This overview for commercial truck insurance for your New Authority can be used as a guide to help you understand what the underwriters are looking at when you request quotes for you New Authority Trucking Company.
New Authority Insurance Overview – How to get the Best Rates
From this form, we can offer quotes to:
- Fleets - (Fleet pricing and reporting options start at 10+ power units to 300 power units with reporting options.) Before sending us your Fleet Information. If you would like to know our capabilities - Click here - We have many markets to help your fleet. Preferred markets, standard markets, high risk and cancellation with a quick turn around.
- Owner Operators - 1 - 4 Power Units. (We can offer quotes from our network insurance companies to find your right coverage and help you increase your bottom line.)
- Small Fleets - (Small truck fleet insurance pricing starting 5 to 10 power units). Before sending us your Fleet Information. If you would like to know our capabilities - Click here
- New Authority - Starting a new authority can be costly if you overpay or do not have the correct coverages. In many cases we can shop and request quotes from 4 or more insurance companies depending your company operational profile.
- Hazmat - All classes - New Authority - Owner Operators - Fleet Discounts
- UIIA - Filing and support - New Authority - Owner Operators - Fleet Discounts. Having the correct endorsement is key working with the UIIA.
- Amazon - We have many clients who work in the different Amazon Relay programs.
- Uber Freight
- High Risk - You may be high risk to one insurer but not another - we can help you find out. We can offer quick turn around quotes in most cases.
- Canceled / Non-Renewed - Sudden cancellation or non-renews can mean not getting loads. We can move fast to help you keep your authority active
- Rapid Growth Programs - Under pressure to stop growing or worried about being canceled for rapid growth? We have programs that will let you grow at your own pace without these worries
- Who we do not quote. Hotshots / Pickups. No new venture Dump operations or Auto Haulers. No Household Movers of Mobile Home Totters. We mainly quote long haul semi trucks.
This an overview of required coverages required and some options for your New Authority Trucking Company:
- Primary Liability (CSL): Not to be confused with general liability. Your primary liability insurance is design to respond when you have legal liability to a claim involving damage to a third party. This part of you policy coverage bodily injury and property damage to third parties. Example: Your truck hits a car on the highway and injury happens to person. If it is determined you have legal liability. Your policy will respond to this claim.
- Primary Liaiblity Limits: If you are traveling out of your home state. The FMCSA required a minimum of $750k in coveager. In most cases brokers / shippers will require you have $1M in coverage. It is always a good ideal to ask if you know who you are going to be hauling for to see what they require. If you are getting your hauls off the load boards. Odds are you will need $1M in coverage.
- Motor Truck Cargo: Your cargo insurance is setup to cover your legal liability to damage to cargo in your care and custody. There are options such as Reefer breakdown coverage, Debris removal and earned freight.
- MTC Limits: $100k in cargo coverage is standard in the industry. Some vendors may require more depending on the value of the cargo. And if your cargo is Hazmat related. Cargo insurance requirements can go as high as $5M.
- Physical Damage: This part of your insurance policy is designed to cover damage to your truck/s and/or trailers. Example: If you are in an accident and you damage someone else auto and injury them. Your primary liability would respond to this claim. And in the same accident you damage your truck. You will need physical damage to repair your truck.
- Physical Damage Cost: This will vary from one insurance company to the next. Based upon your type of truck. What you are hauling and so forth. The cost is normally a percentage of the stated value of your truck. The range is anywhere from 5% to 10%. If the insurance company wants 6% for physical damage and your truck is worth $50k. Then expect to pay around $3k. Keep in mind this can vary.
- General Liability: Some brokers / shipper may require you to have general liability. Some flatbed haulers are required to have GL. If you plan on doing some hauling for Amazon. They require general liability.
The length of time your driver/s have had their CDL will determine how many quotes we can get for you.
- CDL less than two years. Odds are you will be limited to maybe 3 or so trucking insurance company offering you a quote. Which we do not offer quotes when all drivers have not had their Class A CDL for at least two years.
Owners and CDL's:
- The owner must have a drivers license from the state their DOT # is setup.
- If the owner is a driver. Then the same rules will apply as above under Drivers and their CDL as far as how many quotes we can ask for your operation.
- If the owner is not a driver. Again the number of quotes we can ask for will be based upon your drivers CDL experience and the owner's industry experience.
- Industry Experience: If you are an owner and not a driver. Most commercial truck insurance companies will want to know your experience in the transportation industry. Some will not offer quotes if the owner is not a driver. JDW has trucking insurance companies who will insure trucking operations when the owner does not drive. We will ask for you job history related to transportation. This can be most any job related to transportation. Dispatching, Office Work, etc. We will want to see at least 3 years experience.
The age of any driver play a big part in determining which insurance company will offer you quotes:
- A few trucking insurance companies will offer quotes if a driver is under the age of 25.
- And some will offer quotes if a driver is over 67, but may require a current medical exam.
- We quote for drivers between the ages of 24 and 62.
- The MVR (motor vehicle record) will be a large part in what price the insurance companies will offer you.
- If you driver has had more than one at fault accident and two speeding tickets or more in the past 3 years. They may not offer you a quote. And if they do. In most cases it will be unaffordable.
- Find drivers with clean MVR's is the best advice here.
Growing your Trucking Company:
- This is very important for JDW Truck Insurance to know up front.
- Some insurance companies will only allow you to add a certain amount of trucks during the first year of your policy.
- The insurance companies want to make sure you are operating your company by keeping drivers who do not get tickets and drivers who pass DOT inspections.
- We do have a few companies who offer unlimited growth.
The age of your truck/s and trailer/s matter:
- From the point of view of the trucking insurance companies if you have a truck that is over 20 years old. The underwriters may be thinking the older the truck to more likely it is to break down. If you truck is in the shop then you cannot haul load to make money to pay your insurance premiums. That is how they think in many cases.
- In most cases we can not offer quotes for truck/s and/or trailer/s over 20 years old.
- In some cases we can ask for an exception if your truck is well cared for and you have current service records
We know trucking and the commercial trucking insurance companies. JDW can and will help you find the right commercial truck insurance company to cover your operation with premiums to fit your budget. We shop and compare for you.
- Great Lakes
- Allied World
- Ace Hazmat
- ACE Fleet
- United Specialty
- Hudson Fleet
- Tokio Marine
- National General
- Great American
- ACE / Westchester
- National Casualty / Nationwide
- Scottsdale Brokerage
- Crum Forster