Canal Miles and Test Drive: Redefining Truck Insurance

Idle time for a trucker is expensive. Not only does idling increase fuel costs and future truck maintenance repairs which translates into thousands of wasted dollars per year. According to the North American Council for Freight Efficiency (NACFE), a 10% reduction in idle time improves fuel efficiency by 1%. That equates to $500 to $700 saved annually. Idle time has hidden costs such as insurance premium. Most insurance companies charge premiums regardless of downtime or idle time. Canal Insurance, a leading truck insurance company, noticed this problem. Canal created programs to address idle time and save truck drivers thousands of dollars a year with Canal Test Drive and Miles Per Canal.

Many owner-operators or small fleets believe mileage based insurance policies are reserved for large fleets or require hours of monthly paperwork. Canal’s innovative programs give owner operators and small fleets the benefits of large fleet coverage without the headache.

What Is Mileage Based Truck Insurance

It’s simple: You pay for the miles you drive. That’s it. Most insurance companies don’t worry about your truck causing property damage or bodily injury when it’s parked, yet they still charge a premium. With a mileage based insurance policy your liability premium is calculated and charged to you based on the miles you drive.

Certain insurance coverage such as physical damage, motor truck cargo, and truckers general liability are charged at a flat rate per month. This reflects the constant need for these coverages. For example, a thief could steal your truck or your cargo when it’s parked causing a physical damage or cargo claim.

This translates into thousands of dollars saved each year. As an owner operator or small fleet manager, Canal’s mileage based insurance policy empowers you to calculate insurance premium into each trip.

Canal Test Drive – Coverage For New Ventures

Starting a new trucking company comes with its challenges. Perhaps the biggest concern is cost. Canal makes this easy with their Canal Test Drive program created specifically for new motor carriers with limited operating history.

Canal will assign an estimated annual mileage to each company and a rate per mile. Don’t worry, you can drive as many or as few miles as needed. This rate per mile matches multiplied by the estimated annual mileage equals your auto liability rate. Your insurance agent will break this down further for you.

But how does Canal Insurance collect your miles? This is another amazing cost-saver for new motor carriers: Canal Test Drive includes a Federal Motor Carrier Safety Administration approved ELD through their partnership with Samsara.

Miles Per Canal – Insurance For Experienced Trucking Companies

Canal’s Miles Per Canal program enables existing motor carriers with at least two years of operating experience to use their existing ELD or telematic device to automatically report mileage to calculate your insurance rate. Once your telematic data is shared with Canal, your job is to drive with peace of mind.

We recommend Miles per Canal to experienced motor carriers that operate regular routes or have dedicated lanes with predictable mileage. Your insurance agent can help you estimate your monthly cost based on your mileage.

Canal’s reporting process is easy, quick, and efficient. They do not require monthly paperwork or monthly truck reports. Just crank the engine for the ELD to register your odometer and you’re done!

What About The Down Payment?

Year after year, owner-operators and small fleets scramble to come up with a down payment. Some insurance companies and financing companies may require down payments as high as 20 or 25 percent!

Canal may have broken the industry with their innovative deposit on mileage based policies. Instead of requiring you to pay a set percentage in the form of a down payment, Canal offers a low initial deposit that moves with you as you renew your policy. No more renewal anxiety!

Advantages of Mileage Based Insurance

You run a unique trucking operation and your insurance coverage and payment choices should reflect that. A pay-as-you-drive trucking insurance policy is not for everyone. Carefully consider whether your trucking company would benefit from a mileage based policy. Here are the advantages of Canal’s mileage based insurance policies:

• Only pay for the miles you drive (no more paying for idle time!)
• No monthly paperwork
• No minimum monthly premium
• Very low initial deposit to bind coverage
• Initial deposit transfers to renewal policy
• ELD data from Samsara can calculate IFTA

How Do I Get A Canal Mileage Quote?

Trucking Insurance Services is an independent insurance agency with a vast network of trucking insurance companies including Canal Insurance Company. A licensed insurance agent will provide multiple top-notch insurance quotes that best fit your unique needs. Call 855-281-2924 to get a quote or submit a request online for a same-day quote.