09/29/2015
Rate Increases on Financed Premium Immanent
Steven Mark Beckett Jr, the President and CEO of Patriot Financial Services Inc, the company that operates www.Insurance-4-Trucks.com, a specialty insurance brokerage focused on the transportation industry, recently interviewed Matt Essary, the Vice President of Operations for one of the largest premium finance operations in the United States, US Premium Finance. Essary expressed his belief that the Fed will raise interest rates before the end of the year and that this will trigger industry wide rate hikes on the loans trucking companies utilize to finance their insurance premiums. The overwhelming majority of trucking companies currently to not pay for their entire year's insurance premiums at policy inception. Instead, insurance agents setup premium financing so the trucking companies can pay their insurance premiums monthly.
The good news for www.Insurance-4-trucks.com customers is that Beckett has vowed to not raise the rates on their customers. A major cost saving benefit Beckett hopes will attract more trucking companies looking to escape the 15%-19% interest rates competitors are expected to be charging by the end of the year. "We are realizing operating efficiency gains do to a rapidly increasing client base and thus are able to pass that savings on to our customers." adds Beckett.
