Trucking Insurance Agents Will LIE To You! All Insurance Is A SCAM!! (Easy Tip)
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- Опубликовано: 23 июн 2023
- When you go and apply for your trucking authority and DOT number one of the first things you need to do as a new truck driver is get commercial truck insurance for your new trucking business. In my opinion trucking insurance agents will all lie to you, it is a very shady industry and most agents will never give you the best rate you deserve. In fact all insurance is a scam. The greed in the trucking insurance industry is at all time highs and it will try to consume your business. My insurance agent lied to me and would not compete with my new quote I got from a new agency that was way better. They told me we are the best rate around hands down. Until I showed them the physical quote and asked for my loss runs. They then came back with a much cheaper quote. Being a new entrant trucking company or even a seasoned trucking business you need to watch out for your bottom line constantly by reevaluating your expenses. In trucking the two largest expenses are diesel fuel and commercial truck insurance.
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Trucking insurance agent here, just wanted to leave a few comments from the other side.
1. Most insurance agencies aren’t trucking agencies, they are agencies that happen to have Progressive. In which that is the only market they have.
2. Most agents (like myself) want to get your rate lower, mainly because every year your information is in the FMCSA system and you will be receiving calls from all types of agents. So my goal is always to attack every market I have to reduce premium.
3. You should always shop around, I tell my people this. I focus on 1/11 truck accounts and have a 90% success rate on renewals. That’s because as an agent who focuses on trucking, I know which companies to work with and I create a plan to save small companies money.
I’m an agent in Pennsylvania, another thing to mention is to try and stay as local as possible with your agent. Helps with COIs (staying within the same time zone).
The advice your agent told why the fleet pays that price and you don’t is accurate. Insurance companies factor in so many things like dot violations, driving record, cdl experience, age, claims history, years in business. This is all true. If 2 trucking companies both started at the same time they will each be paying a different price 3 years later because of the factors I just mentioned. That’s how trucking insurance works.
But what if their factors are both the same a few yrs later yet their premiums are significantly different.
@@guyinatruck if all factors are the same than both of you would get the same cost but the likelihood of finding 2 accounts where all the factors are the same years later is rare.. The problem is when you compare prices with other truckers, you don’t know their DOT history. You don’t know the values of his equipment. You don’t know their claims history. That’s why one guys rate may be cheap and make u feel like ur getting ripped off. I will say this, if you go to a broker that specializes in trucking insurance only, they are going to be the best ones. Why? Because they have access to a lot of truck insurance companies that others don’t. Truck insurance companies don’t give the guy selling home and auto insurance the contract to sell their products. The big ones like progressive and Berkshire do but the rest don’t. So find a good broker. Have an honest conversation with him. Tell them what you don’t like and they will do everything to keep you IF you are not a pain in the ass to deal with.
I am not sure about other states, but here in California the auto rates are as high as it's ever been. We've been seeing double digits increases in recent years due to as you referred to as "socioeconomic inflation". No "admitted" insurance carriers are making money on auto. If your agent got a cheaper quote by reducing coverages (limits/deductibles or adding on exclusions) or get you a carrier with bad service where they don't pay out claims fast enough and you can't get back on the road, it'll cause a lot of trouble down the road. There are more to the eye than just the premium. Independent agents have appointments to smaller pool of carriers they go to for quotes. Sometimes it's easier to go to larger brokerage where they have access to larger market. You may lose some personal relationship aspect since everything is more transactional there but it may be worth it.
I used to run logistics at a ag distribution company with a fleet of around 15 vehicles, these are just some of my thoughts as I was watching your video. I don't think enough people in the transportation industry talks about insurance. We as the consumer needs to educate each other.
So what you’re suggesting is going to a larger carrier because they may be able to offer a more competitive rate due to being in a larger pool? I actually started with a large insurance carrier but they were way higher, going to a smaller outfit saved me a lot more. I’m assuming as you have more time in business then the larger agencies will be more competitive.
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Hello @guyinatruck I, (TCL Insurance) specialize in trucking insurance in the Dallas Texas area, would love to connect to answer an questions.