The simple truth is that many commercial auto and trucking insurers are moving away from transportation risks. They’re not just pulling back…they’re actually leaving. And few new carriers are coming in.
Sadly, for the last 20 years, commercial auto insurance (along with workers compensation) has been a loss leader for the property/casualty insurance industry. Increasing market pressure for more freight business means the need for more drivers, and an increased risk of putting untrained drivers behind the wheel, which means more exposure to accidents.
Multi-million dollar jury awards, distracted driving (64% of the accidents in 2017), and third party litigation funding (where a third-party financier provides money to an attorney to finance a suit in exchange for a portion of the settlement) have finally caught up with insurers and with business in general.
Relentless poor auto loss history combined with inadequate insurance rates has caused insurers to shift gears…auto insurance rates are up. We’d like to help.
How to lower your commercial auto insurance costs
1. Eliminate auto insurance claims. It may sound tongue-in-cheek, but zero claims is possible. Stop claims and qualify for preferred insurance rates, self-funding, or partially self-funded cost reduction options.
2. Boost your company’s defense against “gross negligence exposure” through top safety, maintenance, hiring, and training protocols.
3. Focus on the driver. The driver is your risk. Use telematics to get data so you can control behaviors.
4. Customize training to address the business’s unique driver needs (new drivers, equipment familiarity, defensive driving, routes, roads, common causes of loss, etc.)
5. Use digital insurance services such as online dashboard, proactive claim updates, self-serve auto ID cards and insurance certificates. Digital tools save time and deliver important decision making data 24/7.
VANTREO offers world-class commercial auto and truck insurance expertise, a digital platform, and a strategy that is designed to help you score high in all of the above five.
We’re here to increase the profitability of your company.
If you’d like to know more, just let us know how to best connect with you. Just reply here.