Canal Insurance Reviews 2022| All you need to know

canal insurance reviews policy
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It was Thomas Wolfe who said, “there’s no need for algebra where two and two make five”. This goes for Canal insurance as well.

Canal Insurance has a 3.5 out of 5-star rating based on over 95 anonymous employee reviews. 53% of employees would recommend Canal Insurance to a friend, and 60 percent are optimistic about the company’s future.

Over the last 12 months, this rating has dropped by -10%.

Canal Insurance Company, which is 82 years old and has a bright future ahead of it, has announced plans to expand operations in Greenville County by relocating to a new headquarters location on North Main Street in downtown Greenville.

The move is in line with the commercial truck insurance company’s current and future growth plans.

It was also rated A- (Excellent) by A.M. Best, which specializes in commercial trucking and other specialty transportation operations.

The company offers a wide range of insurance products and services, including auto liability, motor truck cargo, physical damage, trucker’s general liability, and risk management services.

Are you thinking of a future with Canal insurance? Or are you simply trying to compare Canal insurance with a different type of insurance? This article would fully break down the canal insurance reviews.

What is Canal Insurance

Canal Insurance was founded in 1939 to meet the growing long-haul trucking industry’s needs.

Initially owned by a bank to cover vehicles financed by the bank, an insurance agent purchased the company in 1939 and began independent operations selling to the general public.

By 1960, the company had expanded to 42 states and was running a very successful business. The company’s headquarters remain in Greenville, SC, though they have moved to larger headquarters buildings over the years.

Canal provides coverage for a wide range of trucking operations, including fleets and single trucks.

Agents sell policies all over the country.

When we visited the Canal website, we discovered that it was not functioning properly, with incorrect links and some pages that did not load or took several attempts to load.

This is a frustrating experience for a reviewer, and even more so for a customer.

What Products does Canal Insurance offer?

The Canal insurance programs are divided into fleet size categories and are entirely focused on commercial trucking operations.

  • Express is for fleets of 1-10 trucks
  • Mid-Fleet is for fleets of 11-50 trucks, and
  • Fleet is for fleets of 51 or more trucks.

General trucker’s liability, cargo/freight insurance, physical damage, and, of course, all commercial auto policy standards are covered. This includes automobile liability for property damage and bodily harm. Canal’s truck insurance program also includes comprehensive roadside assistance, including a mobile mechanic, towing, tire changing, and other services.

Fleets of 11 or more can supplement the standard cargo/freight coverage with enhanced cargo/freight coverage. The cargo coverage is extensive and can be tailored to individual needs. There is also a single deductible option for the cargo/freight and physical damage coverages.

Aside from coverage, Canal offers its Risk360 safety program, which includes a variety of related services such as fleet monitoring and safety education.

In addition, you must know that Canal Insurance is under the industry of-

  • Insurance Carriers
  • Insurance Carriers and Related Activities
  • Finance and Insurance
  • Fire, marine, and casualty insurance and carriers
  • Automobile insurance

How to Get Rates from Canal Insurance?

Canal does not provide online quoting, which is unusual for a company of this size.

Commercial auto insurance, particularly this type of coverage, is very specific, so it is much better to get a quote from a representative or agent who can answer your insurance questions.

Quotes can be obtained by contacting a Canal agent; a search function is available on the website for this purpose. Experts determined that the company’s balance sheet was in a strong but volatile state. This is due to the company’s above-average equity investment.

It’s important to remember that, while Canal Insurance has a good reputation among truckers, it’s been a long road. The company is a property provider as well as an underwriter of casualty insurance. It is primarily useful in the commercial trucking industry. You can typically get rates from Canal Insurance in terms of physical damage, cargo, and liability coverage.

How to File Commercial Trucking Claims

To report a loss, go to Canal’s website and fill out the online form.

Claim documents can also be attached to the form when it is submitted, or they can be sent in another way, such as by fax or regular mail.

