How To Market Your Insurance Renewal
|Start, ideally, at least 3 months
before the renewal date:
(1) Contact both your incumbent agent and, through us, NASTC Insurance Services, LLC.
(2) Ask both agents to name the insurance companies that they would like to access - usually a maximum of 4 or 5 - this is an important point and helps to avoid subsequent confusion with markets being blocked and agents requesting broker of record letters.
(3) Our recommendation is that you give the two agents a deadline date that is a week to 10 days before your renewal date - hold them to this date.
(4) Ensure that your incumbent agent, and any prior agents, have given you current (no more than 2 months old) loss runs - you will need 4 years of loss runs for underwriters. These can sometimes take a little time to obtain, so the sooner you start, the better. Note that this is YOUR information; if necessary, you can ask the insurance company directly. During the process, if you’re having difficulty obtaining information, call us and we can help.
(5) Paperwork required by the agent will include:
loss runs • equipment lists • a driver roster • last four quarters of IFTA reports.
(6) We recommend that you detail all the reasons that an insurance underwriter would like to insure your company - safety meetings, a safety director, Driver Plus, Safety Plus, PrePass, Peoplenet, security fencing and lights, management experience, driver hiring standards etc. Include in this important marketing piece anything that separates your company from others in a positive nature.
(7) Check that your DOT Safety rating status is Satisfactory and that your driver and tractor out of service % is acceptable. If these numbers are outside the norm, have a suitable explanation prepared.
Use https://www.safersys.org to check your ratings.
Call us so that we can be involved in this very important process.
For More Information Please Contact