The CAB Tells All
That time of year can be very stressful for some people. Yes, that time of year I am speaking of is the renewal of your insurance policy. A helpful way to smooth the transition from policy to policy each year is taking care to understand what information is made available by FMCSA (Federal Motor Carrier Safety Administration).
One service in particular plays a critical role in how insurance underwriters understand the health of your trucking operation, ultimately affecting pricing decisions on your trucking insurance. CAB or Central Analysis Bureau is a website that extracts data from FMCSA and interprets it to show trends, issues and improvement. Everything that happens during the policy term from accidents, inspections, and even your unit count is noted on this page.
Why is this page so important you ask? The service is one of the best tools utilized by underwriters to determine what kind of rate you will get when it comes to insurance premium. They can see if you are staying within your radius you stated, and underwriters can even see the units that are inspected while running under your authority and ALL accidents involving one of your scheduled units is on there as well.
When I say that they can view an inspection, I mean they can see what unit was inspected, where it was, who was driving, and most importantly….the results of the inspection. Your CAB page summed up is a reflection of how you run your trucking company. Do you take pride in following all FMCSA laws and regulations? Are you doing what you say you are doing on your application?
All of this information is crucial when it comes to renewal time. Underwriters essentially want to understand how you are operating your trucking company. This will be the primary basis coupled with losses of understanding the appropriate price to pay for your truck insurance.