What is loading? What is the charge for loading?

When you renew your commercial vehicle insurance policy, the insurance company may ask you to pay an additional premium amount if the risk to cover your vehicle has increased. This additional premium is known as premium loading. The loading price is predicted on the grounds of the age of vehicles as older vehicles are more prone to accidents, destruction, wear and tear, etc. Generally speaking, automobiles that are more than 4, 7, and 10 years old will be levied with 5%, 7%, and 10% premium loading respectively.