Canal Insurance Review

Canal Insurance
Premiums
Claims
Feedback
Financial Strength



Looking for Business Insurance?
We Recommend Hiscox
Canal Insurance was founded in 1939 as part of the South Carolina Motor Transportation Association, with the goal of providing protection to long-haul truckers. Today, the company still specializes in insurance for specialty transportation, especially commercial trucking. Canal is headquartered in Greenville, South Carolina, where it was founded, and it offers protection to truckers throughout the country.

Canal Insurance sells products for fleets of all sizes. It also offers coverage for specialty vehicles like buses, limousines, and airport shuttles, although it does not insure taxis.

Canal is privately owned and employs a small staff of less than 500. In May of 2014, A.M. Best gave it a “negative” outlook, which shows the company may be having some financial difficulties.

Insurance Products

Auto Insurance

Canal Insurance sells several types of commercial auto coverage for vehicles, particularly those used for transit or hauling goods. Different packages are available for different fleet sizes, allowing companies to customize their coverages.

Liability coverage is offered for property and injuries, including Truckers General Liability and non-owned auto coverage. Policies can also cover damages to the vehicle itself.

Additionally, Canal Insurance offers some coverage for contractors like landscapers, plumbers, HVAC repair companies etc. These plans help offset some of the specialized risks faced by this type of company as workers drive to and from jobs.

Canal does not sell private auto insurance.

Canal Insurance Rates

Quote Test Results
N/A
Rate Test Details

Policies are sold through agencies, and there is no way to obtain a quote or policy online or through a customer service number. You can find an agent by clicking Find an Agent on the right-hand side of the page and choosing what type of coverage you need as well as what state you’ll be obtaining insurance in.

Claims

From the main Canal Insurance webpage, click Report a Loss to be taken to the online claims form. The form is brief and will allow you to input the necessary information and have an adjuster contact you to follow up.

In certain situations, such as those involving a fatality or serious injury, you should call the claims hotline instead at 800-452-6911.

Consumer Research and Complaints

Canal Insurance has an “A” rating on the Better Business Bureau site, with no complaints against it this year.

There aren’t many consumer reviews of the site, probably because it’s a business-to-business insurer. It also has a fairly small web presence: Although the main website is well-designed, the company’s Facebook page has under 100 “likes” and very little content.

Financial Strength

Rating Company Grade Financial Outlook
AM Best A- Negative
Fitch N/A N/A
S&P N/A N/A

Bottom Line

Canal offers a specialty product, and people with freight businesses may find that it’s a good choice. The company’s financial difficulties in recent times may be a point of concern, though; it’s worth looking at the A.M. Best report and deciding for yourself if you’re willing to take any risks.

For a list of companies that we recommend, visit our Best Insurance Companies page.

Best Insurance Quote Providers:

Review Information

Summary
Review Date
Reviewed
Canal Insurance
Author Rating
2

Leave a Reply

Your email address will not be published. Required fields are marked *