Insurance that Fits

Overdrive Staff | August 05, 2011

• KEEP CREDIT HISTORY CLEAN. Credit reports are often pulled by underwriters to determine owner-operator insurance rates. Pay your bills on time and follow other practices to maintain a high credit score.

• INCLUDE AFTERMARKET ITEMS IN STATED VALUE. When you determine fair market value during policy updates, use online and dealer resources to help determine aftermarket add-ons’ real effect on your rig’s resale value. “You’re trying to hit the maximum amount the insurance company will give you in a total loss,” says Jeff Clark, leased to America’s Service Line. Items like deer catchers and anti-theft devices, notes 1st Guard Insurance’s Courtney Wilson, can bring rate discounts, too.

• ACCOUNT FOR SAFETY. Don’t be shy about communicating a strong safety record during any rate quote or policy update, says Wilson.

• WORK ON RELATIONSHIPS.While it may be tempting to shop for the best rate every year, longevity with an insurer may pay off, says Canal Insurance’s Paul Brocklebank.

The company’s “until-canceled” policy is automatically renewed yearly, and offers discounts for operators. “Our insureds tend to do best with us when they stay with us for a long time,” he says.



Leased owner-operator averages

3.7% of stated value for physical damage premiums*

$420 yearly for non-trucking liability*

$6,000 yearly for primary liability**

* From True North Insurance’s settlement-deduction programs set up with motor carriers leasing owner-operators nationwide

** Overdrive’s 2011-12 Partners in Business manual


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