Trucking: insurance, commercial auto insurance, safersys org

Question
Dear Marc, my hysband has owned and operated a trucking company for 18 years and we haul expensive automobiles.we are also featured on the discovery channel,s tv show Chasing the Classic Car. we are in dire straits. we have had the same insurance company for 18 years.this company has decided not to renew our insurance(the broker is an ass) and the incidents that happened were not our fault. I need help fast. I dont know where to turn. and I dont know what to do. please help not to cripple this business.susan

Answer
Susan

Being involved in multiple accidents even though you are not at fault is a red flag for the insurance companies just as if you were at fault in just one accident with a high loss. Sometimes it is better to pay for the small claims your self rather then submit them to the insurance company.  Unfortunately the commercial auto insurance really should be viewed as a means to cover a catastrophe accident and to keep you motor carrier authority (mc number) active.

Speaking of motor carrier authority have you checked your safestat scores at www.safersys.org. (scroll to bottom of the page and click on SafeStat Online enter your mc number or dot number)  If you have had several out of service road side inspections for vehicle or driver you chances of being insured are slim.

Have you been with the same agent or the same insurance company for the last 18 years?  I have to say if you have been with the same insurance company for 18 years that is very positive issue to a underwriter.

If you have had the same insurance company for 18 years I would assume your loss ratio to premium dollars is in good shape unless you have had a catastrophe accident.  Again if you have had multiple accidents the insurance companies look at you as a major accident waiting to happen.  

The type of cargo you haul, drivers age, driver violations, and the cities you travel through are big factors that influence many underwriters.  

My best advice is to search for "truck insurance" on Google and talk to other insurance agents.  

Work with no more then two different insurance agents many agents have access to the same insurance companies and when the underwriter receives multiple request for quotes with different stories or descriptions of your operation they will start to view you as desperate and unstable risk.

Best of luck to you.