How We Saved This Trucking Company $180,000!

Alright guys, I'm Hunter with Nelson Insurance. I'm going to talk about how we saved the client $180,000 a year on their truck insurance renewal. Now granted, 180 grand is not your everyday thing. I mean to be even paying 180 grand is a lot. We had a big renewal here with this guy or this guy had a big renewal and we were able to lower it by $180,000. So this guy had had a fairly rough year with claims these amount of accidents and and then his safety scores were not very good. This is what caused the renewal with Progressive to go from a hundred thousand dollars for six trucks to a278,000 renewal with Progressive. Now he had had the rough year in 23 renewed nothing. Then his I'm sorry in 24 got the renewal, nothing. 25 renewal came up clean year loss or his scores had gone down. And sure enough Progressive had either just found out about this stuff or they just read it for it. Whatever the case is, decided to go crazy with the renewal. Now obviously six trucks and 100 or $280,000 is an absurd amount. I mean really, you place them anywhere you're going to be a lot lot cheaper. But here's what some, here's some things that we did and some things the insured did to help really get this back down. Because even after a rough year he was able to keep his premiums basically exactly the same of where he was. So first off there's an ISO score. You guys have cab. I'm sorry Insurance companies have cab, brokers have cab. It is safer on steroids. They can see all your inspections, your violations, everything you get rated off a score of. It's called the ISS score. His was an 80 some and 100 being the worst one being the best. Worked with Aladdin, a risk management company compliance company brought it back down to about a 40ish. Did that in about six months. That investment into safety saved him a ton of money and he's going to be running his company better. And on top of that had that rough year claims got the fix, fired some drivers, brought them to new guys, put some safety bonuses and some repercussion to play for for at fault violations and accidents really when he did that, had a clean year, safety scores dropped. It made it really easy for us insurance agents to go in there at renewal and tell a story. Hey, rough year here, right? Here's what's been done to make sure this doesn't happen again. And this is important with knowing what Insurance company and what insurance agent you're shopping with, you go back to a geico, they're going to rate those claims. And you could tell an underwriter all you want, they don't care. The price is whatever the system puts out. So we end up going to an insurance company called Cimarron. Cimarron is an insurance company that rates purely off what the underwriter says. They get to choose their own rating. They hold what's called the pen, they go in there, underwrite it, get to choose what they want, and they get to choose that price. They have a little template there of like, hey, this is the case, blah, blah, blah. But they actually get some say in the pricing now. So it in there, we got a really good story. The guy came in, sat down with us, we ran through everything on, hey, what have you done? I can see this stuff happening, what's going on? And he started walking us through all this risk management. We got the risk management documents, everything. Got a really nice, pretty submission put together for underwriting. Sure enough, in a couple days we said, hey, we need to be around $100,000. Sure enough, $104,000 is what we get for the quote. And they were able to work with us on it. We were able to explain everything that's going on. And we got them an A plus rated insurance company at $180,000 cheaper. A lot of these insurance companies that had not what's called common sense underwriting that systems in place and all this stuff and whatever that system puts out as the price nobody was being, nobody was competitive on it or a really good option. So by having a good relationship with these underwriters and by us telling good story, knowing how to prepare this stuff, we were able to really put together a fantastic option. Help this guy, you know, I mean, just, I mean, 280 grand for six trucks is just absurd. And so I wanted to just tell it story, just give you guys kind of an idea on this. Some things you can do if you guys are running into a big renewal or you just got a funky situation kind of like this, hey, we had a rough year, but here's what's being done now. That, that stuff we can, insurance agents can walk or can, can improvise and find solutions to. Again, it's got to be funky situation. It's got to be improving. You guys go in there and you say, I got, I got an accident every other month for the last five years. Yeah, I mean, good luck, right? You can't explain it to an underwriter. And hey, here's what I'm going to be doing better because the last five years of history shows you haven't done anything. So that is, that is a good thing to keep an eye out for. What, what are your safety scores look like? What is your insurance claim history look like? What could be doing to get to improve that? Finding an underwriter or finding insurance agent who has an underwriter who they have good relationships with. I've actually met a lot of my underwriters in person. I go up to their location, I'll go, I'll go meet my agency rep or my marketing rep, maybe sometimes the CEO, the head guys, and then go meet the head underwriter and they call the shots around there. So I can go in there with a story, say, hey, so and so had this happen. Here's what's being done to improve it, and blah, blah, blah. So, yeah, so that was a good story. If you guys have any questions on it or want to see what we can do for you, just reach out, let me know. Again, I'm Hunter with Nelson Insurance. Appreciate you guys watching.