***Making changes to your policy:
Every time you make a change to your policy, you must sign a new finance agreement and make a new down payment. The new financial agreement will add financial responsibility to the initial agreement.
Does my insurance cargo coverage cover everything I haul?
No. it covers what you are authorized by the DOT to carry. (example: if you are hauling frozen foods, but you don’t have the authority, do not expect coverage.)
Brokers are requesting COI from me, what do I do?
COI stands for certificate of insurance. This proves you have insurance. It’s not enough to come from you. It must be sent from your insurance adviser. It’s okay though! Canon Advisers know that is a time sensitive document, so you will get it sent fast!
Do I have loss of revenue coverage?
No. While this insurance might very well be possible (ask your adviser), it is unlikely because of the industry you are in. Your loss of earning is due to you not having a truck, you don’t have a truck because you wrecked it. So getting a new truck is your priority. Rent a new one until the old one is repaired or replaced is the best bet.
Why is my rate so expensive?
Because you are covering many things, your cargo, items you are liable for, but not limited to, people you physically hurt, damages to your vehicle, damage to the other vehicle(s) or structure(s), and the list goes on.
Why is my Hotshot insurance so expensive, it’s not an 18-wheeler?
While insuring your hotshot is only fractionally less expensive than insuring a big rig or dump truck, pricing is revolved around the industry type not 100% focused on the vehicle type.
How do I get cheaper insurance?
1.Stay out of at-fault-accidents/ tickets 2. Be honest with insurance companies and don’t put drivers behind the wheel of your trucks without adding them to your policy 3. Run MVR’s on new drivers 4. Stay loyal with your first insurance company for 3yrs, this give you time to build loss ratios (driving history with a company).
My insurance limits look to be inaccurate on the Safer/DOT website?
They are not inaccurate. The website only lists the legal limit of what you are required by the DOT to have. Also, this protects you when someone tries to sue your insurance company, and because they can't see what coverage you have, will only sue to the limit you are required to have. Lawyer like to max out policies increasing your insurance costs.
Am I covered for towing/rental truck?
More than likely no, if you are with National Indemnity they do not cover these features. I also write Progressive that does offer towing, but their rate for insurance is so high that it is not worth it. CIA recommends you seriously consider saving about $2000 in case you need to have your vehicle towed, stay in a hotel, and have to rent a new vehicle.
Can I take my vehicle off the insurance if I’m not driving it or it's being repaired or is wrecked?
No, for several reasons. 1. As long as you have filings on the truck you are required to insure the truck. 2. Even if you remove the filings, insurance companies still require you to insure all trucks you own, this is also regardless if you own different commercial truck types in different industries. The only way you can take off a vehicle is you provide paperwork showing you sold the vehicle (bill of sale) or the lease has been terminated by giving the vehicle back (lease termination).
When should I get a lawyer involving a dispute?
While only you know that answer. It’s best to consult your adviser first. May lawyers consult insurance agents on insurance matters. Makes sense, right?
How do I get better/less expensive insurance?
Sadly, most truckers don't make it past their first year or so. Reasons such as, not able to find work/loads, expenses to run business (taxes, insurance, gas, vehicle maintenance, wrecks, etc) and so on all put truckers out of business. 1.The best way to stay in business is to have a solid way to find loads, 2. keep the same insurance carrier for 3 years with continues insurance. 3.Understand that in your first three years, it's vital you do not hire people with terrible records. Finally, once you've been in business for a number of years with CONTINUOUS insurance, companies think you must have what it takes to survive. Thus coverages tend to get better, and rates typically decrease.
Understanding filings
When filings are added to the policy federal and state law dictates that a policy must be in force for a certain amount of days AFTER the policy is canceled. Most filings require the policy to stay in force for 35 days or longer. That means you will have to owe premium for these 35 days even though you wanted to cancel earlier than that. The good news is insurance companies usually have clients pay a big down payment to cover this 35 day extension.
