The Geico company, a wholly owned subsidiary of Berkshire Hathaway, makes its inaugural appearance at the Mid-America Trucking Show (MATS) this week. There, it’s showcasing expanding truck insurance offerings designed specifically for owner-operators and other small trucking companies, private carriers, and leased operators.
As was reported in Matt Cole’s recent features in Overdrive on the broad insurance market and ways to save at renewal, Geico’s trucking insurance is now available in nearly two-thirds of the country, with accelerated expansion underway. Notable states excepted are New York and California, said company rep Ross Feinstein, given speed (or lack thereof) of approvals by those states’ insurance commissions. Yet in most markets the company is already offering customizable protection at competitive rates, following more than 85 years of insurance expertise, well-known in passenger-vehicle insurance markets.
“We understand that insurance is about more than protecting your truck, it’s about protecting your livelihood,” said Geico Head of Commercial Product and Pricing Rishi Arora. “We are bringing truck insurance solutions that work as hard as truckers do, with competitive rates and unmatched claims support.”
Arora noted that the company will be an option for new independent owner-operators with authority, and carriers at any level of experience. That adds another major competitor in what’s been a shrinking pool in recent years of insurers willing to take on carriers with very short histories.
[Related: Commercial auto liability: Independents' biggest insurance expense]
“Our biggest thing is we focus on smaller carriers,” Arora said. “It doesn’t matter the commodity, the kind of truck. It doesn’t matter your level of experience or whether you’re leased or independent.” The company, he added, can work with you.
Ross Feinstein (left) and Rishi Arora
With the company’s well-known name and extensive experience on the passenger side of the auto-insurance market, “we want to bring the same ease of use and expertise in claims handling” to trucking businesses, said Arora. The company’s made big specific “investments in handling claims."
Arora points to a network of trusted repair shops -- 120 of them, the company's vetted, too -- for quality and all of whom "will offer warranties for parts and labor," he said. The company further is developing several strategic partnerships with other companies to create additional cost-saving opportunities for trucking professionals.
Pair that with the backing of Berkshire Hathaway, said company rep Ross Feinstein, and “we bring really competitive rates, and great service,” both big long-term pain points for truckers when it comes to insurance.
Feinstein emphasized, too, the program was "not just running on top of" Geico's massive passenger-vehicle insurance programs, he said. It was built after broad collection of feedback from truckers directly.
[Related: Navigating insurance claims: Patience is in your best interest]
Think you can grab the ball? Try it at South Wing booth No. 38337 in South Wing at MATS.
