Do you know what one of the main questions that was asked in 2019 about commercial auto insurance? The question was: “What is the best state for me to obtain insurance for my commercial or owner-operator truck?”
As often as that question was asked, there was never a simple answer. In 2019, there was an increase in the number of owner-operators who applied for and established their own motor carrier authority. However, many truck insurers have paid out over 10 percent more in accident claims than they actually brought in.
It is not a surprise that commercial or owner-operator truck insurers are heedful when it comes to accepting new commercial auto trucking accounts. If you are attempting to establish your own business based on past research statistics, you will soon discover that you are not going to have quick success if you are not aware of some key truths.
If you want to obtain insurance in South Carolina and any other state, you will need to have proof that you are a resident of that state. The truck you want to insure should be registered in that state as well.
The driver’s license you have should also be in the state you want to obtain insurance from. If you are just starting out in the owner-operator industry in South Carolina, we recommend that you remain in South Carolina until you establish a solid foundation.
After you begin your commercial or owner-operator truck insurance policy, you should take this time to build your business and establish a stream of income. After a couple of years have passed and you have built a consistent stream of income and freight, you will be able to think about leaving South Carolina and growing your business in another state.
If you were to relocate to another state, it will depend on your insurance company whether you will have to cancel and rewrite. There are some policies that can be transferred. If you have questions about relocation and your insurance policy, please do not hesitate to reach out to J.E.B. Insurance Services, LLC. We also provide Commercial Truck insurance in Florida, Georgia, North Carolina, South Carolina, Tennessee, Iowa, Illinois & Nebraska.