How To Drastically Reduce Truck Insurance Premiums
Updated: Dec 21, 2021
These are hard times particularly when it comes to buying truck insurance. To assist trucking companies Venbrook Insurance Services, a transportation specialist, are offering a free insurance policy audit.
The audit will reveal whether the trucking company is under, over or correctly insured. As part of the audit suggestions will be recommended where premiums may be radically reduced. Companies have saved thousands following audit recommendations.
Audit recommendations provide information so that trucking companies can make their own financial choices moving forward.
The audit is free of charge and there’s absolutely no obligation.
Now is the ideal time for an audit as insurance companies are ratcheting up the cost of liability and physical damage insurance. Premiums are up 15%-50% depending on the fleets claim history. Excess Liability insurance, over and above the basic $1,000,000 are increasing 50%- 300%.
Adding to the problem is soaring claim costs, insurance companies exiting the truck insurance market, and the driver shortage. The losses themselves are being driven by factors including distracted driving to lower hiring standards, the cost of rising cost of legal defense and a lack of good safety practices.
Trucking companies can still take steps to slow their rising costs. A joint working group of attorneys, insurers and motor carriers from the national accounting & finance council and the American Trucking Association insurance task force released an in-depth guide which can be purchased here “Finding Affordable Insurances for a Trucking Business in the hard Insurance Market.”
Several factors have come together to produce the market changes now facing the excess and umbrella markets. Over the last decade, excess and umbrella coverages were consistently underpriced even as healthcare costs rose and societal issues such as opioid addiction, gun litigation, increased hurricane activity, and wildfires became more prevalent. In addition, constant improvements in technology and science have enabled the development of tools widely used to detect losses and evaluate their causes.
Consumers’ technology has also granted greater access to business information such as trucking fleet CAB reports or corporate safety records.
Through the power of social media and a constant stream of online news, such information is often used to build anti-corporate sentiment and drive-up jury awards.
Taking advantage of the free insurance policy audit will ensure that your trucking company and you personally are fully protected.
About Venbrook Insurance Services
Venbrook is a leading provider of risk management and insurance services specializing in the transportation industry.
Led by the father and son team, Alan and Jamie Shetzer, combined they have more than 50 years experience insurance and customer service representing trucking companies coast to coast.
11512 El Camino Real
San Diego CA 92130