Fewer and fewer insurance companies having the stomach for the experience

Technology giveth and it taketh away.

Insurers of long haul trucking fleets know this to be true, as on-board additions to commercial trucks make them safer but also costlier to insure, and distracted driving continues to be a major risk for truck operators while on the road.

“Advances in vehicle technology have made the operation of vehicles, including trucks, safer over time and you would expect that in terms of modernization of the industry,” explained Paul Brocklebank, president and CEO of Canal Insurance Company. Yet this in turn has made today’s trucks more expensive than they were even five years ago.

Meanwhile, people driving their own vehicles can’t seem to put their phones down, despite major public education campaigns. The National Highway Traffic Safety Administration estimates that during the day, about 660,000 drivers are using their cell phones. The potential for collisions with other vehicles rises with the use of this technology.

“Distracted driving or cell phone usage has had the opposite effect and it’s actually driven up insurance loss costs – you can see that in terms of the overall industry results,” said Brocklebank.

Underwriting this class of business then becomes a fairly complicated proposition, and a costly one at that.

“There are lots of variables to be considered and because of financial responsibility laws, it also requires us to place minimum bets of $1 million when we offer limits, and so, unlike some other forms of commercial auto where lower limits are offered, we have no choice but to offer at least a $1 million limit when we quote a risk,” said the CEO.

Telematics is one way the insurer is using technology to its benefit. In fact, Canal has a risk management team called CanalRisk360 that helps insureds investigate and use connected devices.

Canal knows what it takes to adapt to change. The company was founded almost 80 years ago when there was a shortage of insurance providers for long haul trucking after the Second World War with the expansion of the national interstate system. The competition in the marketplace means the need for commercial truck insurance has ebbed and flowed, said Brocklebank, though right now is a time of demand.

“In some respects, we’re right back where we started in terms of there being a need in the market with loss costs escalating, and fewer and fewer insurance companies having the stomach for the experience,” he said.

Source

Getting Discounts On Your Truck Insurance Is Easy Once You Know What Steps To Take

It is not only illegal to drive a vehicle without the proper insurance, it is unsafe. This article was written to help you confidently gain the coverage that is required by law and that will protect you in the event of an accident. Read through each tip to learn about truck insurance.

As you age, check with your truck insurance company about discounts. If you have a long history of safe driving habits, your age might qualify you for further rate reductions. Most insurance companies have a sweet spot around fifty five to seventy years of age for age-related discounts on their policies.

When you are looking into truck insurance you need to think about things like what kind of vehicle that you have. If you like the small, sporty trucks your premium is going to be higher than if you had something like a truck. That’s because prices are based somewhat on what you paid for the vehicle but also how much it would cost to repair the vehicle. They even look at if it’s the type of vehicle that gets stolen a lot.

Look up grade discounts if you are a student. Many insurance companies offer rate reductions for students who do well in school, so find out if yours does. Bring your transcript by to show off your grades, and you may be rewarded with a great discount. Good grades show the insurance company that you are responsible.

Having a alarm, truck tracker or other theft deterrent installed on your truck can save you money on your insurance. The possibility of your truck getting stolen is part of the calculations that go into your insurance quote. Having a theft deterrent system means that your truck is less likely to get stolen and your quote will reflect that.

Consider raising your deductible to save money. If you need to save money and you can put aside some money for a deductible in case something happens, this method can be a good thing. The more your deductible is, the lower your premium will be.

You have to know that the kind of vehicle you drive will affect the cost of your insurance. Perhaps you can afford a nice sports truck right now, but can you afford the insurance on the long term? Do some research on how much your insurance is going to cost you before you buy a new vehicle.

Truck Insurance

A great way to save some money on your truck or truck insurance is to drive your vehicle less frequently. Many of today’s best truck insurance companies offer discounts to customers for low-mileage, incentivizing people to keep their trucks parked. If you can walk instead of drive, you can get some good exercise and save money on your insurance.

Drive your truck with the confidence of knowing that you have the coverage that the law requires and that will help you in the case of an accident. You are going to feel much better when you know that you have the proper insurance to protect you from the law and from accidents.