Some carriers are exiting the market… there are several who’ve gotten out.

0 22 March 2017

Many commercial auto insurers are abandoning the space as costs surge.

That is the verdict of Jack Buchan, president of Interstate Insurance Management, who believes that pricing is causing a myriad of problems.

“Some carriers are exiting the market – I don’t want to name names but there are several who’ve gotten out. It’s supply and demand, if there’s less capacity out there you get an increase in pricing,” he stated.

“The pricing is still not where it needs to be. We’re seeing a 5%-6% increase in claims costs about every year and we haven’t seen rates keep up with that,” he continued.

“There’s a lot of naïve capital out there that will fib pricing in this business.

“They (brokers) really want to have all the coverages right – liability coverages, truck cargo coverages, general liability coverages, workers’ compensation coverages. But if they want to get the right coverage they need to go to a professional underwriting facility that specializes in transportation.”

While there are a host of risks in the commercial auto business, that can also create an opportunity according to one such specialist, Ryan Turner Specialty. Its senior vice president of transportation and workers’ compensation Lynn Cogger Koop spoke to Insurance Business about putting together a trucking program.

Posted in Auto, Blog | Tags:
0 11 October 2016

Your Long Haul trucker needs a commercial auto policy that provides the right coverage and radius that give the security they expect for a successful operation.

Why should a trucker worry about radius restrictions and improper coverages when we can place them with one of our many Long Haul markets? We even have Long Haul options for new ventures.

Great pricing! Great coverage! Great reputation!

Get it all at Interstate. See what we can do for your trucker clients.

We’ve been helping truckers since 1970.

Email all submissions to: submissions@interstate-insurance.com
Kristine Hutzell | Underwriter-Auto
T: 800.452.0297 | F: 814.255.6010
kristine@interstate-insurance.com