Bound Insurance

The trucking insurance business is a tough market with many parties involved including; insurance company, insurance whole sellers, retail agents, finance companies, State and Federal regulators, banks (for financed trucks), freight brokers, and the client. We strive to get our
clients the best deal and the best policy to keep them working. Trucking is what we understand and what we do best.Regarding the client filing this complaint: A policy was cancelled when requested and there is a check in processEmails have been answered daily like any other client. We will continue to offer support and follow up until matter is resolved. Below I explain some complexities in the truck insurance market.The average premium for a truck insurance policy is about $12,000, if they can secure a policy. In most cases, insurance may not be attainable. Rates and eligibility are based on many factors including DOT inspection report history, driving record, credit, and accident history and limits of coverage.Since most trucking insurance companies don't want to deal with taking payments from clients, they request the whole premium to be paid up front for the whole year. Therefore, premium finance companies are needed. This is a difficult process to navigate, as agents we don't like it, but it is a necessary evil. After years of favorable history, truckers may qualify for more preferred insurance programs where they are billed directly by the insurance company (no finance company). A preferred insurance company's qualifying process may be tough and it will be based on favorable inspections, favorable DOT inspection history, etc.When new policies are started, it is sometimes in the clients interest to start a new finance note. Financing options are always explained in the startup process.Truck insurance companies usually cut checks for cancelled policies once per month. Due to the many parties involved, if a policy is cancelled, the return premium to the finance company may take from 60-days. Nonetheless, the premium is always returned to the finance company (therefore crediting the client). Depending on circumstances, the client may be obligated to make payments on an outstanding note. There is no way around this process. It is painful, but a necessary evil