Question
We applied for insurance with a new conmpany about 2 weeks ago and still have not received a quote. How long should this process take? We've already had insurance in the past and we are not a new company.We only have one truck and one driver. I don't understand the long wait.
Question #2
We normally carry $100,000 in cargo insurance. Occasionally we need additioanl cargo insurance on a short term basis. What is the best way to purchase this type of additional coverage? Should we use our agent or are there companies that specialize in extra coverage for this type of situation?
Answer
Delays in quoting is becoming a problem industry-wide. With fewer and fewer insurance companies willing to write truck insurance and stricter underwriting requirements on the part of those companies still writing coverage, it could take as long as 30 - 45 days.
For Liability and Cargo, my carriers take an average of 15 - 30 days. For Physical Damage and Non-Trucking it runs anywhere from a couple days to a week.
My companies have advised us that they are receiving 2 - 3 times the number of requests for quotes as they did this time last year. Primarily due to premium increases. Everyone is shopping, therefore creating a larger volume of quotes for the underwriters.
My recommendation is to shop early.
As for the increase in cargo for a trip, talk to you agent and ask them what your insurance company requires to do a "trip endorsement" on the cargo. Be sure to ask if there is a maximum limit for coverage and a minimum premium charge.
Hope this answers your questions.