Step 8) Be Reasonable & Stick To Your Guns

Get The Best Results In The Truck Insurance Buying Business

It is highly advisable to give the agents pricing guidance on what you would deem to be acceptable premium levels; and be reasonable about it. Here’s why: If you refuse to provide any guidance, you might very well get a high number, or no number at all. If you don’t give target pricing, the underwriters will be afraid of leaving “money on the table” and therefore they are likely to quote high to allow for some room to negotiate. And if you provide an unreasonably low number as your pricing goal with the object of getting something close – but higher than the stated goal, you may discourage a strong competitor from quoting at all because your artificially low target is below the underwriter’s authority. Try to find the balance between being aggressive and yet realistic. Remember, you don’t tell the Doctor to guess where it hurts.

You wish to be treated with dignity and respect. So do your vendors. You will get your best results in the insurance buying process if you have a professional agent, approaching a strong slate of insurance companies and all the players involved feel like they have a reasonable shot at writing your business. We all compete every single day. And we know we must “sing for our supper”. And everybody understands the competitive process has winners and losers. But as a vendor, if you feel like the buyer isn’t giving you a fair chance it's only human nature to look around for a better opportunity to get a win.

Something else to consider: many highly successful fleet owners view the insurance program as different from tires or fuel or any other commodity that can simply be put out to bid. If you think about it the industry knowledge and professional expertise that a top insurance agent brings to your desk is more similar to the specialized skill set of your accountant or attorney. You count on these individuals to give you valuable counsel over time to help you run your operation successfully. You typically don’t put these types of professional services out to the lowest bidder. There are strong arguments for treating insurance the same way.

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

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The information contained in this website is offered only to provide the reader with a general understanding of the subject matter. Nothing contained herein should be regarded as legal advice or as a warranty of veracity or averment of any fact. Whether such information is drawn from a simple glossary of terms, or enumeration of definitions for industry jargon or else wise, it is published only for general information and should not be regarded as legally binding. No language contained herein is part of any contract or policy of insurance and is only given publicly to allow for a conceptual understanding of commonly used terms.

Roemer Insurance has been a leading force in commercial truck and fleet underwriting for decades. Roemer Insurance pioneered trucking insurance packages and offers a full menu of coverage, including liability, physical damage, motor truck cargo, commercial auto liability, and Workers' Compensation.With 80-plus years insuring America’s truckers, Roemer Insurance continues its legacy of innovation, delivering new, higher levels of service and value to trucking fleets and drivers through the insurance products and risk management services delivered daily by the Roemer Family of Brands.