Every time you make a change to your policy, you must sign a new finance agreement and make a new down payment. The new financial agreement will add financial responsibility to the initial agreement.
Does my insurance cargo coverage cover everything I haul?
No. it covers what you are authorized by the DOT to carry. (example: if you are hauling frozen foods, but you don’t have the authority, do not expect coverage.)
Brokers are requesting COI from me, what do I do?
COI stands for certificate of insurance. This proves you have insurance. It’s not enough to come from you. It must be sent from your insurance adviser. It’s okay though! Canon Advisers know that is a time sensitive document, so you will get it sent fast!
Do I have loss of revenue coverage?
No. While this insurance might very well be possible (ask your adviser), it is unlikely because of the industry you are in. Your loss of earning is due to you not having a truck, you don’t have a truck because you wrecked it. So getting a new truck is your priority. Rent a new one until the old one is repaired or replaced is the best bet.
Why is my rate so expensive?
Because you are covering many things, your cargo, items you are liable for, but not limited to, people you physically hurt, damages to your vehicle, damage to the other vehicle(s) or structure(s), and the list goes on.
Why is my Hotshot insurance so expensive, it’s not an 18-wheeler?
While insuring your hotshot is only fractionally less expensive than insuring a big rig or dump truck, pricing is revolved around the industry type not 100% focused on the vehicle type.
How do I get cheaper insurance?
1.Stay out of at-fault-accidents/ tickets 2. Be honest with insurance companies and don’t put drivers behind the wheel of your trucks without adding them to your policy 3. Run MVR’s on new drivers 4. Stay loyal with your first insurance company for 3yrs, this give you time to build loss ratios (driving history with a company).
My insurance limits look to be inaccurate on the Safer/DOT website?
They are not inaccurate. The website only lists the legal limit of what you are required by the DOT to have. Also, this protects you when someone tries to sue your insurance company, and because they can't see what coverage you have, will only sue to the limit you are required to have. Lawyer like to max out policies increasing your insurance costs.
Am I covered for towing/rental truck?
More than likely no, if you are with National Indemnity they do not cover these features. I also write Progressive that does offer towing, but their rate for insurance is so high that it is not worth it. CIA recommends you seriously consider saving about $2000 in case you need to have your vehicle towed, stay in a hotel, and have to rent a new vehicle.
Can I take my vehicle off the insurance if I’m not driving it or it's being repaired or is wrecked?
No, for several reasons. 1. As long as you have filings on the truck you are required to insure the truck. 2. Even if you remove the filings, insurance companies still require you to insure all trucks you own, this is also regardless if you own different commercial truck types in different industries. The only way you can take off a vehicle is you provide paperwork showing you sold the vehicle (bill of sale) or the lease has been terminated by giving the vehicle back (lease termination).
When should I get a lawyer involving a dispute?
While only you know that answer. It’s best to consult your adviser first. May lawyers consult insurance agents on insurance matters. Makes sense, right?
How do I get better/less expensive insurance?
Sadly, most truckers don't make it past their first year or so. Reasons such as, not able to find work/loads, expenses to run business (taxes, insurance, gas, vehicle maintenance, wrecks, etc) and so on all put truckers out of business. 1.The best way to stay in business is to have a solid way to find loads, 2. keep the same insurance carrier for 3 years with continues insurance. 3.Understand that in your first three years, it's vital you do not hire people with terrible records. Finally, once you've been in business for a number of years with CONTINUOUS insurance, companies think you must have what it takes to survive. Thus coverages tend to get better, and rates typically decrease.
Understanding filings
When filings are added to the policy federal and state law dictates that a policy must be in force for a certain amount of days AFTER the policy is canceled. Most filings require the policy to stay in force for 35 days or longer. That means you will have to owe premium for these 35 days even though you wanted to cancel earlier than that. The good news is insurance companies usually have clients pay a big down payment to cover this 35 day extension.
Copyright 2017 Canon Insurance Advisers, LLC
