Best Commercial Truck Insurance Rates

Working with multiple insurance carriers in the last 17 years as a truck underwriter has given me a unique understanding of the companies. I would like share a few things that you should know in order to get the best rate with one of the top commercial truck insurance companies.

  • Equipment – less than 10 years is ideal. Commercial insurance companies believe the older the equipment usually will have more mechanical issues which will lead to higher out of service violations and might cause future claims.
  • Drivers – CDL for a minimum of 3 years is ideal. Statically, drivers with a CDL for more than 3 years have fewer accidents.
  • Drivers – CDL in the State the unit is garaged is ideal.  Commercial truck insurance rates are based on a variety of factors. One is the garaging zip code and location, companies feel that if the driver has a license in another state- the unit is going to be garaged in that State on a regular basis and therefore the risk is not being adequately charged for the correct garaging location.
  • Growth – concentrate on laying the foundation during the 1st year; not growing your company by multiple units and drivers. The commercial truck insurance companies frown upon quick growth, for history shows that the safety and claim issues rise very fast if you don’t have the management experience and the proper procedures in place.
  • Take advantage of the Safety Services of your company – work together. Some insurance companies offer FREE booklets, videos, tests and will even come out to visit you to help you with the DOT requirements.
  • Keep track of your safety results – tracking driver inspections and violations. Your safety rating with the Federal is one of the most important responsibilities in the industry. All the insurance companies rely on your history in every category. Keep a regular check on it to verify no mistakes have been posted as a violation or out of service.  You are able to dispute some violations and you want to make sure you do that in a timely manner, before the insurance companies charge you more.
  •          Keep your credit in a good standing, more commercial truck insurance companies are using this as a tool for rating. Statically, studies show if you are not paying on time or don’t have good credit, you are financially strapped and therefore more claims will happen due to lack of upkeep with the unit.

  •       Keep your insurance in place for the time frame – don’t change companies’ midterm.  Again, this varies by company, they review this is as you are skipping around to different companies just by chasing a lower premium or escaping a prior loss. It appears to the company you are not running a stable business.

  •       Communicate with your agent on your future plans for your business regarding changes so they can put you with the right company.  Example, if you are starting a company and your plans are to start adding more units in the 1st year, tell your agent, so they don’t put you with the company that doesn’t allow growth. Another example, later in the year, you plan on getting a contract with the PORT authority, which requires special insurance. Communicating your future business plans helps find the right company for you. This prevents you from having to pay another down payment and starting over mid-term.

  •        Keep your records organized for a DOT safety inspection at all times.  Surprise inspections are no fun and they can put you out of business very quickly. Stay organized!

  •        Each commercial truck insurance company has multiple factors that they use in order to rate the policy. It might take time to find the right fit for your company. The above items are just a few that are standard for the industry to keep in mind when shopping for insurance.

           Remember, to ASK lots of questions. If you have a good agent, you should be able to ask     anything on your mind for some feedback. Here are some questions:

  • What is the Rating of the Insurance Company? Companies are Financial Rated. A is the best. For, some shippers will not accept any company rating lower than that.
  •  Does your insurance quote have Combined Deductibles for physical damage and cargo? It would be nice in the event of an accident you would only pay ONE deductible vs THREE?
  •  Does your insurance quote for Cargo offer DEBRI removal and what limit? If you have accident, And the bill to clean up was $10,000, yet you only have $2,500. Guess who has to pay the difference? YOU. It is best to find out these things BEFORE the accident.

Commercial truck insurance pricing is one of the most expensive parts of your business and it is tempting to buy the cheapest quote you obtain. But, just take a moment and really COMPARE the coverage’s and services you will be purchasing.  One claim can easily put you out of business, so be careful.

If you are looking for a competitive commercial truck insurance pricing and you live in FL, GA, NC, SC, TN, or TX, please give our office a call or fill out our ‘get at quote’ form and put us to work for you. We’re a family owned business. Our family’s reputation depends on how we serve each and every client, each and every day. Insuring trucks is our only business. Our business is operated with honesty and integrity. We would greatly appreciate the opportunity to serve you.