Truck Insurance in Los Angeles California

Why is it Difficult to Get Good Truck Insurance in Los Angeles California

There are actually several reasons why getting good truck insurance in Los Angeles, California might be difficult. There are many things to consider, some state policies but also smaller insurers being hard to find online. Here are just some of the reasons why “Good” truck insurance might be difficult to find in California.

The Increase in Claims

Though it isn’t clear why claims against trucking companies have now climbed so high, the fact is that claims have gone from an average of $2.3 million in 2010 to $22.3 million in 2021. The eco-pressure groups are not solely responsible for this one since some courts are allowing such massive claims to be paid out, and ergo, the insurance companies want a higher premium fee for their services.

Small Business 

Regulations do hit differently if you are a small business rather than a big company in all areas of the globe. Even seemingly silly things like adding a line to a layer of paperwork may be of no bother for big companies, but for a smaller company, it is yet another expense. This impacts their economics and as a result their prices. As a result of fewer trucking companies that cause higher premiums, fewer insurance companies also mean higher premiums.

A Lack of Drivers

The best drivers are soaked up by the bigger companies, leaving smaller companies struggling to meet demand. Again, fewer trucking companies mean higher premium rates as smaller and smaller insurers cannot find clients and so go out of business. An 18yr old can apply for a commercial driving license, but federal regulations from FMCSA make trucking a more challenging career choice for younger Californians.

Data Capture Quoting 

When a company runs trucks and rigs for years and is monitored with cutting-edge analytics, an insurance company can use that information to create a very customized and very fair quote. However, the information being used by insurance companies is so overlooked that only the massive trucking companies see any benefit. How you operate your business may be completely different from how your competitors run their business, but the homogenized data that insurance companies receive says you are all the same.

Truck Insurance in Los Angeles California

Compare Rates

Sometimes finding good truck insurance in Los Angeles, California might be tricky. The best truck insurance comes from smaller insurers who can use your professional business information and that of your drivers and trucks to come up with a fairer (probably lower) quote. Compare the rates from Mona’s Insurance to rates from any insurers to find on Google and note how low Mona’s Insurance is compared to the others. 

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