Your CAB score as a motor carrier is tremendously important to insurance companies. This score is generated by the Central Analysis Bureau (CAB), which has been providing this data for over seven decades. As a transportation research firm, CAB collects millions of data points on carriers then calculates a rating that reflects risk.
High scores are negative, so here are three ways to lower your score:
1. Review Available Data
The CAB scoring system reflects variables such as violations, accidents, and claims history. Find out what areas need improvements then prioritize your commitments. You should aim to stay below the national averages, as the system puts alerts on records with above-average scores. All it takes is a few alerts to adversely impact decisions as to whether the insurer will provide coverage or not.
2. Prepare for Inspections
Another way to improve your CAB score is to keep vehicles in top shape so that they score well on inspections. Insurers often dig deep into inspection data to get a clearer view of how well a fleet is managed. Faulty lights are a common problem during inspections, so make sure you regularly check the little things as well as major vehicle components.
3. Reduce Violations
Smart technology is a wise solution for reducing traffic violations in the transportation industry. IoT data can be communicated in real-time to warn truckers when they are speeding. Fleet monitoring has contributed enormously to lower CAB scores.
Does your trucking company need to lower its CAB score to get better insurance rates? We have the knowledge and experience to steer you toward lower risk and lower rates. Contact our experts at PMC Insurance Group for a deeper discussion on your fleet situation. We are happy to assist you with all your business insurance needs.