The trucking industry has been grappling with insurance challenges in recent years, as rates have increased due to the surge in nuclear verdicts and the ongoing freight recession. To navigate this difficult environment, fleets must approach insurance renewals proactively. Understanding the underwriter’s perspective is crucial during the renewal process, as rates can be adjusted by as much as 50% based on various factors. Working with a knowledgeable insurance agent can help carriers save on rates without compromising quality.
Reliance Partners’ Executive Vice President of Sales, Jackson Alexander, emphasizes the importance of safety measures and the role they play in influencing insurance rates. Factors such as the number of accidents and violations a fleet has incurred, as well as its CSA scores, significantly impact insurance premiums. Insurance providers also consider a company’s history, such as its years in business, when determining rates.
Younger trucking companies may face higher insurance rates compared to more established firms, as they lack the long-term data needed to secure competitive deals. CSA scores hold a crucial weight in determining insurance rates, as they reflect a company’s safety performance. Understanding insurance rates and working with a reputable insurance agent can help trucking companies secure the best possible rates for their businesses.
For more information about Reliance Partners, visit their website.
