Adrian Cisneros, the CEO of Cisneros Insurance Agency, is shedding light on the skyrocketing car insurance rates that have been on the rise for the past 28 months. Truck drivers, in particular, have been hit hard with insurance costs increasing by 47% over the last decade. With his over 20 years of experience in the insurance industry, Cisneros provides some common sense recommendations for trucking companies to keep premiums low while still maintaining critical coverage.
Starting with basic motor truck auto liability coverage as required by the US Department of Transportation, trucking companies should also consider purchasing physical damage coverage, non-owned trailer coverage, and cargo coverage. Workers’ compensation is essential for providing benefits to employees who are injured on the job, especially for firms in California due to the passing of AB5. Owner-operators should also consider Occupational Accident Insurance to provide protection in the case of injury preventing work.
Cisneros advises truckers to be cautious when applying for a new Department of Transportation number to avoid stating that they plan to haul every type of cargo, as insurance companies may assume a higher risk. Keeping an eye on policy details is crucial, as certain clauses like attended vehicle endorsements can result in surprises during emergencies or accidents. Towing coverage limits should be carefully reviewed to ensure that costs for towing large rigs after an accident are covered.
To reduce insurance premiums, trucking companies can take advantage of discounts offered for the use of cameras or telematics systems that collect real-time driving data. Maintaining a good safety record through proper vehicle maintenance and driver training is key in securing lower rates. Navigating the insurance world for truck drivers requires a strategic approach, but by ensuring essential coverage, paying attention to policy details, and embracing technology, companies can ensure better protection, lower rates, and access to higher-quality insurance providers. Stay informed and drive safely to avoid unwelcome surprises in the event of an accident.
