Step 3) KNOW WHAT YOU NEED - COVERAGES/LIMITS

Be A Well - Prepared Trucking Insurance Buyer

You should also have a feel for approximately what you might be expecting to pay. The well prepared insurance buyer will have a very good idea what he is expecting to purchase (which policies, what limits and deductibles) and approximately how much he or she will be expecting to pay for their trucking insurance program. Many insurance buyers reading this might say to themselves, “I don't have any idea how much my fleet trucking insurance quotes are going to be, I just let the agents fight it out between themselves and through this competitive process I will always get my best bargain”. This is true to a certain extent but you must have some understanding of the insurance marketplace. Like all markets insurance has fluctuations and limitations.

You certainly do not ever want to pay too much for your insurance, but there is such a thing as paying too little. Typically the low-priced discounting insurance carrier may offer an irresistibly low premium to attract a new client, but the exposure to loss and the claims incurred will, over time, drive any insurance rate back up to its natural equilibrium point – or beyond. But the real hazard in paying too little is when you have unreasonably low rates (from the underwriters’ perspective) and then you have bad losses. In this instance, run the risk of being regarded in the insurance industry as a distressed risk. This is not a label you want hung on your company because it can result in some insurance companies refusing to quote at all and others charging painfully high rates.

p.: 419-475-5151 • fax: 419-475-8750 • 3912 Sunforest Court, PO Box 8730, Toledo, OH 43623

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