What's Happening?
The Reliable Transportation Association (RTA) has introduced a new Physical Damage insurance program for commercial auto, backed by Lloyd's of London. This program is available in several states, including Pennsylvania, Ohio, New Jersey, Illinois, California, and Texas, with plans to expand to Georgia, Florida, and more by the end of 2025. The program offers coverage for owner-operators and fleets against various risks such as collisions, theft, and weather-related events. It is designed for safety-conscious operations, rewarding those with clean driving records and stable operations with competitive pricing.
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Why It's Important?
This new insurance program represents a significant development in the commercial auto insurance sector, providing tailored coverage options that align with the needs of modern transportation businesses. By leveraging Lloyd's of London's financial strength, RTA offers a reliable and efficient insurance solution that can enhance operational stability for fleets and owner-operators. The program's data-driven pricing model and streamlined digital platform reflect a shift towards more transparent and accessible insurance products, potentially setting a new standard in the industry.
What's Next?
As the program expands to additional states, RTA aims to strengthen its market presence and support its members with innovative insurance solutions. The focus will be on maintaining competitive pricing and enhancing the digital platform to ensure seamless access for agents and clients. The success of this program could encourage further innovation in the commercial auto insurance market, prompting other insurers to adopt similar approaches.
