Don’t pay for high insurance costs if you barely run loads!
Motor carriers are the backbone that keeps our economy moving but not all new owner-operators are moving a lot in their first year of business.
As we mentioned in a previous article, delivery radius is important for new carriers. Most insurance companies want you to stay intrastate or within a 500 air-mile radius from your business location for the first couple of years of your business.
This allows you to prove your safety history and show you can manage your company well. Then expanding to long-haul trucking will be more affordable.
However, this may mean you do not have access to a variety of loads to keep the wheels constantly moving.
This is why we are happy to announce a brand New Insurance Program that allows you to pay your insurance premiums based on the amount you drive!
Pay-per-Mile insurance program
This new insurance program allows carriers with less than two years in business to start slow and avoid the stress of getting loads just to pay your high insurance premiums.
It was designed to help new commercial trucking operations simplify and manage their actual insurance cost based on miles driven.
To do this, the program features a telematics device in your truck that tracks your miles driven and reported electronically on a monthly basis.
Additionally, insureds may add trucks during the first policy year to total no more than 4.
Here are the highlights:
- Less Miles Driven = Lower Monthly Premiums
- Unlimited Miles with No Monthly Minimums (excluding Florida)
- Add up to 4 units to your Policy
- Includes Samsara ELD (track your miles and IFTA reports)
- Easy and Manageable Online Monthly Payments
- 2 years CDL experience (required)
Get started with your New Venture Quick Quote >>> CNSINSURES.COM/NEW-VENTURE-QUICK-QUOTE
At the start of the policy there will be a Welcome Call to go over the process and ask about what cable cord they need; 6, 9, or 16 pins. During this call, you can show the person on the call a photo of the diagnostic port if you are not sure.
Then, anytime a unit is added or deleted, you must present a Purchase Agreement, Bill of Sale, Lease Agreement and both parties must sign.
How does billing work?
Bills will differ according to the miles, but only the Auto Liability amount will change. The additional coverages such as Cargo/PD will always remain the same.
The bill will be received the 1st day of the effective date and have 5 days to pay for the collateral. The 2nd bill will be the “normal” bill.
After your insurance quote, think about the future
Compliance Navigation Specialists (CNS) knows that the next moves you make as a small business owner are crucial to your success.
We have all the services available that you will need for your trucking company:
- Licensing your Trucks
- IFTA and Fuel Tax Filings
- DOT Audit Assistance
- DOT Compliance Programs
- CDL training
- and more
You can also explore our content below for more on Starting a Trucking Company.
LINK: NEW VENTURE ROADMAP