How to Shop for Trucking Insurance

When to Shop for Insurance

Motor carriers should actively shop for insurance in several situations:

• New authority: When starting a trucking company and need coverage to activate your operating authority
• Renewal time: Begin shopping 60-90 days before your current policy renewal date
• After a rate increase: If your premiums jumped significantly, the market may offer better options
• Business changes: When adding vehicles, changing commodities, expanding operating areas, or growing your fleet
• Dissatisfaction: If your current insurer's claims service or responsiveness is poor

Choosing Between Agents and Direct Writers

Trucking insurance is typically purchased through two channels:

Independent Insurance Agents

Independent agents represent multiple insurance companies and can shop your account across several markets. Advantages include:

• Access to multiple quotes from different insurers in a single submission
• Expertise in comparing policy terms, not just price
• An advocate who works for you, not the insurance company
• Ability to move your account if one insurer raises rates or exits the market

Look for agents who specialize in trucking and transportation insurance. General commercial agents often lack the expertise needed for trucking accounts.

Direct Writers and Captive Agents

Some insurers sell directly to carriers or through agents who represent only that one company. This can be cost-effective if that insurer specializes in your type of operation, but limits your ability to compare options.

Preparing Your Submission

A well-prepared insurance submission gets better quotes. Gather these documents before contacting agents:

1. Loss runs: Request five years of loss run reports from your current and previous insurers. Loss runs show your claims history and are the first thing underwriters review.
2. Vehicle schedule: A complete list of all power units and trailers with year, make, model, VIN, and value
3. Driver roster: All drivers with dates of birth, CDL numbers, years of experience, and MVR reports
4. USDOT and MC numbers: Your carrier identifiers for underwriters to pull your FMCSA safety data
5. Commodities hauled: A detailed list of what you transport
6. Operating radius: The states and regions where you operate
7. Revenue and mileage: Annual gross revenue and total fleet miles
8. Safety programs: Documentation of your driver training, maintenance program, dash camera system, and other risk management measures

Evaluating Quotes

When comparing insurance quotes, do not look only at the total premium. Evaluate these factors:

• Coverage limits: Are the limits adequate for your operations and contractual requirements?
• Deductibles: Higher deductibles reduce premiums but increase your out-of-pocket risk
• Exclusions: Read what is excluded carefully. Cheaper policies often have more exclusions.
• Insurer financial strength: Check the insurer's AM Best rating. An "A" rating or better indicates strong financial stability.
• Claims service reputation: Ask other carriers and industry contacts about their claims experience with the insurer
• Payment terms: Monthly payment plans, down payment requirements, and audit provisions

Coverage Checklist

Make sure your insurance program includes all necessary coverages:

• Primary auto liability (required)
• Cargo insurance (required by most contracts)
• Physical damage (required by lenders; recommended for all)
• General liability (often required by contracts)
• Umbrella/excess liability (strongly recommended)
• Workers compensation (required by state law for employees)
• Non-trucking liability (for leased owner-operators)

Verify your insurance filings and carrier data through our authority search and insurer lookup to ensure everything is in order before and after purchasing coverage.