Insurance
- Thread starter paidtourist
- Start date
Like I said. They don't write interstate trucking. An agent may get you covered by fudging things. They don't do the required fmcsa filings for a reason. It is not a market they are in.
All you nay sayers need to listen to someone who is in the know !!!!!!!!!!!
Market trends are just now catching up to where they should be, so all this disbelief in rates should be put aside and understood for the reality that it is !!!!!!!
BULL crap.....
I have my quote at just under 3,000 and another member here is at 3600....no where near the 5K YOUR expert quoted....your expert knows nothing of independent rates...
but then again he could have been stating the average policy quotes....
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BULL crap.....
I have my quote at just under 3,000 and another member here is at 3600....no where near the 5K YOUR expert quoted....your expert knows nothing of independent rates...
Age, credit rating and driving record can make those numbers vary greatly. Two people isn't a statistical group lol.
Sent from my Fisher Price - ABC123
C I S quoted me $7800 for a year in a 06 Sprinter with a declared value of 10k. American Family is working on the next quote, I told them I need commercial insurance coverage for the lower 48.
Credit must need repair.
Credit must need repair.
Another one that will greatly effect the numbers is whether or not the insurer has a monopoly or competition.
So far progressive seems to have cornered the expedite market
Murraycroexp
Veteran Expediter
Maybe if everyone moved to Bison and "obtained" near-perfect credit and were in their 50s and drove a Sprinter like Ken's and had a spotless driving record they might get quoted better rates on commercial insurance & cargo.
Just sayin'.
Just sayin'.
It is crop season in Bison!
Progressive doesn't have the market cornered at all. Lots of companies write full proper trucking insurance. But you have to go to one of those carriers not the company that insures your boat or house generally.
Progressive doesn't have the market cornered at all. Lots of companies write full proper trucking insurance. But you have to go to one of those carriers not the company that insures your boat or house generally.
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Quick google search found this company: http://www.expeditersinsurance.com/quote.html
After looking at that link, it seems that someone forgot to proof read their work as I have found at least 2 spelling errors. Dang that spell check.
Hi guys....Shelly here...
....I see you’ve been busy while I was away at the Expo & Casino Night.
So…I just made another phone call to State Farm Commercial Auto Underwriting to see if there had been any changes from my last conversation with them.
They once again clarified that not only does State Farm not write long haul trucking for hire, they do not write short haul trucking for hire…much less Expediting. There are no exceptions.
I am told that anyone hauling short hauls with one entity, ala appliance or furniture delivery is how these usually slip through. I am also told that any claims outside of 50 miles and not hauling for one entity, ala Expediters… will be investigated and challenged.
I have addressed many of these misconceptions in my past blogs.
Trucking insurance is in a “hard market” right now. This simply means insurers are not big on trucking risks. They are re-rating and rethinking coverage, basically because losses have exceeded premiums.
Other insurance lines such as auto, home and especially life are profitable.
Big investors like to place IRA’s and retirement accounts in steady safe insurance stocks. When a segment like trucking is not a good return, they influence the direction many companies go.
Not only are there now less insurance companies willing to offer products for trucking, no company out there that “sounds” like a personal auto or home insurance company…writes Expediters.
All insurance rates in trucking have been rising, with tightening underwriting standards. Even good, solid large trucking companies are experiencing increases as all this occurs
It is not a monopoly, it is simple economics. If there was profit in it, more would get in, not out.
Premiums for the correct coverage can vary dramatically by state, driving record, age and insurance credit score.
The Owner Operators seeing the highest rate increases are Cargo Vans and Sprinters hauling for Multiple Motor Carriers. This is because the losses have been higher than Straights and Tractors, and there is added exposure and specific broadening endorsements of coverage are required for the structure to work and “trigger” correctly at the time of loss.
For the record, CIS is an independent agency. We provide our clients with coverage from 14+ insurance companies. We have access to any insurance provider willing to accept Expediting risks and provide the specific coverage needed.
For any Motor Carrier out there accepting insurance from companies that “sound” like personal auto/home insurance...you are at risk when that Owner Operator’s policy does not trigger as you had hoped.
Your MCS90/91X will pay the Liability claim, then the insurance provider who paid that claim for you will sue and win because you did not have the correct insurance in place as promised in your insurance contract you signed with them as required by FMCSA.
Allstate, Amercian Family-AMFAM, Auto Owners, Erie, Farmers, GEICO, Grange, State Farm, Nationwide and more. Companies that “sound” like personal auto and home insurance do not insure the operations of Expediting for coverage and they do not offer the special endorsements needed for their policies to apply as needed after a loss.
When I verify which insurance companies insure what, I do not contact agents to verify whether they will insure an Expediter.
I personally contact the VPs, Underwriters and Product Managers of the insurance company to verify their coverage and risk appetite on a regular basis. I, too, would like to have more options for my Owner Operators.
Just because someone sold you an auto liability and cargo policy does not mean it will apply as needed after a loss. Agents do not pay claims, and I highly recommend that you get it in writing should an Agent promise you that they will pay an Expediting Claim as Primary- Non-Contributory, with Care, Custody and Control on an Unlimited Radius.
However, as some seem to believe they have a solid grasp on trucking for hire insurance, I wish you well.