There is a toll-free emergency claim line available 24 hours a day, seven days a week.

The website advises using this number immediately in the event of a hazardous spill, serious injury, death, or claim involving refrigerated cargo.

However, it appears likely that it can be used for any claim if the customer prefers to speak with someone.

In terms of claims processing or services, they provide no additional information.

Why is there a Downgrade in Canal Insurance?

Before 2011, the Canal Group’s significant loss reserve development reflected downgrades. It resulted in lower operating returns and higher underwriting losses.

In fact, from 2007 to 2010, the company experienced significant negative development in its commercial vehicle loss reserves.

They primarily used the loss reserves during the years of car accidents.

The results of the accident year increased competition and weakened macroeconomic conditions. Both factors contributed significantly to the Canal Insurance’s demise.

What are the ratings and customer reviews of Canal Insurance?

Canal Insurance has a B+ rating with the Better Business Bureau (BBB), and there have been five complaints filed against it in the last three years.

The lower rating is explained as a result of a failure to be transparent about ownership, location, or products/services provided.

There is no further explanation provided as to what the specific issue with this company was.

The number of complaints is low. The only customer feedback we could find was on Yelp, where there were four one-star ratings. These complaints center on claims not being paid and unprofessional service.

AM Best recently upgraded Canal Insurance’s financial strength rating from B++ (good) to A- (excellent?). It affects the long-term insurance rating of Canal Indemnity and Canal Insurance, known collectively as “Canal Group.” The higher rating demonstrates the strength of Canal’s balance sheet.

AM Best has determined that its balance sheet and credit rating are stable and stronger than in the past.

It’s worth noting that commercial auto policies account for more than 85% of total premiums. A network of independent agents sells the company’s products in 40 states, with a focus on the Southeast and Southwest.

We couldn’t find much else about Canal, which is understandable given that this is a common type of insurance company.

However, this is discouraging to potential customers, given that a company with deep roots has a history of reputation and service.

Frequently Asked Questions

How does Canal insurance TestDrive function?

Canal insurance TestDrive is a pay-as-you-drive program that includes a telematics device provided by Samsara and delivered directly to you by Canal Insurance Company.

Following the installation of the device on your truck, they will electronically report the miles driven every month to calculate the insurance cost.

Are all of my coverages calculated on a per-mile basis on Canal insurance?

Only the auto liability coverage is billed per mile. All other coverages (such as physical damage, cargo, and truckers’ general liability) will have a fixed premium paid in equal installments.

Each month, your bill will include both the auto liability charge based on the number of miles driven and the fixed premium for the other coverages.

What factors influence my Canal insurance rate?

The characteristics of your policy, like those of most insurance products and coverages, determine the rate that is charged to the insured.

This could include things like your driving history, the routes you take, the type of operation, the location of the garage, and so on.

Changes to your policy, such as the addition of a vehicle, can also affect the rate charged during the term.

How does Canal calculate miles?

Canal calculates your mileage using a telematics device that is plugged into and connected to your truck.

After you install the device, the miles you drive are electronically and automatically transmitted to Canal. Canal’s recorded miles can be found on your monthly invoice.

What happens if I don’t drive my truck for an extended period?

You will not be charged during periods when your truck is idle and the device is transmitting data.

However, it is recommended that you contact Customer Support at 888.504.1688 and provide a time estimate for when you will be back on the road.

It’s also a good idea to turn on your truck and run the engine for at least 5 minutes on the first and last days of each month to ensure that information is transmitted.

Conclusion

With some BBB complaints and a website that wasn’t working properly at the time of our visit, we didn’t leave with a favorable impression of Canal. Their complaint volume is low, but the other issues are concerning.

Customers may want to look elsewhere for an affordable rate and online quotes for a commercial policy, given the importance of coverage for commercial trucking operations.

Overall, after improving its credit rating, Canal Insurance Company has invested in technology to improve its operational capacity and product management capabilities.

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