Truck insurance – Five top considerations for brokers
Cheap Truck insurance will always be a key concern for truckers, but for insurance brokers who are trying to place the business there is a lot more to think about than just a good price. Here are 5 key things to look for.
First the speed to obtain a quotation. He who hesitates is lost, they say, and certainly that’s the case in insurance. The truckers won’t wait around while the insurance broker gathers quotes from insurance companies. In this age of technology, clients have grown to expect their immediate service. Many brokers are now getting insurance quotes on-line to speed up the process and keep clients happy, and keep their competitors at bay.
Secondly, immediacy of all documentation. Brokers love being able to issue the client with his cheap truck insurance documentation straight away. Being able to do this keeps administration and costs to a minimum. The alternative is to wait for the insurance company to send stuff to the broker and for the broker to send it on to the client. This is another reason for looking on-line for the quotations, as at least 1 wholesaler I know (Policyfast) provides all the documentation immediately for the broker because the deal is done on-line.
Thirdly, the speed of notification to the MID. This is very important also because by notifying the MID that a truck is insured it makes life much easier for the client. There are times when a client needs evidence of insurance in order to win important contracts, so delays can be costly.
Fourthly, the quality of the policies and their providers. Cheap is a key requirement ‘'til you need to claim. A good broker will always try to get the mix right. When a client makes a claim he rarely makes a distinction between the insurance broker and the insurance company. If he gets a good service he will think of the insurance broker in a favourable light. If not – and that includes not getting paid out because of small print – then it will reflect on the insurance broker.
And, finally, the overall competitiveness of the products. Yes, there is no escaping it. Clients look at price when they are buying insurance. The broker has to keep a fine balance here to ensure that while he is indeed delivering cheap truck insurance, but with top quality insurers who will provide good service and pay out on valid claims.
