How to Break into Truckers Insurance
- Thread starter mboone
- Start date
The following should assist you:
1) Have the lowest price all the time, they are a notoriously cheap bunch when it comes to insurance.
2) Assuming you don't have the lowest pricing each and every year be prepared to lose them, they will shop every renewal.
3) In between losing them each renewal be prepared to have a lot of service work. You'll need a good staff to keep up with it and to handle all the complaining and arguing they will do as well. Typically they think they know more about insurance than you do.
4) Watch your retention rates fall and your loss ratio increase. On the plus side you will be making some decent commission. (You'll need that extra money to fund the whiskey you will be driven to drink from the volatility of this market.)
Once you've read through this and if you are still inclined to chase this class of business then I wish you well...
1) Have the lowest price all the time, they are a notoriously cheap bunch when it comes to insurance.
2) Assuming you don't have the lowest pricing each and every year be prepared to lose them, they will shop every renewal.
3) In between losing them each renewal be prepared to have a lot of service work. You'll need a good staff to keep up with it and to handle all the complaining and arguing they will do as well. Typically they think they know more about insurance than you do.
4) Watch your retention rates fall and your loss ratio increase. On the plus side you will be making some decent commission. (You'll need that extra money to fund the whiskey you will be driven to drink from the volatility of this market.)
Once you've read through this and if you are still inclined to chase this class of business then I wish you well...
- 995
Hang out at truck stops?
- 134
Hahahahahaha ^ I love MrGolf's reply but definitely agree with him. Trucking is a hard class of business to chase. Make sure you have a good agency to back you. I wouldn't get started with this class unless you have an in house transportation guru to help you. Good luck!
- 1,581
^ I have a few solo truckers w/ Progressive & I just have them view/print certificates online at their website so it's kinda low maintenance (or so it seems thus far.) Is this more so for larger risks OR have I skated by lucky thus far?
- 134
Single until owner / operators aren't that bad. Few certificates, few or no claims. The large ones are a pain - endless certificates, MVR's, filings, claims, hiring and firing drivers etc.
- 648
I have one to just try it. Commission is great- however, he is a pain!! I won't do another one.
Kevin Baker
New Member
- 2
It all depends upon how serious and committed you are to the line of business. The advice that trucking companies and OO's shop around and can be demanding is very true. (I drove a truck for over twenty years, I know this from my experience with my employers and how they did.) As you clients experience losses expect them to leave as rates rise in response. But if you have good relationships with them they will return to you. Keep a tickler file of old business. Whenever they come up for an annual renewal compute their rates and contact them, you might get return business. Also if you are an independent agent representing multiple companies you stand a better chance of getting or keeping them if they can be switched to another company with a lower rate. Also, affiliate yourself with people who can make safety presentations. Most companies want speakers for monthly safety meetings, but most don't get them and it ends up being a business meeting instead of a safety one. Look at having lots of odd hour contacts; weekends, after hours and holidays. You need to be available most of the day or night, and need a message service that takes calls 24/7, no voice mail. These OO's want to talk with someone when they have a problem, not be sent to voice mail and wait for a response. Another area that gets overlooked is the opportunity for Life, Health, Disability and Long Term Care insurance coverage. Many of these companies, OO's, and drivers need the coverage but don't have the time to go shopping. Still another area to look into is retirement planning, annuities and taxes. If you can't or don't feel like wearing multiple hats network with people or add staff that can.
