In our previous article discussing 4 Ways to Improve Your CAB Score, we said that the biggest issue carriers make when approaching insurance renewals is they assume they are writing a Tinder dating profile.
The problem is your would-be date already ran a background check, talked to your parents, and found all of the skeletons in your closet with your CAB report.
Since this is true, what can a carrier do to look as attractive as possible during commercial insurance renewals? How will underwriters recognize you as their perfect match?
Follow these 4 crucial tips to make sure you are attracting the right insurers online!
1. Give a snapshot of who you are and how you live your life
Every profile starts with the basics.
This is the time to share your vehicles and equipment, drivers’ information, types of cargo you haul, geography you travel, and your current provider.
Try not to leave the information blank. The more details you provide, the easier it is for insurers to understand your specific carrier business and can offer a more educated insurance quote.
Also, don’t set unrealistic expectations.
You may hear your friend got better rates, but you haul a larger variety or riskier cargo in a different geographic market. You want a relationship with someone who can meet your specific needs.
Lastly, be honest about who you are and update your carrier information on other online accounts (SAFER, etc). Underwriters have access to CAB reports and more. Make sure this information is all lined up or be ready for additional questions.
2. Who you want to meet – the character, not the characteristics
I can’t emphasize this enough. Avoid asking provider’s if they have the cheapest rates or reduced coverage options.
If you are looking for a cheap date and plan to jump around every year at renewals, insurers will not want to commit to you! So, don’t downplay your desire to be in a committed relationship!
When you focus on character, you are being specific to your values and to your insurance coverage needs.
When was the last time you had an Annual Insurance Review to discuss the changes in your operation, equipment, personnel, and radius of operation?
Many trucking fleets are assuming higher risk levels through higher deductibles, self-insurance, expanding use of insurance captives, and lower levels of excess liability coverage.
While it might lower premiums in the very short term, is this what you actually need?
Commercial Trucking Insurance Secrets To Prevent Coverage Gaps For Your Fleet
Take your cargo coverage. If you do not have a broad form cargo policy, you need to know exactly what loss scenarios are not covered because you will face much higher risk if you haul new cargo types this year.
3. Show, don’t tell
Since underwriters have access to a lot of data on you, your insurance dating profile should describe your most prominent and positive character traits.
Are you Safe? Proactive? Responsible? Loyal? Honest?
If you have been a carrier for a while, then you know that your company’s loss-run history is important when renewing or shopping for commercial trucking insurance.
This is the time to show your healthy pics.
You can submit:
- MVRs
- Loss Run reports
- Certificate of Insurance
- IFTA and Heavy Use tax reports
- ELD telematic data
The added bonus of specificity is it gives you the chance to impress underwriters.
4. Decide the story you want to tell
Your profile tells a story. It shouldn’t be a novel, but a short story that captures your personality.
It might tell the story of a proactive, safety-focused fleet, or it could tell the story of a bitter, demanding minimalist.
We believe the best chance of better rates is a story focused on maintaining a clean driving record and proactive safety management.
This means practicing defensive driving habits to reduce the likelihood of vehicle accidents or speeding. The severity of the violation makes a difference and handheld violations are up there.
It is also important to pull your motor vehicle record (MVR) at least once per year to check that it shows the correct information and always challenge incorrect information.
Training your drivers on conducting a proper pre-trip and post-trip inspection is as important as teaching them how to drive the truck. Some of the easiest things to catch during driver inspections are also the most common violations written up on a roadside inspection.
Violations and accidents are the quickest ways to increase your insurance premiums to unaffordable heights.
Ready to submit your dating profile?
The worst situation to be in is getting bad commercial truck insurance coverage and being committed to it for a year when one accident can ruin your business.
We recommend you start a custom quote online or call us directly to speak with a licensed trucking insurance professional.
Before we can get you an estimate, we are going to need some information.
Fill out a complete quote or quick quote to get started.
If you have any questions or concerns, please call us at 800.724.5523 or email info@cnsinsures.com.
