What is Progressive Smart Haul?
A recent OverDrive article on truck insurance has generated a number of questions including "What is Progressive Smart Haul?"
Here's what you need to know:
Smart Haul is a program that allows Small Motor Carriers and Owner Operators the opportunity to save between 5% and 18% on their truck insurance by allowing Progressive access to their electronic logging device (ELD).
In most cases, it's been an average savings of $1,384 per year at new business.
The Smart Haul program can be applied to both new and current Progressive policyholders with 1-9 units in most states.
Here's what you need to qualify:
1. Your own USDOT number
2. Your own actively plugged in ELD
3. Primary Commercial Auto Liability on a "For Hire" vehicle
Here's how it works:
The Smart Haul application obtains your permission for Progressive to retrieve, retain and use the driving data from your ELD.
The application itself confirms the use of an ELD and any historical driving data, and this is what determines the amount of credit applied to the policy.
If someone has just purchased an ELD or is a new venture and doesn't have sufficient data to track, they still receive a minimum credit of 5% off the bat.
Someone with strong positive driving data would receive much more, depending on how safe their driving is relative to their peer group. An assessment then occurs before each renewal cycle.
Here's what I think:)
2022 Truck Insurance Trends includes an ATRI chart of the exploding truck accident litigation cases that all insurance companies wish to avoid.
Most of the high end verdicts are the result of patterns that Driving Pros like you don't even do. (I know you're a Driving Pro or you wouldn't be reading about this subject this far:)
Look, there's always going to be SOME accidents, and you might be surprised at how nonchalant Insurance Underwriters and Claims Reps can be on every day events. But there's a big difference between driving patterns that lead to major vs minor events...and this is primarily what all insurance companies hope to track. Driving Pros do well with this program.
Happy Spring Guys!
Shelly Benisch, TRS, CIC
Commercial Insurance Solutions Inc.