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Trucking Insurance



It is harder than ever for trucking companies to find a competitive insurance program in today’s transportation environment. Regardless of size or need you can always feel comfortable partnering with GCH Insurance Group. We help you find the most competitive insurance rates with the best insurance companies in the marketplace. We have experience helping new owner operators get started with their authority, as well as working with fleets to place them in a program that will foster and help them to continue to grow and become more profitable. Getting the best coverage and program available is tedious and time consuming for the consumer. However, finding the agent/agency that understands the trucking industry and who will tailor a program for your business is essential. In this blog, we will educate you on what items are most crucial to the companies to obtain the ideal insurance policy and what factors drive the pricing either up or down.

Claims History

Your claims history is always one of the main factors that underwriters review. They look for both frequency and severity of claims over a three to five year period. If your claim history shows that you have neither of those then you should receive better rates from the insurance company. As a business owner, you should always request your loss runs annually to review them internally.

FMCSA/SMS

Over the last five years, the newest thing insurance companies look at are your FMCS/SMS records and scores. If claims history isn’t #1, then your FMCA scores are! Companies review SAFER to check your unsafe driving, crash indicator, hours of service compliance and vehicle maintenance. The better these scores are the better rate you get on your insurance. This is why it is important to have a safety manual for all employees, quarterly safety meetings and a vehicle maintenance program for your equipment. Having a strong safety and maintenance program is essential to your companies health in many ways.

Driving Record for Company Driver

Insurance companies will take a hard look at the driving history of all your drivers. When reviewing these reports they look for speeding, DUI and other unsafe driving habits, as well as years of experience of all drivers. Most claims occur with inexperienced or poorly trained drivers.

Value of Equipment

The value of your equipment is most important at the time of an accident, but it also affects the premium you pay annually. When an accident happens and the equipment is totaled it is imperative to have the correct values stated on the policy. When starting a new policy or working on a renewal always consult with your agent concerning the proper values that are listed.

Radius

This one is pretty simple. The more miles you travel the higher your chance of having an accident. Insurance companies rate you on either a long haul or local radius. If you do both sometimes we can get the insurance company to rate you on a mixed radius. This is strictly a means to reduce rate, not coverage. The underwriters will request a review of your IFTA reports. These reports signify where you go and how many miles are traveled in each state. Once these are supplied, your GCH agent will discuss with the underwriter the best rating possibilities for the exposure.


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