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Procurement Market Intelligence Report

Commercial Auto & Truck Insurance Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Commercial Auto & Truck Insurance?

What is the average price of Commercial Auto & Truck Insurance?

This procurement report includes pricing information to help you purchase Commercial Auto & Truck Insurance. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Commercial Auto & Truck Insurance been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Commercial Auto & Truck Insurance yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Commercial Auto & Truck Insurance?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Commercial Auto & Truck Insurance with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase Commercial Auto & Truck Insurance?

The commercial auto and truck insurance market has a low level of market share concentration, with the top four suppliers accounting for less than 30.0% of total revenue. ProcurementIQ estimates that about 42,500 providers offer commercial auto and truck insurance, including direct insurance carriers, agents and brokers. Due to the... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Trustworthiness

For agents or brokers, do you receive any commission from insurance carriers based on the amount of the premium written?

What is the average premium you process for businesses in markets similar to mine and of similar size?

What types of incentives do you give agents and brokers when obtaining new business?

Have you or your employees encountered any issues with trustworthiness during the past year? iI so, how did you rectify the situation?

Customer Service

How many customer service representatives do you have and what are their hours?

Can I service my policy through the insurance carrier's website?

Do your customer service representatives have the authority to resolve policy issues?

If you are an agent or brokers, what is the scope of your authority in handling policies?

What is your average renewal rate?

What is the rate of accuracy for claim, amendment and endorsement processing?

Timeliness

What is the average turnaround time from submitting a claim to a payout?

How long does it take from submitting an amendment request or endorsement to having the change take effect?

What are your renewal procedures to prevent lapses in coverage?

What are your standard procedures for claims, amendments and endorsements?

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Key elements for every RFP

What should my Commercial Auto & Truck Insurance RFP include?

Project Budget

Buyers should indicate their expectations for premiums.

Buyers should disclose any preferences regarding deductibles.

Buyers should specify their expectations for payments, including schedule and method.

Buyers should reference the Benchmark Price section of this report for more information on pricing factors that affect premium levels.

Selection Criteria

Buyers should evaluate vendors based on their experience providing commercial auto and truck insurance.

Buyers should consider the qualifications of providers.

Buyers should evaluate the timeliness of vendors.

Buyers should assess vendors based on their service and support offerings.

For details about key criteria buyers should consider when evaluating potential providers, see the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should include the dates that they expect insurance coverage to begin.

Buyers should indicate whether they prefer a six-month contract or a one-year contract.

Buyers should disclose any preferences for contract renewal.

Buyers should supply a list of any relevant solicitation milestones, such as submission deadlines and contract notification dates.

Evaluate major factors to mitigate risk

How risky is the Commercial Auto & Truck Insurance supply chain?

Supply chain risk in the commercial auto and truck insurance market has been moderate during the past three years. This level of risk typically reduces buyer power because it means that providers are more likely to experience upstream disruptions to their supply chains. Therefore, providers may be less willing to... Subscribe to learn more.

HIGH

MEDIUM

LOW