by Nate Jones, CPCU, ARM, CLCS, AU - Wexford Insurance - Indianapolis, IN
If you are planning on starting a trucking company, one of the biggest hurdles you will face is finding trucking insurance. Insurance for new venture trucking companies is an easy process if you are working with the right partner.
Where can I find trucking insurance?
The best way to find trucking insurance is to work with an independent trucking insurance agent. The insurance agent has not done trucking before, then you will want to make sure you find one that does.
How much does trucking insurance cost?
There are a lot of factors that determine your premium for trucking insurance. Below I have listed some of the main factors that drive price:
Driver Years of Experience and Driver History. Violations, Accidents, and lack of experience will surcharge your insurance premiums.
Radius of Operation. Usually, any radius over 500 miles is looked at as unlimited. If you are a long-haul trucker, then you will likely need an unlimited radius. The higher the radius, the higher the premium.
Cargo Carrying. If you are hauling specialized freight like hazmat trucking, Intermodal Trucking (UIAA), oversize/overweight trucking, or any animal hauling your premium will likely go up. General Freight (Paper, Plastic, Canned Goods, etc.) is usually the commodity that produces the least amount of premium surcharge. A good rule of thumb is, the riskier the cargo, the higher the premium.
Limits of Insurance. Usually, Trucking Companies have $1 million in liability protection, $100K in cargo insurance coverage, and full coverage on their physical truck (physical damage). Some of the specialized trucking operations may need additional limits for their liability and cargo. As those limits rise, the premium will rise as well. Also, the higher value your truck is, the more expensive your insurance premium will be to insure your truck.
Loss History. If you are an existing trucking company, and you have had some claims on your trucking insurance, then you will likely get a surcharge on your premiums. Trucking Insurance Companies like to see no claims in the first couple of years of business. We all know that some things are outside of our control. If you are running into issues with your renewal due to some claims that you have had, be sure to reach out to a trucking insurance agent.
Major Cities Entering. As you know as a truck driver, some cities can be a massive headache to drive around. Tight corners, crazy drivers, and busy traffic can make your day very stressful. The trucking insurance companies know that entering into major cities like Chicago, New York, Dallas, Los Angeles, San Francisco, etc. increase your chances of getting into an accident. If you are entering those cities, your insurance premium can increase.
Trucking Safety Rating & Out of Service Rates. If you are an existing trucking company, then you will want to make sure that your out of service, driver violations, truck violations, hours of service violations, driver fitness, and safety rating is below or at the national average. The FMCSA tracks all of this through https://safer.fmcsa.dot.gov/.
What information is needed to get a trucking insurance quote?
Legal Entity Name
Legal Structure (LLC, Inc, Individual, etc.)
Legal Entity Address
DOT #
Years in Business
Full Name of Owner(s)
Radius of Operation
Major Cities Driven Through
Driver Information (Name, Date of Birth, License Number, Years of Experience, Violation/Accident Detail)
Vehicle Information (VIN, Year, Make, Model, & Value)
Commodities you will be transporting
How can I get a trucking insurance quote?
Wexford Insurance is a trusted truck insurance agency. We supply all lines of coverage including auto liability truck insurance for trucking companies. We help trucking companies find insurance for their fleets as well as owner-operator insurance and new venture truck insurance.
Wexford Insurance insures trucking companies across the nation.
Call us at 317-910-9295
Guaranteed we will answer on the first call or call you back within 30 minutes.
or request a trucking insurance quote here
How does Wexford Insurance help trucking companies?
Risk Management and Safety consulting for Trucking Companies
Gross Revenue Rated Plans
Milage Based Rating Plans
Service endorsement and certificate of insurance requests are handled by a dedicated service representative
Large Risk Retention Policies
Rapid Growth Trucking Insurance
Flexible Payment Plans
Insurance Premium Financing Available
Industry Expertise in Trucking Insurance
Family Owned and Operated Business
Types of Trucking Insurance Wexford Insurance offers:
Auto Liability and Contingent Auto Liability
High Risk Trucking Insurance
MCS90 Insurance
Motor Carrier Insurance
Non-Trucking Insurance
Physical Damage Trucking Insurance
Trucking Physical Damage Insurance
Trucking Workers' Compensation
Long Haul Trucking Insurance
For Hire Trucking Insurance
High Trucking Insurance Limits
Federal and State Filings
Free Assistance:
Wexford Insurance works with top insurance companies to provide you with affordable and quality insurance. We will never sell your information and our services are free of charge. Give us a call today at (317) 910-9295 or click here