Insurance Companies have varied guidelines for the types of risks they want to insure. A key component is the number of years that you have had prior continuous insurance under your name. Some companies require 2 years of said history while others require up to 5 years. This leaves very limited options for companies who don’t meet these requirements.
Therefore, finding affordable options when you have less than 2 years in operations is a challenge. Insurance companies today, want much information upfront. Just to name a few, most want your driving record, work history that includes detailed verifiable information to understand your true driving experience, as well as IFTAS if you are a long-haul trucker and so on.
Having access to various programs is the winning combination for you. New programs exist that are based on mileage, which can give an advantage to qualified clients, as their price will adjust based on miles traveled and allow a reduction if you have a bad month or took a vacation. Others will be based on the number of units, while others offer unique programs based on telematics, just to name a few.
It’s key to work with a true trucking or passenger transportation insurance specialist, as they would have a variety of options that are only available to professional transportation insurance agencies. Specialist can help find the program that best fits your needs and working style.
PTS Insurance is a specialist in this field with over 30 years of experience and a multitude of insurance programs. We not only help you navigate and succeed in getting your best option while considered a New Venture, but we also start preparing your operations to best fit insurance programs for next renewal, ensuring we position your operation to meet next terms carrier guidelines.
We are here to help! Reach out if you have any questions or would like us to review your current options.
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By: Dania Valdes AU, CIC, AIS, AIAM