Can Technology Help You Lower Your Trucking Insurance Cost?

The use of technology can help your trucking insurance

Did you know that litigation of truck accidents has increased significantly?

Whether you have a transportation company or a trucking fleet, managing insurance may be a daunting task.  We say this because legal settlements are on the rise and premiums are increasing.  Plus, the equipment has become more costly.  The new legislation has drastically changed the way people measure and understand safety.

With the insurance landscape shifting, drivers are opting for new technologies to keep themselves safe and lower their insurance. Technology plays a key role in enabling technology adapters to decrease risks in the driver’s seat.  Also, many auto insurance companies offer discounts to their policyholders for installing vehicle safety devices or demonstrating safe driving.

Read more

How Do I Keep My Truck Drivers Happy?

Certain vehicles require the driver to carry a CDL.

Earning as a truck driver means long working hours and unwavering commitment and responsibility towards the job. Most truck drivers are fatigued and stressed due to the overwhelming pressure to stay secure while hauling heavy loads within the deadline.

Keep in mind that happy truck drivers are not only satisfied, but also more productive. If you run a logistics company, keeping your truck drivers happy should be your top priority.  After all, without a happy or productive driver, there is no way you can deliver things to your destination.

From keeping your safety scores clean and offering rewards, you need to do everything to keep your truck driver happy. Meeting your DOT inspection requirements and safety scores are two primary ways you can retain a driver who drives safely, is familiar with the routes, and works well with dispatch for the long term.

Here are some top-tier ways you can keep your truck driver happy and retain them.

Read more

What data does the Safety Measurement System use?

The Safety Measurement System uses certain data as part of the methodology.

The Safety Measurement System (SMS), a branch of the Federal Motor Carrier Safety Administration (FMCSA), identifies and intervenes with drivers who have demonstrated unsafe driving behavior. It uses seven distinct categories, known as BASICs, to identify, categorize, and rank drivers to prioritize for intervention. BASIC stands for Behavioral Analysis and Safety Improvement Categories and includes the following categories:

Read more

Until I get my own operating authority, can I lease my services to a for-hire carrier with operating rights?

If you don't have an operating authority, you could work for a for-hire carrier.

One common question from truckers who have not yet obtained their operating authority (MC number) from the Federal Motor Carrier Safety Administration (FMCSA) is whether they can still lease their services to a for-hire carrier that has operating rights. According to Section 376.11, the answer is yes as long as the trucker meets all FMCSA requirements.

Read more

What’s the difference: Actual cash value vs. stated limit for trucks

There's a difference between actual cash value insurance and stated limit insurance.

You’ve done everything right – your drivers are experienced, careful and well-trained, your trucks are well-maintained and up-to-date and everyone is complying with regulatory laws – but you still had an accident. It happens to everyone eventually, and it’s why you have commercial coverage for your fleet of trucks and vans anyway. Learning more about the insurance process can help you get through the aftermath of an accident and move forward.

Read more

What insurance coverage do I need to get my truck tags?

The Department of Motor Vehicles (DMV) in every state requires both personal and commercial vehicles to obtain truck tags for license plates on an annual basis. The amount that drivers must pay for these truck tags depends on several factors, including age and type of the vehicle. Just as drivers of personal vehicles must prove they have minimum liability insurance, the same is true of commercial truckers. You will need to demonstrate that you have primary liability coverage to drive a commercial truck as required by the Federal Motor Carrier Safety Administration (FMCSA).

Read more

Why do I need physical damage insurance if I don’t have a lienholder?

Even if you don't have a lienholder, physical damage insurance is still something you should consider.

Physical damage insurance provides coverage to repair damage to your truck or trailer caused by fire, severe weather, theft, vandalism, and falling objects. It is common for lienholders on truck loans to require physical damage coverage to protect their financial interests if the truck requires costly repairs or cannot be fixed.

The price that you pay for physical damage truck insurance depends on the assessed value of your equipment. Insurance agents typically write policies that charge the trucker a percentage of the value to maintain coverage. Be sure to ask your agent to insure the truck for its current market value as that is what you will receive if you need to make a claim.

Read more

What is a truck inspection like?

It's important to know how a truck inspection works.

The Department of Transportation (DOT) requires all commercial vehicles that weigh more than 10,000 pounds to undergo an annual truck inspection. This is to ensure that all equipment on the commercial vehicle works as it should to help improve public safety. The DOT conducts inspections at six different levels. An inspection can take place anywhere a qualified DOT official or a police officer from the same state are present. While the inspections might feel nerve-wracking, the good news is that you can do several things to prepare and increase the likelihood of passing.

Read more