All We Do Is Commercial Trucking Insurance
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If you have commercial vehicles on the road and you transport goods on a for-hire basis from one point to another, then you know how important it is to find the right insurance for your company. Insurance is a costly expense for transportation companies and you need to make sure that you’re getting the best truckers insurance quotes the market has available. It can be extremely hectic and confusion trying to understand the coverage you have, and it can be even more frustrating trying to compare which quote has the better coverage.
Getting quotes for trucking companies is difficult and knowing the market, understanding which insurance carrier will accept which types of risks, understanding the risks and pitfalls that insurance carriers are looking for, and negotiating for the best terms comes from years of experience.
Our agency is 100% exclusive to placing insurance for trucking companies so we always have our pulse on the market, we’re constantly seeing which carriers are entering the market, which ones are leaving and which ones are most aggressive with their terms. This market fluctuates just like any other market and we’re serious about understanding it.
Whether you’re a new company just starting out or an existing trucking company, insurance is a large portion of your overhead and you can count on us to negotiate the best terms on your behalf. Simply give us a call or fill out our quote form and we’ll get started on it right away. Quotes for new trucking companies can be obtained in less than 24 hours and in just a few days for trucking companies with existing insurance coverage.
Trucking insurance for new ventures
New companies looking to insure their semi trucks and dually trucks are placed under the microscope because the carriers have very little information to go off of, because this is the case, they have tighter guidelines for new trucking companies. Recently, they have started checking credit scores along with your driving record, the vehicle you drive (along with the vehicle age and type. Some carriers also have preference to the types of loads you take. As an example, some carriers don’t have any appetite for auto haulers since this can be considered hazardous material (hazmat) due to the gas in the gas tanks. In addition, some insurance companies are extremely particular about where your drivers obtain their CDL licenses. If your company is domiciled in one state but the driver comes from another, they may decline to quote based on that alone. Some carriers will accept drivers from anywhere while others may only have an appetite for those in neighboring states, and others must be in state to be considered.
Having an insurance agent to explain all those pitfalls and traps is exactly what you need to ensure you get the best terms.
Trucking insurance for established transportation companies
Sometimes established trucking companies have a hard time because they are in a transition period, maybe they’re doing very well, constantly building relationships and placing new loads with their units and insurance companies are scared of quick growth. They think that growth means lack of oversight, so they compensate by charging slightly higher premiums. You’re still in that phase where you have a good loss ratio but you’re still a little green and some SAFER scores aren’t exactly where they’d like to see them. Don’t worry, we still have insurance carriers that will consider you.
Perhaps you’re a company that has a fleet of vehicles, numerous years of operating history and a stellar loss history, for you, we have top tier companies as well that will fight for your business. Give us a call to discuss your situation and we’d be happy to provide guidance and advice on the placement of your upcoming renewal policy.
Which lines of insurance coverage do you place for trucking companies?
Commercial Auto Liability
Certainly the one that most truckers are concerned with is the Commercial Auto Liability policy. This one is the one that is mandated by the Federal Motor Carrier Safety Administration (FMCSA) to maintain an active authority standing with them, and it is the one that covers you in the event that you are found to be liable for bodily injury or property damage caused to someone else, or their belongings.
The liability portion of a commercial auto policy is by far the most costly portion of the policy as this is where most of the risk lies within the insurance company. To get you the most competitive liability terms, it is most helpful to have complete information on the following:
- General company information – name of company, address, phone number, DOT number, etc
- Information on all the vehicles – year, make, VIN numbers, value of vehicles, etc
- Information on all the drivers – name of the driver, date of birth, drivers license number, state of issuance, and their driving record including MVRs to show how many moving violations and accidents they’ve had within the last 3 years
- Commodities to be transported – a detailed description of the goods you will be transporting, including the percentage that they will be hauled and the average and maximum value of the loads
- Policy limits – how much are you looking to purchase so that you are legal, but also so that your company is well protected against any unforeseen circumstances
Cargo insurance coverage is not mandated nor required by the FMCSA, however, any entity that does not purchase cargo coverage will find it very difficult to be rewarded any loads by their shippers if they don’t show proof of current cargo coverage. This insurance protects the value of the load should anything happen to it during transport. Whether the goods were damaged because of a collision, fire, theft, temperature (both extreme hot or cold) or any other valid reason, your cargo policy will kick in and reimburse you for the value of the load. Most policy limits are placed at $100,000 but if you’re transporting loads with a much higher value then you can go to $250,000 or higher.
Which type of cargo do you cover?
We can obtain cargo coverage for carriers that transport any kind of goods including general freight, logging, auto haulers, mobile homes, over sized loads, coiled steel, hazardous material, grains, livestock, building material, junk, garbage, refrigerated products and many more.
Physical damage coverage protects your vehicle in the event of a collision and is typically asked for by a lender if your truck/tractor/trailer is financed. The lender will want assurance that if the vehicle is totaled and you still owe a balance on it, that they will get paid off. Physical damage does carry a deductible so the lower in value the vehicle is worth, usually the less sense it makes to purchase this coverage. If you’re vehicle is newer, it’s a good idea to have this coverage in place.
Bobtail insurance is a liability only policy and covers you if you were driving under someone elses authority without a trailer (you were not under dispatch). Bobtail insurance is much less expensive because it covers you while you are under transition between loads, going to pick up a load, or just delivered a load.
Which states are you licensed to write business in?
At the moment we are currently licensed to write business in the following states:
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Reliance Insurance Services LLC3035 W Irving Park RdChicago, IL 60618