The problem with commercial truck insurance is also the technology meant to improve it: Automation. Thanks to technology, semi-truck insurance companies no longer have to do some business-critical tasks manually. One such task is finding the most-profitable premium to charge for a policy. Just by inserting some variables into a program, they can find that “suitable” insurance rate for truckers.
This process is called “price optimization.” It’s an excellent development — for profit maximization, but not for the customers. Earnix, a global leader in price optimization, performed a market survey in 2013. They revealed that 26% of all auto insurance companies in North America optimize their prices.
Now, for the other part of the story, the Consumer Federation of America (CFA) and the Center for Economic Justice consider this process discriminatory. This is because it is a biased way of charging customers, and they want the process banned.
Insurance companies that serve commercial trucking businesses find that when they decide on the premium to charge for an insurance policy this way, they get more profit. Because that’s the idea: How much can you charge the customer before they decide to try an alternative? But there are alternative semi-truck insurance companies that don’t do this. Instead, they use manually generated fair rates.
Customers of such insurance companies end up saving more on their insurance premiums. Elite international insurance services, an exceptional semi-truck insurance company, is one of those. They find their rates using old-school tools and prepare each quote manually. They are a commercial semi-truck insurance company that empathizes with its policyholders.
This empathy drives their fervency to serve customers more fairly. They show this by providing policyholders with substantial savings. Customers get rate savings from a minimum of 17% to as high as 27% — and they notify trucking companies of these savings. A great option worth considering for cheap semi-truck insurance.
Currently, Elite International Insurance Services provides these savings on trucking company insurance and independent truckers insurance in Arizona, California, Colorado, Florida, Illinois, Iowa, Kansas, Michigan, Minnesota, Nebraska, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, and Washington.
This is commercial truck insurance at a professional level with an ethical insurance provider that serves fairly and provides an extensive range of insurance solutions. Business truck insurance policyholders get taken care of with utmost refinement and compassion.
About Elite International Insurance Services: A heavy truck insurance company that laid its foundation 25 years ago, and since then has been continuously expanding its footprint. What sets them apart is their consultative approach, educating customers on their insurance and the gains they can get. They don’t do this just to market their products, but to sell the ultimate transportation protection, knowledge, and expertise.