Trucking Fleet Insurance
Trucking fleets have unique needs and deserve the highest level of client service — that’s why we dedicated an entire division of the company to providing tailored service to companies with trucking fleets.
Trucking Fleet Comparison
As one of the largest transportation insurance providers in the Southeast, Colonial specializes in providing trucking fleet insurance. Please take a moment and see how we compare against your existing insurance program:
|Our Fleet Insurance Program||Your current provider|
|Liability rates starting at $4,300 / unit or $4.00 per 100 miles||?|
|Cargo rates starting at $750 per unit||?|
|Profit sharing physical damage policy: get back up to 25% of your premium for good loss experience||?|
|Drivers with up to 4 moving violations and 2 accidents in past 3 years are eligible||?|
|Drivers from 23 to 68 years of age are eligible||?|
|Scheduled auto, mileage or revenue reporting form||?|
|Flexible payment options including low initial deposits||?|
|Dry van, reefer, flatbed, oil & gas, dry bulk and hazardous material haulers are eligible||?|
- One of the largest trucking fleet insurance providers in the Southeast.
- Family-owned and operated.
- Dedicated safety team to help you reduce your SMS scores and mitigate claims.
- Honest, quick and friendly service.
As a business owner, you understand how important insurance is to the overall success of your organization. As a trucking insurance specialist, Colonial Insurance is able to pass on our experience and knowledge of the trucking industry to create trucking fleet insurance programs tailored to your organization’s needs. No wasted premium dollars — no surprises. Our staff returns phone calls and e-mails the day we get them, because this is what our clients expect. We provide answers to your questions when you need them.
Our fleet services include:
- Safety consulting through our carriers.
- Multiple reporting forms such as revenue, mileage, and unit reporting.
- Variety of deposit options and premium installment plans.
- Profit sharing physical damage policies
- Self-insured retention policies
- Comprehensive insurance packages including basic commercial auto coverages, in addition to employee practices liability, occupational accident, workers compensation, excess and umbrella coverages, and more…
Our non-fleet and individual services include:
- Assistance with new federal and state filings.
- Broker Bonds with FMCSA.
- Basic insurance coverages like auto liability, physical damage, cargo, general liability, and more.
- Coverage for operations with most commodities and any radius on the road.
- Competitive payment options and lower downpayments.
To find out if we could be a good fit, please or complete our trucking fleet insurance quote form or contact us at (866) 317-5764.
Fleet insurance sample quote:
|Fleet Size||25 trucks|
|Equipment value (trucks and trailers)||$785,000|
|Commodities hauled||Building materials, machinery|
|Years in business||6|
|Number of claims in past 3 years||3|
|Annual premium for $1m Liability, Uninsured Motorist, Physical Damage and $100k Cargo limit||$168,500|
|Pay Plan||Monthly mileage reporting|
We encourage you to NEVER base insurance decision solely on price. Normally, when we buy a product we look for the lowest price — if all other things are equal, we take it. If you insure for lower rates, but that company can’t provide good timely service, the lower premiums will not help you out at all when you can’t get loaded due to problems with your insurance. The same is valid when your claim is not covered because your insurance agent sold you a “subprime” policy. Please note that your actual proposal may vary based on underwriting factors such as location, age of driver, MVR and more. Coverages, payment plans, policy terms and conditions vary state by state. No two policies are the same. No two insurance needs are the same either.
Fleets we insure
Large Fleets (10+ trucks)
We can handle the needs of any larger fleet, from reporting policies to small and larger deductibles and larger self-insured retention programs. We will work with you to help contain costs either through addressing safety and driver issues and designing an insurance program that works. We believe this can only be accomplished by gaining a thorough understanding of your business. You need a partner that not only understands every aspect of your business but can also work with the insurance company underwriters and claims personnel to negotiate the best possible terms and conditions for whatever form your insurance program takes.
Large trucking fleet insurance policies could be written on a different basis. Below is an example of the most often used policies:
Scheduled Vehicles reporting is really good for smaller size fleets where there are only a small amount of vehicle changes. It eliminates the complexity in premium calculations and also eliminates the potential for premium increases due to higher than expected mileage or revenue. Conversely, if the trucking company has swings in business, i.e. has periods of time when some of its fleet sits, per unit rate wouldn’t be beneficial because the insurance bill is due whether the trucks are in use or not.
Mileage-based policies are good if the mileage being driven can be easily verified and are the trucking company is fairly stable. This type policy allows for growth in the number of units without an immediate increase in the premium. Insurance companies will have trouble offering this rating mechanism when a trucker has a lot of owner operators and/or units without mileage being recorded via IFTA reports. Additionally, insurance companies rarely offer this option on fleets smaller than 15 units or fleets that are entirely local haul because they can’t generate enough premium to offset expected losses.
Gross Revenues policy has a specific rate which is applied monthly to the revenues generated for the month. This is a simple method for the trucking business that allows for optimal cash flow as the premium will follow the income, and is advantageous when the fleet is growing and adding units as there is no immediate increase in the premium.
Usually the insurance company is most comfortable with this rating mechanism because a trucking company can ‘fudge’ mileage by not tracking trucks not governed by IFTA (box trucks, interstate hauling only, etc) or by not keeping track of an owner-operator’s miles. A disadvantage to the receipts policy is that ‘non-trucking’ revenue that doesn’t really express an increase or decrease in actual exposure (i.e. fuel surcharges rush fees, etc) could be included in the revenue audit. Your agent should be able to identify and correct the problem in a timely manner.
Please complete our one page quick quote sheet for a quick Trucking Fleet Insurance quote or call us at (866) 317-5764 to speak to one of our licensed trucking agents.
We can provide the following types of truck insurance:
• primary liability
• physical damage
• motor truck cargo
• occupational accident
• workers compensation
• general liability
• broker bonds
We can provide trucking insurance for:
• owner/operators or fleets
• local, intermediate, or long-haul operations
• dump trucks, straight trucks, or tractor/trailers
• hot shot operators
• container haulers
• agricultural haulers
• any other specialized trucking operation
Some coverage programs can include:
• Rates starting at $400/Month/Truck
• Mileage or Revenue Reporting Form
• 24/7 Access to Certificate of Insurance
• Profit sharing physical damage policies
• Complimentary DOT safety programs
• “A” Rated Insurance Companies