Aequicap Auto Insurance Review

Officially licensed in 1985, the Aequicap Insurance Agency was originally owned and operated through the Transportation Casualty Insurance Company, which boasts over 75 years in the insurance business, primarily through commercial vehicles. Aequicap auto insurance is sold in the southeastern states of South Carolina, Georgia and Florida as well as Oklahoma.

Aequicap specializes in selling insurance for medium to heavy trucks and trailers, limousines, hearses, taxis and other commercial vehicles.

They cater to the needs of commercial establishments and offer both individual and fleet auto insurance plans at competitive rates.

You can compare Aequicap auto insurance plans with any other commercial auto insurance plan. Just enter your zip code into our free comparison tool and you can get a list of quotes and policy information for all the insurance providers in your area. You can then make an informed decision about whether or not to choose Aequicap for your auto insurance policy.

Aequicap Contact Info and Location

Headquartered in Ft. Lauderdale, FL, the main office houses all of the company’s agents. All Aequicap agents are members of one or more professional groups, including:

• AAMGA (American Association of Managing General Rights)
• BBB (Better Business Bureau)
• FAIA (Florida Association of Insurance Agents)
• IIABA (Independent Insurance Agents and Brokers of America)
• LAAIA (Latin American Association of Insurance Agencies)
• TLPA (Taxicab, Limousine and Paratransit Association)
• NASLO (National Association of Professional Surplus Lines Offices)

Aequicap is located at:

3000 W. Cypress Creek Road
Ft. Lauderdale, FL 33309

There are several contact numbers for Aequicap depending on what exact service you need:

General Info: 855-256-7700
Compliance: 853-256-7700
Claims: 855-254-1122
Underwriting: 954-529-2000

Additionally, you may need to contact the Property and Casualty Insurance Guaranty Association in your state if you need to get an insurance payment. Below are contact numbers, by state, for the PCIGA.

Florida – 1-800-988-1450
Georgia – 770-621-9835
Oklahoma – 405-843-5454
South Carolina: 803-799-1560

Information on Policies

• Trucks

All Aequicap truck policies have liability ranging from $300,000 to $1,000,000. Fleet insurance policies can cover up to 500 trucks for a reasonable rate. Truck policies have a C++ AM Best rating, which is just shy of no good, meaning that Aequicap is on precarious financial footing.

To receive a truck insurance policy, you must submit registration, inspection and photo information of all vehicles covered by the policy. Insurance agents will look at motor vehicle records before adding new drivers to any policy.

• Taxis

Aequicap taxi policies have an “A” rating with AM Best, indicating a sound financial footing for this aspect of the company. However, Aequicap taxi policies are only available in Florida. They can be purchased for large fleets as well as small taxi businesses. Flexible payments and good customer support combined to make these policies sound choices.

How Aequicap Claims Work

Aequicap has a separate claims department with its own adjustors and investigators who conducted on-scene analysis to determine fault and damages. The claims department also handles litigation management for severe cases as well as conducts its own surveillance and background checks as it deems necessary.

Once reviewed by the claims department, payments are processed automatically following the collection of statements from the driver, policy holder and claimant. Aequicap puts forth extra effort to collect money, whether you owe it or whether it is owed to you. It maintains a bilingual staff and a 24/7 claims hotline.

Additional Services

In addition to offering auto insurance, Aequicap provides a few additional services for a little extra cash. These include:

• Compliance audits
• Motor vehicle records analysis
• Background checks
• Investigation
• Operator training
• Vehicle inspections

Policyholder Benefits

Policyholders with Aequicap have certain benefits, including:

• Automated filing with the Interstate Commerce Commission as well as other regulatory agencies
• Automatic motor vehicle records scoring
• Free online price quotes

Loss Control

Aequicap took loss control very seriously and maintained a separate subsidiary to prevent loss. Aequicap Risk Managers, as they were called, distributed on-scene investigation kits for an accident including necessary forms, a disposable camera and instructions. This kit also contained a Federal Motor Carrier Safety Regulations driver’s guide and sent out loss reports every quarter.

Major Changes at Aequicap

As of April 6, 2011, Aequicap policies were canceled and the company was liquidated. It is currently owned by Leon County and in rehabilitation to bring back its financial strength.

People with Aequicap policies have until March 7, 2012, to file any and all claims with Aequicap. People currently pursuing lawsuits related to Aequicap have no deadline. In this process, Aequicap is required to provide loss runs, or the difference between how much money was lost and how long the owner was insured, to policyholders.

For its part, Leon County has been appointed as Aequicap’s receivership. This means that Leon County must provide compensation to all Aequicap employees and distribute funds to make the company functional again through paying off policy obligations and sound investments. The county must also assist former clients in replacing their insurance coverage.

Aequicap Careers

Despite being in receivership, Aequicap is still a great place to work. With about 500 employees, an on-site fitness center and a user-friendly website, it is easy to find a place at this insurance company. The company is currently seeking insurance defense attorneys for help handling litigation in the wake of the receivership. In addition to a fitness center and great company atmosphere, Aequicap pays competitive salaries and provides a 401k retirement program.

Anyone interested in a career with Aequicap can email a resume today.

While Aequicap may be struggling now, don’t count it losing out completely. It may be back. In the mean time, if you want to take your chances with Aequicap or if you want to choose a different auto insurance company for your commercial vehicle or fleet, use our free comparison tool! It’s fast, easy, and all you have to do is enter your zip code and other information. Begin comparing insurance policies now!