Commercial Auto Insurance
Auto Hauler Insurance
Many Auto Haulers don’t realize that a regular trucking insurance policy may not fully cover them and the cars they haul in case of an accident or the damages to the vehicles they are transporting.
Auto Hauler Insurance
Who needs an Auto Hauler Insurance Policy?
If you are transporting vehicles you will need an Auto Hauler Specific Insurance Policy. Not to be confused with a Tow Truck Insurance Policy, Auto Hauler Policies will have added coverages like Diminished Value Coverage in the event that there is an accident and the cars that are being hauled get damaged. Those cars, which are most likely going to a dealer, lose value, so the dealer needs to be compensated for that since they won’t be able to sell them at market value.
What Insurance Coverages do Auto Haulers need?
It is important to keep in mind legal requirements when obtaining trucking insurance. Commercial Truck Insurance is mandatory in all 50 states and failure to obtain coverage could cost you a lot of money in fines or even worse, your license. By law, you must have a minimum of 750,000 in auto liability and cargo coverage (coverage depends on what your trucks are hauling).
Recommended and Required Minimum Coverages
Below are some of the minimum coverage requirements and recommendations, however, we recommend talking to one of our Commercial Insurance Specialists to get specific recommendations on the coverage you need based on what you are hauling.
Auto Liability, also known as Bodily Injury Physical Damage (BIPD), is required by the FMCSA at a minimum coverage of $750,000 to obtain your MC authority.
Physical Damage Coverage
Physical Damage is not required for Commercial Truck Insurance, but we do recommend it. Coverage depends on what you are driving and can range from $1000 to $200K.
Truck Cargo Coverage is required by law, however the amount of coverage depends on what your trucks are hauling. Call one of our Trucking Insurance Specialists for a recommendation on minimum cargo coverage.
After we gather all of your information we will get back to you with a detailed breakdown of your coverage and how much it will cost.
Our Commercial Truck Insurance specialists are constantly working to get you the best rates, whether you are a new or existing client.
Company A, a 9-truck carrier, approached CNS due to a problem in their operations. Their surplus lines carrier who was charging $190,000 annually for 9 trucks was canceling their liability insurance. The trucking company called CNS to see what could be done.
CNS reviewed carrier’s roadside safety, performance, driver files, loss ratio history, systems, and process. CNS analyzed the company had no losses but high BASIC SMS scores. Upon further investigation there were only two drivers that had bad records.
CNS developed hiring and qualification standards and implemented these standards within the company. The company also engaged CNS to manage their divers through drivers qualifications, monitoring drivers and training drivers.
As shown in the graph, the clients safety scores improved year after year.
As a result of the improved safety scores CNS Insurance was able to secure insurance which saved the company $100,000.00 in annual premium. The client has been a loyal CNS and CNS Insurance customer for 6 years.
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