PRODUCT: HDVI Shift

COMPANIES: HDVI policies are written on Spinnaker Insurance Company paper.

BEST RATING: A-

AVAILABILITY: Appointed agents and brokers only.

FOCUS: Trucking insurance costs increased 47% over the past decade, according to the American Transportation Research Institute. Small to medium-sized fleets, operating at 3%-5% margins, bear the brunt of rising insurance costs, paying 300% more per mile than large fleets.

HDVI was founded in 2018 to inject innovation into commercial trucking, increase safety and reduce insurance premiums. The company has developed a proprietary risk model of more than 3.5 billion miles from 80,000 trucks to help agents identify more qualified customers to grow their business.

The risk model shows that HDVI customers experience 40% fewer predicted crashes compared to the industry average. The risk model also enables HDVI to see risk in “high definition" and move on from tired legacy variables—such as mileage estimates, credit scores and garaging state—toward a modern data-driven approach where rates are determined by actual routes and miles and driving behaviors like speeding and braking.

The result is more accurate risk assessment, customized insurance premiums and greater customer control over insurance costs.

COVERAGE DETAILS: With options and flexibility to customize their coverage to meet specific needs, HDVI offers core coverages that trucking companies typically need for operation, such as:

• Auto liability: Bodily injury/property damage at a $1 million limit with deductible options from $1,000 up to $100,000. Other coverages include uninsured motorist/underinsured motorist, hired auto and non-owned auto coverage.
• Physical damage: Collision, comprehensive and specific cause of loss coverage offered with deductible options combined with cargo at $1,000 to $10,000. Towing coverage up to $50,000 is available. Other supplemental coverages include guaranteed asset protection, non-owned trailer and trailer interchange, and enhanced physical damage coverage.
• Motor truck cargo: Cargo legal liability with limits up to $250,000 and deductible options combined with cargo at $1,000 to $10,000. Additional coverages offered include refrigerated breakdown and temperature control coverage.
• General liability: Premises and operations limit at $1 million per occurrence and $2 million aggregate. 

UNDERWRITING: HDVI has a unique ability to smoothly and quickly deliver custom-tailored quotes to potential insureds through a process called SafetyLookback, where fleets can provide a sample of telematics data and receive a quote within a matter of days. 

TARGET: Fleets of trucks with 5-250 vehicles. Coverage segments include dry van, reefer, flatbed, intermodal and dry bulk, such as belly dump, pneumatic, walking floor, chip and tilt-up.

COVERAGE AVAILABILITY: HDVI is currently available in 21 states, including AL, AZ, AR, CO, FL, GA, IL, IN, KS, MI, MN, MO, NC, OH, OR, PA, SC, TN, TX, UT and WI. The company expects to operate in 30 states by the end of 2023.

CONTACT: Justin Allen, director of business development, HDVI; 919-274-1343.

Will Jones is IA editor-in-chief.