3108 Adora Teal Way, Unit 200,
Looking for the best rate and the peace of mind of having the coverage you need at a price you can afford? Look no further than Barbee Jackson Insurance, a licensed Alabama Insurance Agency that has helped hundreds of owner operators and fleet owners with all their insurance needs. We work with the leading insurance brokers and direct insurers to help our clients get the right coverage the first time.
In most cases getting a quote is fast and easy if you have all the information ready before we start the process. If you have been in business for one (1) year or more, you will need to get a copy of your “Loss Runs” from your current carrier (Read below to find out what Loss Runs are). If you are a New Venture, then Loss Runs are not necessary to get a quote. Here’s what we need to find you the best rate on your insurance.
Frist off…Trucking Insurance is unlike Auto Insurance. In auto insurance there are many insurance companies trying to earn your business by offering you lower rates. They are on TV everyday with sayings like “15 minutes can save you 15%” or “You’re in goods hands”. But ask yourself this; when is the last time you saw a TV ad for Commercial Trucking Insurance? Odds are you have never seen one ad. That’s because there are a very few number of trucking insurance companies compared to auto insurers.
Secondly, insurance rates can very with your credit score! Higher your credit score the lower your insurance rates. Why? The insurance companies have found out the people with higher credit scores have a lower rate of claims.
Third, having a MC number has different insurance requirements than just having a Department of Transportation Number (DOT). MC requires the trucker to carrier at minimum $750,000 in Combined Single Limit (CSL). Also with an MC number the insurance company will charge you a higher rate because they know you are crossing state lines.
If you’re NOT crossing state lines then DON’T get a Motor Carrier Number (MC #). In general if you have a MC # then you will pay a higher insurance rate on your auto liability. With a MC # you can operate in a unlimited radius of operation. Meaning you can drive from Alabama to California. With this higher radius of operation you have a higher chance of loss because the truck will be on the road longer.
Loss Runs are a report of all claim activity for the given policy period. If you have no claims this report is still available from the carrier. Think of Loss Runs as your credit score, the more years of having credit and paying your bills on time the better interest rate you will get on a loan. Your Loss Runs work the same way when it comes to the amount of premium you will pay on your insurance. The more years you have of prior insurance with no claims, the lower your premium will be to get the insurance.
Loss Runs can be obtained straight from your insurance carrier or from your agent. Be aware that most agents will be reluctant to give you a copy of your Loss Runs because they know you are shopping the insurance and they don’t want to lose your account even if you can get a better rate.