Hello all. I have my insurance renewal coming up in the next few weeks. Currently, I have progressive and so far my experience with them has been great. Their service is quick and top-notch. Progressive has sent a renewal quote which is a lot better than what I paid for the current policy period (had a loss in 2018). However, an agent provided me a quote from Canal Insurance Company and I have got to say that I was shocked. Canal's quote came at $15000 cheaper than progressives, however, I am a bit concerned about their A.M. Best rating which is B++. Do any of you guys have experience dealing with Canal? How are they with servicing claims? Easy to deal with? How do brokers like them? Were you ever refused a load because of your insurance ratings? Any and all information would be greatly appreciated!!
I am an underwriter for Berkshire Hathaway......we have a saying that there is a cost to get A++ paper. This is a perfect example......Canal has been around for many years....used to be a family owned company, but their writings have gone down in recent years because their experience eroded......now they have to "BUY" business at a price that won't support their losses......so logic says the spiral will continue.
Right, I do believe that sometimes you have to pay extra to get extra. But in this case, it also means I can add an additional truck with the difference between the two. That additional truck means more potential profit. But then again, it all does not matter if the insurance cant service a claim when it arrises or if the brokers or the customers will not accept the insurance because of the ratings.
Also, I was told that they are backed up State National Insurance Company and in my quote, there is a coverage option for Assumption of Liability. Do not know if that will help....
Well, that's good to hear. I have tried to look on TTR forum but the is not much about them on here. Thier google reviews not the best
Are you pulling broker freight or your own customer? If broker then you need to find out what their minimum rating is. Broker I pull for has a “A” minimum.
