Trucking Insurance

As trucking firm owners know, not every insurance company has the experience and expertise to write Trucking Policies with the best carriers.  Aspen Agency offers competitive rates from the A-rated Trucking Insurance carriers nationwide.  Aspen is not a ‘one size fits all’ agency.  We treat every client as an individual and will gladly listen to your requirements and fulfill your particular needs.

Our agency professionals have drawn contracts for car haulers with semis down to the compact pick up owner with trailer.  Reefer truck to flat bed to tow operator, Aspen can assist you to provide trucking insurance for your business and its unique needs.  We can offer policies with liability limits ranging from $750,000 to $5,000,000 and cargo insurance up to $500,000 for car haulers.  Be sure to ask us about insurance for specialty equipment haulers requiring higher amounts if yours is a niche business.

What to Consider When Shopping for Truckers Insurance

Credit History

This is the key factor  in calculating your trucking insurance costs. Trucking Insurance premiums can vary as much as 60% based on the company owner’s personal credit history. As with loans and other financing, business owners with good credit will pay less for their policies.  Don’t have good credit?  Work on it and see your premium costs begin to turn in a more favorable direction. In short:  The better your credit rating the more you will save, possibly thousands of dollars on your trucking insurance.

Safety Rating

The Federal Motor Carrier Safety Administration (FMCSA) is a very important element in calculating truck insurance.  In fact, their safety rating can determine if you are in business; a poor score will prevent some trucking businesses from obtaining insurance, and without it, one is not in business.  Regular truck and trailer inspections, routine maintenance and keeping your drivers’ log books in order are paramount. The Safety Score and the Out Of Service violations are very serious matter and you should concentrate heavily in keeping your safety record spotless.

Business Location & Drivers’ Age

Zip codes matter.  Here it is a matter of logic.  Insurance premiums are calculated on location so that businesses in urban areas will pay more for insurance than their rural counterparts. Trucking Insurance rates in Idaho, Montana, Wyoming and in many other less populated states, are about a 1/3 less than those in CA, FL, NJ, IL, NY.  As for drivers, experience counts.  Trucking insurance premiums favor drivers over 30 years old.

Cargo and Commodities

The premium for cargo insurance is generally 1% of the total amount your business requires.  Car haulers, however, will pay more in premiums than dry freight haulers.  Their premiums are about 4% of the total cargo limit.

Non-Trucking Liability vs Physical Damage

Full coverage comp and collision covers your equipment and generally carries a $500 – $1,000 deductible.  Non-Trucking Liability insurance covers your vehicle against losses when it is not in service for your company.

General Liability vs Primary Auto Liability

Think of General Liability as insurance that covers your physical location and its contents.  Primary Auto Liability covers the injured party in case of an accident where your driver/company is found to be at fault.  While General Liability premiums are about $700 per year, Primary Auto Liability is the most expensive part of your insurance spend and can run up to $7,000 per vehicle.

By now most trucking firm owners will realize that buying insurance for their business’ requires great insight into their industry and a thorough knowledge of the insurance industry.  The professionals at Aspen Agency have both.  Call us today and let us tailor a trucking insurance package for your business.