Insurance that Fits
• 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