Navigating a Trucking Insurance Renewal: Best Practices

Navigating a Trucking Insurance Renewal: Best Practices

Trucking insurance renewal time can feel stressful and chaotic especially if you do not have a transportation insurance specialist by your side. While trucking insurance can be stressful, there are things companies can do to make this process simpler and more efficient.

We have put together a comprehensive list of trucking insurance renewal best practices so you can have a better insurance experience, lower the risk of mistakes, and streamline the process.

1. Be Aware of Your Current SAFER Scores

SAFER scores play a major role in determining the price of insurance. You can expect your insurance rates to reflect your SAFER scores. For example, if you are in business operating with a 0% out of service (OOS) score and your percentage jumps to 33% or higher, you will likely see an increase in premiums at your next renewal.

It is important to note that any trucking company can access this public information and utilize it to monitor scores and improve safety. If you feel an inspection is incorrect or inaccurate, you can submit a Data Q and have FMCSA review your request. This is another resource you can use to improve safety which in return reduces insurance premiums.

2. Have Current Copies of MVRs for All Drivers

MVRs (motor vehicle reports) provide insurance companies with up-to-date information concerning your company drivers and their driving habits. It is important to keep MVRs on file and maintain current copies.

If drivers have accidents, it is vital to include an explanation of the accident with a police report (if available) to ensure the driver is rated properly.

3. Review the Stated Values of All Units

Avoid overpaying or under insuring your equipment by reviewing the ACV (actual cash value) of your trucks and trailers. This will ensure that your coverage aligns with your operation and your business is properly protected.

4. Avoid Flooding the Insurance Market with Conflicting Information

When shopping your insurance renewal, you will be contacted by many agents and brokers willing to offer quotes. It is important when you’re shopping that you present your business type and insurance needs. Presenting your operation truly as you operate will benefit your business the most.

5. The 10-Day Renewal Window

With Russell Agency as your trucking insurance partner, you will gain access to top insurance companies along with unmatched customer service. With your best interest in mind, it is recommended that you have everything you need to secure, pay, and bind coverage 10 days before your renewal date. This allows you to obtain documents, get setup with various shippers, and eases the burden of binding last minute.

6. Account for Financial Market Conditions

It is no surprise when interest rate increases and financial markets are down, the cost of insurance will be priced higher than in a more favorable economic environment. Trucking companies cannot control this aspect of the insurance process but there are factors your insurance agent can advise you to help minimize potential rate increases.

The Right Trucking Insurance Partner

Selecting the right trucking insurance partner is a critical part of the renewal process. Businesses can choose a broker who specializes in the trucking industry, offers specialized coverages, reduce costs while maintaining proper coverage, and provides top tier customer service with transparency.

Renewal Time is a Great Time to Switch to Russell Agency

Ready to learn how Russell Agency can help you have a better insurance renewal experience, streamline your renewal process, and reduce costs? Apply now and have one of our licensed trucking insurance specialists contact you today!