When you have specific needs for auto insurance coverage, it is always best to shop around.

One of the easiest ways to compare insurance policies is by using a FREE online tool, such as the one below.

You can check out car insurance online right now by entering your ZIP code information in the space provided!

References:

  1. https://www.nationwide.com/prepare-for-commercial-vehicle-quote.jsp
  2. https://www.iii.org/publications/commercial-insurance/what-it-does/lines-of-business/specialty-lines
  3. https://www.consumerreports.org/cro/car-insurance/credit-scores-affect-auto-insurance-rates/index.htm
  4. https://www.investopedia.com/articles/pf/08/car-insurance-costs.asp
  5. https://www.smartmoney.com

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