truck insurance exchange

Truck Insurance Exchange

Truck Insurance Exchange (TIE) is part of the Farmers Insurance Group (FIG). TIE is an insurer that has held an unlimited, normal license to offer insurance out of California since 1935. For over 85 years, people have put their trust in TIE and its services.

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Truck Insurance Exchange has written over 19 million policies, and they continue to be a top choice for truckers across the country.

How the Truck Insurance Exchange Works

TIE is part of FIG, and as an affiliate, they work in what’s known as “reciprocal insurance.” Reciprocal insurance has been around for over 140 years, and TIE works under this same concept.

As a trucker, you won’t notice much of a difference in the insurance you receive or your experience.

In fact, agents offer TIE to clients, but TIE isn’t a:

  • Mutual insurance company, nor
  • Incorporated

Instead, TIE relies on FIG for management and legal services while running independently. Why does this matter to you?

What this means is that TIE can offer more products and has greater flexibility than its competitors when offering services. All of this is done under the Subscription Agreement.

What Is a Subscription Agreement for Insurance? 

Subscription agreements are documents that name an attorney-in-fact, or AIF. The AIF accepts a fee to work on your behalf, and the fee is often around 20%, although it has been known to be lower, around 13% in some cases.

When you sign up for insurance, it’s different from standard insurers.

Since this is an Exchange, you become a “subscriber,” and your fee also helps pay the AIF. An Exchange allows insured parties to exchange coverage with others that are insured. The AIF handles all of the policy issuing on your behalf.

As a Subscriber, you are part owner in the Exchange and remain an owner for the entirety that you’re insured through the Exchange.

Before you become a Subscriber, you can request a quote from the Exchange to learn about:

  • Premiums
  • Coverage options

Truckers will join the Truck Insurance Exchange to meet the specific needs of commercial vehicles. Policyholders across the country seem happy with the service they’re offered.

Filing a Claim Through TIE

Farmers has made it easier than ever to file a claim. The Truck Insurance Exchange integrated the HelpPoint customer service system into their offering recently to enhance the claim process experience.

Subscribers have the option of filing claims by:

  • Calling the toll-free number, listed on your member’s portal, in your documents and on the company’s main website
  • Contacting your local agent to file a claim
  • Filing a claim through the online portal

A claims representative will walk you through the entire claim process and leverage any benefits you may have in your policy.

How to Get a Quote Through Farmers Truck Insurance Exchange

Farmers makes getting a quote as painless as possible. All you have to do is go to the Farmers official website and:

  • Select the type of insurance you need
  • Add in your zip code
  • Provide any additional details in the request

Once you provide all of this information, you’ll start going through the rest of the quote process. However, you also have the option of:

  • Calling the toll-free number to discuss your trucking business with a representative to find the best insurance for your needs.
  • Contacting a local agent may be beneficial if you need to file a claim or want to compare all of the available insurance options.

You’ll find multiple additions that you can add to your policy and ways to maximize your coverage for the lowest price possible. If you decide to sign up for a policy, you automatically become a Subscriber, and you’ll have the right to vote on the company’s future and make a real difference in the process.

Truck Insurance Exchange Reviews

What Policyholders Love

Policyholders have few complaints when dealing with Farmers, and they enjoy the commercial truck specialization options, which include unique coverage for:

  • Fuel-carrying vehicles
  • Food trucks
  • More

Base coverage provides peace of mind for liability, bodily injury, property damage, uninsured or underinsured motorist coverage and medical payments. Additionally, you can take out insurance for loading/unloading and tow and labor costs.

Reviews and Ratings

Farmer’s has an A+ rating on the Better Business Bureau, and they’re a financially strong entity. Discounts are a major selling point and can save truckers money if they have multiple policies. Most complaints are from traditional auto policyholders.

However, the quotes offered are often cheaper than the competition and a leading factor in truckers choosing to go with the company’s insurance.

Farmers Truck Insurance Exchange Update

Farmers Truck Insurance Exchange released their 2022 updates, and a few key points to know are that:

  • MetLife Auto & Home was acquired in 2021 and is offered through the Farmers brand
  • Customer satisfaction scores hit an all-time high in 2021
  • Feedback has led to a new way of working, with many employees working virtually
  • Farmers has a 100 score for workforce diversity

In addition to these key points, three ways for members to vote for representatives of the Exchange are now available. Subscribers can now vote:

  • In person during the Annual Meeting of Members
  • Online through your account
  • By appointing a proxy to vote on their behalf

The Truck Insurance Exchange remains committed to offering members the best policies. If you want to protect your trucking operation and need affordable, reliable insurance, get a quote from TIE today.                                

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