Should You Hop on the Ride with Commercial Truck Insurance?

The commercial auto insurance industry is rising more than ever. With around $46 billion in total revenue in 2019, there is a vast premium revenue potential for this industry. 

Don’t believe us? Let us try to change your mind! 

Today, we will explore one of the most profitable niches within the auto industry, commercial truck insurance. 

It looks like the market for this niche is just as large as the size of trucks.  

How big is the market?

For independent agents like you who are interested in making it big in the insurance industry, commercial truck insurance is your best choice. 

With e-commerce on a constant rise, this market has seen tremendous growth in recent years.  

Up to 70% of freight movement across the United States occur on commercial trucks. 

And it’s not just cargo and freight.  

Moreover, the food truck industry is on the rise as well.  

Think about all the insurance clients in this niche! 

The market is growing and investing in this niche will increase your book of business for the long haul. 

A recent study by HTF MI revealed that the commercial truck insurance market is expanding at a double-digit growth rate.  

The rates aren’t going to slow down anytime soon. They are, however, getting higher. 

The premium in the commercial trucking insurance could easily be $8000 to $12000 per year, says Tommy Ruke, president of IBC Inc.  

Wouldn’t it be sweet to land a big client in this niche? 

Will commercial truck insurance be a smooth ride for agents?

The rise in premiums has attracted a lot of young agents in the commercial trucking insurance. The lack of knowledge and inexperience could cost them even more.

In reality, it’s like any other insurance niche.

Learn what the brakes, accelerator, and clutch do before you start the ride.

If you are looking to invest in commercial truck insurance, educate yourself first.

Don’t be indecisive, put both your feet in the industry.

The regulatory changes when it comes to the trucking industry should be your first step.

Contact the FMCSA. Similarly research every nook and cranny about the trucking industry.

Take educational courses about the industry in your spare time too.

You will gain more edge against your competition.

So, you must know your stuff and be able to serve your client’s unique needs.

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!

After all it’s not just about the numbers 

The commercial trucking insurance is also all about building and maintaining a relationship with your clients.  

Make them trust you. In other words, show them that you are here to invest your time and efforts in their business.

Learn the things they must deal with, from operations to fuel expenses. You will then be able to decide what coverages your client will require.

Once you gain a few clients and experience, there’s only one thing left to do: Keep on Trucking!

Do you think commercial trucking insurance is a good niche? Comment below and let us know.

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!