Commercial truck insurance for new drivers is a buzz word these days because of the difficulty in finding the correct coverage. Most insurance carriers don’t want to offer a shot to a new driver because of the inherent risk that it poses. The hardest part about insurance is the human element of the insurance game. In most cases insurance decisions are still made by a subjective decision. How your company is presented to an insurance company or an underwriter is crucial. A lot of underwriters will automatically eliminate drivers if they don’t have more than 2 years experience. This makes it very difficult to find the correct coverage at that point.. Some things to consider when looking for commercial truck insurance for new drivers are the driving record, the company’s safety score before and after hiring a new driver, the marketplace at the time of searching, what exclusions may be involved in the insurance, and who the best commercial truck insurance companies are for new drivers.

Best Commercial Truck Insurance for New Drivers:

Finding trucking insurance carriers that will offer insurance for a driver under 2 years experience is difficult. At Tailored Insurance we have exclusive markets to carriers that will offer insurance to any new driver, hotshot driver, tow truck driver, any truck requiring a CDL driver, all types of business in the trucking industry. We have exclusive markets for any and all operations. Tailored Insurance is the best company for new drivers to find insurance. Our exclusive connections will build the foundation you need to have your company grow and flourish. We can get quotes from all different carriers including Progressive, Prime, Geico, Canal, NICO, and many other exclusive markets. Insurance underwriting is a very human and relationship driven process. You need a company that has navigated the markets and knows how to best serve you. Building your business with a partner is imperative and taking the right steps with risk management is one of the biggest factors in finding the best commercial truck insurance. We are here to help get all of this built up for you.

What coverages are needed in trucking insurance:

When it comes to insuring your trucking company you need to have the right limits and coverages. There are many factors to consider such as:

• How new are my drivers?
• What MVR record to my drivers have?
• What coverages do I need?
• What brokers/companies will I be working with
• What rating of insurance company do the brokers/companies require me to have?
• How much growth do I want to have?
• What kind of cargo do I want to haul?
• How do I make myself profitable in the midst of all the competition?
• Where do I find insurance for a new cdl driver or high risk driver?

All of these questions and many more can come up in the search for insurance and growth within your company. Many companies don’t like to have a new company grow and will increase rates, so you will want to have somebody that knows who will allow for growth and stability.

The coverages you may need are below:

• $750,000 Auto Liability(Many brokers require $1,000,000) for Auto hauling it is required for $1,000,000 as well
• $100,000 Motor Truck Cargo(Sometimes it can be more depending on what is being hauled, but the standard is $100,000. Auto hauling will also most likely require $250,000.
• $1,000,000/accident, $2,000,000/aggregate coverage is required by many brokers including Amazon
• Workers Compensation depending on type and number of employees
• Hired/Non-Owned Auto – Could be required for many type of operations like XPO operations etc
• Additional Insureds – many companies require specific wording for additional insureds, you will want to make sure you have this upfront for the contract
• Physical Damage or Comp/Collision coverage is crucial for protecting your equipment
• Non-trucking liability insurance/bobtail insurance is crucial for owner operators that may drive for your company to protect them when they are driving without a load or taking their truck for maintenance etc.
• Hazardous Material coverage could be needed for the type of cargo being hauled
• Towing/Storage coverage is very important if not already included in the physical damage coverage. Many companies will exclude this coverage if not asked for. You don’t want to get stuck with a large tow bill because you didn’t get this for a catastrophic claim or incident.
• Refrigeration Breakdown Insurance
• Umbrella/Excess Liability Insurance – Many contracts may require more than the standard coverage of $1,000,000.
• Insurance carrier rating – Many brokers require an A-rated carrier. Having access to them is crucial for your success.

These are just a few of the coverages that we will go over with you for insurance as a new driver.

New Venture Semi Truck Insurance

Insurance companies also don’t like to write insurance for new ventures because they lack experience in the industry. Couple that with the fact that many companies hire new drivers or higher risk drivers and it becomes very difficult to find insurance as a new venture or authority. Having a partner in your corner that understands how to develop the relationship with the underwriter and presenting your company in the best light is critical.

Many insurance companies will allow for new ventures if they have good risk management and are focused on safety. With good risk management a company can show the insurance company that they are trustworthy and will be a good partner. Some of the pitfalls that New Ventures face are:

• Lack of Ability to grow
• Lack of experience
• Lack of contracts
• Lack of work opportunity
• Lack of business experience

Many other issues can be part of this, but if you have the right partner these can all be handled and insurance obtained for new drivers, new ventures, high risk trucking companies etc.
Trucking Risk Management:

A buzz word in the trucking industry now is risk management. Trucking companies that don’t prepare for risk, unfortunately are due to fail and risk becoming obsolete. It is imperative that you have a risk management plan. Risk management with many underwriters and insurance companies can provide deep discounts in the insurance pricing. Things to consider in risk management are:

• Do I have Dash Cameras?
• Do I have driver training?
• Do I have a good inspection/maintenance plan
• What am I doing to monitor the activities of my drivers
• Do I have an incentive program/disciplinary program for my drivers
• Do I have a response for DATA errors within the FMCSA
• Do I know the FMCSA website well?
• Do I have a written safety program in place

The are many other factors to consider, but these are just a few that come up in discussions with insurance carriers.

New Truck Driver Insurance – The verdict

While finding insurance for new drivers is definitely challenging, have a good company that knows the pitfalls and has expertise in finding commercial truck insurance for new drivers is extremely important. At Tailored Insurance Group, we will provide the pathway to success. We will help you navigate all the bumps and road blocks to getting insurance for a new driver or new venture. Give us a shot, you won’t be disappointed! We can provide quotes within 24 hours with our direct partnerships, and look forward to helping you achieve your goal in the trucking industry.