Q: Do I have a “30 day grace period” on newly acquired vehicles?

A: In regulated States where you have a filing or if you have a DOT filing, All owned, rented,  leased or borrowed vehicles must be covered. Insurance carriers cover such vehicles from the date of insurable interest. That being said, all vehicles should be added and deleted immediately.

Q: What is needed to delete a vehicle that is down for repairs?

A: As with the above questions, owned vehicles must be on the policy regardless of operating condition unless they are no longer registered and operational plates returned to the State.

Q: Why does it always take to the last minute to get a quote?

A: Complete information is critical in getting quotes released in a timely matter.  The current market condition has less capacity than prior years so the insurance carriers are being more careful and selective. Brokers have little control over the release of quotes, but once received your broker should relay the information in a professional manner.

Q: How can I save money on insurance costs?

A: I believe the first thing is to understand the cost of insurance. First is the premium. Industry average is 6-8% of Gross Revenue. Second is your deductible which is also an insurance expense if you have an accident and a deduction if you do not. Third is downtime and lost time handling claims. This can be substantial. Call us to have us show you how to save money.

Q: I want to get a quote but I have to have “Loss Runs” from my former Broker. I have asked but they are not responding. What can I do?

A: By law, Insurance Carriers who have been notified in writing must comply within 30 days. So your request must be in writing and the clock starts that day. We can help in obtaining these “Loss Runs” but they will be sent to you for your review and acceptance.


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