How have your insurance rates changed over the last year?
July 1, 2002
LEDUC, Alta. - Insurance rates have always been a cause of concern for most owner/operators and fleet owners, and the tragic events of 9/11 have exacerbated the situation.Some major carriers have seen...
LEDUC, Alta. – Insurance rates have always been a cause of concern for most owner/operators and fleet owners, and the tragic events of 9/11 have exacerbated the situation.
Some major carriers have seen their insurance rates skyrocket by as much as 1,000 per cent according to insurance broker, Marsh Canada.
This has left carriers and owner-ops looking for creative new ways of insuring their most valuable assets – their rigs.
While some of the larger carriers are insuring themselves in an effort to contain costs, the Alberta Motor Transport Association (AMTA) has some ideas of its own. It is considering a reciprocal insurance exchange that would allow its members to pool their resources together and insure themselves for a fraction of the cost.
To see just how much sleep truckers have been losing over insurance rates, Truck News visited the Nisku Truck Stop in Leduc, Alta. Surprisingly, most truckers who took the time to answer our question haven’t yet been hit by rising insurance premiums. However, many of them aren’t taking consistent rates for granted, as they know just how quickly things can change.
Saskatoon, Sask.-based owner/operator, Gerald Beallie says he is thankful he’s still locked in at last year’s rates.
“I pay my insurance monthly and they haven’t gone up yet that I’ve noticed,” says the Rheinland Transport driver as he shined up his rims. “Right now what I’m paying is based on last year’s rates, but they’re due for renewal soon. So far they haven’t given me any indication of an increase,” he adds.
Beallie was waiting for a load while shining up his Pete. Anything that can be hauled on a flatdeck would do, he says.
Alberta native, Darren Larson, was also taking advantage of the nice weather to shine up his Pete at Nisku’s truck wash when he took a moment to discuss insurance rates.
He’s also been fortunate enough to avoid any major premium increases.
“They haven’t changed at all yet,” says the driver who specializes in oilfield/LTL cargo.
After washing his Peterbilt, Larson was looking forward to heading home to enjoy the weather.
Kevin Madden is a company driver for Trans-X out of Winnipeg, Man. He’s thankful he doesn’t have to worry about the headaches associated with unpredictable insurance rates. Even if Trans-X has been hit with higher insurance premiums, the company hasn’t burdened its drivers with the problem.
“My company hasn’t complained about it to me, but they don’t complain about anything,” says Madden, who hauls a bit of everything including meat and hazardous materials.
Nonetheless, he feels for the O/Os he talks to on a daily basis.
“The rates are really high and getting higher. I’ve heard a lot of complaints from owner/operators,” says Reid. n