It’s this kind of chatter that has Load Providers now requiring Gold and Platinum standards of insurance coverage from the Motor Carriers they work with. They’ve made it clear they will no longer tolerate their exposures to unpaid losses when their customers are not reimbursed for what should be simple claims payment after an accident.
TEANA-VOI certification of Motor Carriers was developed at the request of Load Providers to assist them in vetting the insurance coverage of Motor Carriers and their Owner Operators. VOI helps protect the entire transport chain from these exact kinds of exposures in this thread.
We will continue to look for the insurers willing to offer the coverage you need at the best price. We monitor insurance companies, make no mistakes…I am always looking.
But coverage that will not apply properly after a loss is like no coverage at all. Please be safe and work with responsible Motor Carriers.
....I see you’ve been busy while I was away at the Expo & Casino Night.
So…I just made another phone call to State Farm Commercial Auto Underwriting to see if there had been any changes from my last conversation with them.
They once again clarified that not only does State Farm not write long haul trucking for hire, they do not write short haul trucking for hire…much less Expediting. There are no exceptions.
I am told that anyone hauling short hauls with one entity, ala appliance or furniture delivery is how these usually slip through. I am also told that any claims outside of 50 miles and not hauling for one entity, ala Expediters… will be investigated and challenged.
I have addressed many of these misconceptions in my past blogs.
Trucking insurance is in a “hard market” right now. This simply means insurers are not big on trucking risks. They are re-rating and rethinking coverage, basically because losses have exceeded premiums.
Other insurance lines such as auto, home and especially life are profitable.
Big investors like to place IRA’s and retirement accounts in steady safe insurance stocks. When a segment like trucking is not a good return, they influence the direction many companies go.
Not only are there now less insurance companies willing to offer products for trucking, no company out there that “sounds” like a personal auto or home insurance company…writes Expediters.
All insurance rates in trucking have been rising, with tightening underwriting standards. Even good, solid large trucking companies are experiencing increases as all this occurs
It is not a monopoly, it is simple economics. If there was profit in it, more would get in, not out.
Premiums for the correct coverage can vary dramatically by state, driving record, age and insurance credit score.
The Owner Operators seeing the highest rate increases are Cargo Vans and Sprinters hauling for Multiple Motor Carriers. This is because the losses have been higher than Straights and Tractors, and there is added exposure and specific broadening endorsements of coverage are required for the structure to work and “trigger” correctly at the time of loss.
For the record, CIS is an independent agency. We provide our clients with coverage from 14+ insurance companies. We have access to any insurance provider willing to accept Expediting risks and provide the specific coverage needed.
For any Motor Carrier out there accepting insurance from companies that “sound” like personal auto/home insurance...you are at risk when that Owner Operator’s policy does not trigger as you had hoped.
Your MCS90/91X will pay the Liability claim, then the insurance provider who paid that claim for you will sue and win because you did not have the correct insurance in place as promised in your insurance contract you signed with them as required by FMCSA.
Allstate, Amercian Family-AMFAM, Auto Owners, Erie, Farmers, GEICO, Grange, State Farm, Nationwide and more. Companies that “sound” like personal auto and home insurance do not insure the operations of Expediting for coverage and they do not offer the special endorsements needed for their policies to apply as needed after a loss.
When I verify which insurance companies insure what, I do not contact agents to verify whether they will insure an Expediter.
I personally contact the VPs, Underwriters and Product Managers of the insurance company to verify their coverage and risk appetite on a regular basis. I, too, would like to have more options for my Owner Operators.
Just because someone sold you an auto liability and cargo policy does not mean it will apply as needed after a loss. Agents do not pay claims, and I highly recommend that you get it in writing should an Agent promise you that they will pay an Expediting Claim as Primary- Non-Contributory, with Care, Custody and Control on an Unlimited Radius.
However, as some seem to believe they have a solid grasp on trucking for hire insurance, I wish you well.
It’s this kind of chatter that has Load Providers now requiring Gold and Platinum standards of insurance coverage from the Motor Carriers they work with. They’ve made it clear they will no longer tolerate their exposures to unpaid losses when their customers are not reimbursed for what should be simple claims payment after an accident.
TEANA-VOI certification of Motor Carriers was developed at the request of Load Providers to assist them in vetting the insurance coverage of Motor Carriers and their Owner Operators. VOI helps protect the entire transport chain from these exact kinds of exposures in this thread.
We will continue to look for the insurers willing to offer the coverage you need at the best price. We monitor insurance companies, make no mistakes…I am always looking.
But coverage that will not apply properly after a loss is like no coverage at all. Please be safe and work with responsible Motor Carriers.
I just spoke to a local state farm insurance agent and he quoted me commercial insurance policy for driving anywhere in the United States and Canada. I also mentioned to him that I was using the van for delivery. 1 million in liability, Full Coverage, Comprehensive, medical payments 25k, uninsured motorist 100/300/100. (cargo insurance covered by carrier) When I sign the contact I will have them sign and notarize a document prepared that I'm covered in the United States and Canada under commercial insurance with the stated above coverages for commercial cargo delivery. When it comes time to sue, they can look to the agent that wrote the policy. It is their responsibility to KNOW and write the customer with correct coverages and to be able to say YES and NO. Otherwise it is fraudulent activity and falsifying uninformative information that is undisclosed which is illegal and deceptive.
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