What happens when your trucking company has a bad break or a bad decision. Many times this can you put in a category for high risk commercial truck insurance. Navigating this situation becomes very crucial and also difficult. How do you find an insurance company that is willing to still insure you and not look at you like you have the scarlet letter on your company? How do you still find profitability in your company? What can you do to mitigate the price of your insurance, and the overall pain this could cause you.
These are many questions that can come up as you enter this strange new world. The good news is finding the best high risk commercial truck insurance companies can be easy if you have the right partner. Having an insurance agency that has access to the right markets and exclusive partnerships will guarantee you the best coverage and pricing for this situation. Here are some things to consider with the high risk insurance situation that you face:
• How can I get out of the high risk situation?
• How long will I be considered a high risk insurance company
• Can I still find insurance
• Why did I end up High Risk
• How do I get back to a standard company for insurance
Best High Risk Commercial Truck Insurance Companies
Insurance is very relationship driven. So having access to the best high risk commercial truck insurance companies is crucial. You have your standard high risk companies that could offer some fairly high rates due to your risk. Progressive Insurance is one of the best companies for insuring high risk trucking companies. State Farm, Allstate, and all the companies that offer standard insurance are going to be hard to get insurance from. Many don’t offer the coverage you seek. Having an insurance agency that has access to direct markets and exclusive opportunities is what you will need. Also having an agency that understands the importance of risk management and growth management is crucial to your success in moving forward. Some factors that make you high risk:
• Having high claims
• High safety scores
• Poor risk management
• High risk drivers
• Unscheduled vehicles
• Unscheduled drivers
• Not having dash cameras
• Older vehicles
• Older drivers
• Newer drivers
• Owner-Operators
These are just a few of these that make a company high risk. Having high claims is a big one because most insurance companies run off a claims ratio which basically tells the insurance company that the amount of time in business vs how many claims they have had is what must be charged on the premium. Having high claims is one of the biggest reasons for a cancellation and being considered High Risk.
High Safety Scores
One of the biggest problems facing the trucking industry right now are high safety scores. In high level lawsuits the safety score is brought up by law firms to sue for higher settlements. It is absolutely critical that you have a plan in place to maintain good safety scores on your ISS with Safer and the DOT. Having a good safety management is a great way to do this. Also being a able to monitor your scores with the FMCSA website is a must. One of the best things an trucking company can do is become familiar with the FMCSA website. Being on top of the inspections that your company has and making sure your trucks are being inspected in the best condition possible are extremely important.
Poor Risk management is very adverse to a trucking company as well. Good risk managers can save trucking companies thousands of dollars in insurance premiums and overall risk premiums.
Commercial Truck Insurance for High Risk Drivers
Having good drivers is a great things for trucking companies, unfortunately relationships and the lack of good drivers can a play role in the availability of a good driver. Commercial truck insurance for high risk drivers is available. An insurance agency with the right connections will make this possible. You want options when it comes to finding insurance for high risk drivers. Getting the lowest price is important but so is getting the right coverage. Tailored Insurance Group specialized in finding both. We will take into account the record of the driver and also find coverage for them. Whether the driver has accidents or has been denied for any reason, we can help them get insurance. If they are a B-1 driver, we have markets for that, if they have a DUI we can get them insured. It’s all about being to get the right coverage. Drivers with DUIs can be especially tough to get insured, but having access to those markets will make it easy for you when you work with Tailored. Drivers with serious infractions and problems also make it difficult. Having a good safety program in place and driver improvement program will help your company come out of the high risk category.
Unscheduled vehicles has come a very important topic in the insurance world. Having familiarity with the safer website has become more important than ever. Disputing inspections with a DATAQ has become critical with the fraud in the trucking industry. You never know when a vehicle that you have no knowledge of could be reported to your insurance company and then you are cancelled. Having the ability to fix this will keep you out of the high risk category. If you do have an unscheduled vehicle due to carelessness or other problems, all hope is not lost. You will need solid path forward. At Tailored Insurance Group we can help provide that and still have an insurance company insure you. Along with unscheduled vehicles, unscheduled driver is another big buzzword. We have insurers that will allow extreme flexibility on your drivers. It is just crucial that you schedule them to your policy. Insurance companies do not want to insure what they haven’t agreed to on a risk. You must make sure that your drivers are scheduled. If you do have an unscheduled driver though, we can get insurance for that situation.
Risk Management Success
Risk Management and safety focus is the hottest topic in the insurance world right now. There are so many companies offering risk management and dash cameras, electronic log books, safety platforms etc. Having a dash camera is the most important factor in your insurance journey to getting out of a high risk situation. This shows insurance carriers that you are committed to helping them manage the claims and winning the claim with video footage etc. A dash camera has shows decreases in claims payout significantly and provides a strong defense in a lawsuit. Without a dash camera, you are causing your insurance rates to go up. AI dash cameras and real-monitoring are lowering insurance rates very quickly. We can help provide guidance on this important factor and also get insurance companies to consider insuring you with the right management in place.
Older drivers that are over 65 are considered high risk drivers as well. We have markets that will insure them. We also have safety helps for getting the medical card etc that will keep these drivers insurable. If you are still wanting to drive but haven’t been given a shot, give us a call.
Trucking insurance for new drivers is also a difficult thing to find. We can provide insurance for these drivers. For more information check out this article on commercial truck insurance for new drivers on our website. We go in-depth to this taxing question, and will help you navigate getting insurance for these drivers.
Owner-Operator Insurance
Many trucking companies like to hire Owner-Operators. Owner-operators make the insurance landscape very hard to navigate. Many owner-operators don’t treat your authority with the respect that it deserves and will get high safety scores, have accidents, and be careless. There are great owner-operators out there though. It is very important that you hire the right ones. There are insurance companies that will take owner-operators. Finding them can be difficult though. Many times when an insurance company in the standard market finds out about owner operators they will cancel a policy. You want to know up front if your insurance company will allow for owner operators. Don’t be caught in the lurch because you didn’t get the right company. Have an agency that knows all the factors to keep in mind with these important question will aid you tremendously.
High Risk Truck insurance can be easy to find. You want solutions now. At Tailored Insurance Group we provide those. We can provide quotes in 24 hours. If you have been denied and are on your last leg, give us a call. We will help the most hopeless situations and get you back into standard market pricing with access to all the exclusive markets that we have. Give us a call or shoot an email over. We are happy to help 24 hours a day.
