ADMITTED AND NON-ADMITTED COMPANIES IN THE STATE OF CALIFORNIA
The state protects you when you buy insurance from an admitted company. Admitted companies are companies that are licensed in the State of California. They contribute money to the California Insurance Guarantee Associate (C.I.G.A.) The State sets aside this money to pay claims in case an admitted company goes broke.
Non-admitted companies do not contribute to the C.I.G.A. fund. If a non-admitted company goes broke, there is no guarantee your claim will be paid. However, non-admitted companies are not all bad. The most important thing about a company is their A.M. Best rating, but you should know that you’re asking for trouble if you buy insurance from a non-admitted company with a bad A.M. Best rating.
When insurance prices go up there is a demand for lower prices. In the past this opened the door for scams and schemes. These offers are usually very low, and often they have names that sound like nationally known companies. If you get a quote that sounds too good to be true, be careful, it probably is.
Ask questions. Ask for the name of the insurance company. Be certain to write the entire name down. Then call your broker and ask him to look it up for you. In the past these companies were not rated. They were called "off shore". Many truckers have been hurt by these scams.
If you are in doubt, remember your friends! The A.M .Best Company gives your insurance company a financial report card. The State of California protects you with the C.I.G.A. fund. And a good truck insurance broker can help you avoid problems.
If you are ever in doubt, give us a call. We’ll call the Department of Insurance to check your company’s status and A.M. Best rating. We promise not to play games with your business to make our living.
If you're in California, Oregon, Nevada or Arizona, we'd love to earn your business. Find us online at BerrierInsurance.com or call us at (888) 472-4915.
Monday, November 16, 2009
Wednesday, November 11, 2009
Insurance Company Report Cards
Did you know that all insurance companies are given a report card?
Do you remember the report cards you received when you were in school? The letter A was for excellent, B was for good, C was for average, and D was for poor.
Insurance companies are given a “financial” report card with these same letter grades. The company who grades them is called the A.M. Best Company.
Their purpose is to protect you from buying insurance from a company in poor “financial” condition. When you buy insurance your broker should tell you the grade of the company he/she is quoting. It is safest to buy insurance with a company who has a letter grade of A or B.
Here are some other reasons a company’s grade might affect you:
1.Poorly graded companies can mean a poor financial risk for you.
2.Some truck brokers might not accept proof of insurance from companies with less than an “A” grade.
Do you know if your sub-haul contract requires you to buy insurance from an “A” rated (grade) insurance company? It is better to know what you need before you begin shopping for a “good” price. Tell your broker you need an “A” rated company when you ask for your quote. The cost to cancel and rewrite a new policy is very expensive.
If you receive a quote from another broker and are not certain about the A.M Best Company Rating, then give us a call! We’ll look up the company and tell you their rating. No questions! No obligation! Call us TOLL FREE (800) 750-1812 or visit us online at www.BerrierInsurance.com.
Do you remember the report cards you received when you were in school? The letter A was for excellent, B was for good, C was for average, and D was for poor.
Insurance companies are given a “financial” report card with these same letter grades. The company who grades them is called the A.M. Best Company.
Their purpose is to protect you from buying insurance from a company in poor “financial” condition. When you buy insurance your broker should tell you the grade of the company he/she is quoting. It is safest to buy insurance with a company who has a letter grade of A or B.
Here are some other reasons a company’s grade might affect you:
1.Poorly graded companies can mean a poor financial risk for you.
2.Some truck brokers might not accept proof of insurance from companies with less than an “A” grade.
Do you know if your sub-haul contract requires you to buy insurance from an “A” rated (grade) insurance company? It is better to know what you need before you begin shopping for a “good” price. Tell your broker you need an “A” rated company when you ask for your quote. The cost to cancel and rewrite a new policy is very expensive.
If you receive a quote from another broker and are not certain about the A.M Best Company Rating, then give us a call! We’ll look up the company and tell you their rating. No questions! No obligation! Call us TOLL FREE (800) 750-1812 or visit us online at www.BerrierInsurance.com.
Monday, November 9, 2009
Don't pay more than 1 deductible
If you've ever had a truck accident where there was damage to both your truck and trailer, you probably had to pay a separate deductible for each vehicle. If you have the right truck insurance policy, this wouldn't happen.
Most of today's best policies include an optional or standard "combined deductible" for physical damage claims (collision or comprehensive). Many companies also allow your cargo insurance to be included in this coverage meaning 1 deductible to pay instead of 3.
Would this save you money? Heck yes! Most truckers carry $1,000 deductible for each vehicle plus $1,000 on their cargo. So if all 3 were damaged in an accident, you'd pay $3,000 just in deductibles! So your "cheap" insurance policy doesn't look like such a good deal anymore!
You need a truck insurance expert that can provide you a single deductible policy with a top rated insurance carrier that understands your trucking business and will get you back on the road fast. Find a truck insurance agency that shops many different insurance companies for you.
If you're in CA, OR, AZ or NV, call Berrier Insurance at (800) 750-1812. We'll provide you with a Free Report on "How to Avoid the 7 Deadly Sins When Buying Truck Insurance" by simply clicking on our website BerrierInsurance.com.
Happy Trucking!
Most of today's best policies include an optional or standard "combined deductible" for physical damage claims (collision or comprehensive). Many companies also allow your cargo insurance to be included in this coverage meaning 1 deductible to pay instead of 3.
Would this save you money? Heck yes! Most truckers carry $1,000 deductible for each vehicle plus $1,000 on their cargo. So if all 3 were damaged in an accident, you'd pay $3,000 just in deductibles! So your "cheap" insurance policy doesn't look like such a good deal anymore!
You need a truck insurance expert that can provide you a single deductible policy with a top rated insurance carrier that understands your trucking business and will get you back on the road fast. Find a truck insurance agency that shops many different insurance companies for you.
If you're in CA, OR, AZ or NV, call Berrier Insurance at (800) 750-1812. We'll provide you with a Free Report on "How to Avoid the 7 Deadly Sins When Buying Truck Insurance" by simply clicking on our website BerrierInsurance.com.
Happy Trucking!
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