AequiCap Auto Insurance Review

AequiCap Insurance Agency specializes in commercial auto insurance policies. The average cost of commercial coverage is $304.83/mo, but comparing quotes may reduce your rates.

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Company Details

Address:

3000 W. Cypress Creek Road

City:
Ft. Lauderdale
State:
FL
ZIP Code:
33309
Phone Number:
(855) 256-7700
Year Founded
1985
AM Best Rating:
C++
Company Rating 0 (0 reviews)

Mathew B. Sims is Editor-in-Chief and has authored, edited, and contributed to several books. He has been working in the insurance industry ensuring content is accurate for consumers who are searching for the best policies and rates...

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Written by

Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance...

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Reviewed byDaniel Walker
Licensed Insurance Agenthttps://res.cloudinary.com/quotellc/image/upload/insurance-site-images/aiorg-live/d98a9f52-daniel-walker.png

UPDATED: Apr 23, 2020

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Things to remember...

  • AequipCap Insurance Agency was first licensed in 1985
  • All AequiCap policies were written in-house with a “C++” AM Best rating or through non-rated admitted carriers
  • AequiCap maintains an exceptionally user-friendly website which makes it quite easy to apply for positions with the company

AequiCap Insurance Agency was originally licensed in 1985. Previously, the company operated under Transportation Casualty Insurance Company and boasts of 25 years in the business with over 75 years of operating experience. AequiCap is licensed in Florida, Georgia, and South Carolina.

This auto insurance company specialized in commercial automobile insurance focusing mainly on medium to extra heavy trucks, taxis, limousines, and black cars. As a commercial auto insurance company, they offered competitive auto insurance rates and quotes for individual and fleet operators.

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AequiCap Policies for Trucks

All AequiCap policies were written in-house with a “C++” AM Best rating or through non-rated admitted carriers. Liability limits ranged from $300,000 – $1,000,000.

The company insured single rig operators and fleets of up to 500 trucks.

Requirements to obtain a policy included registrations, inspections, and photos of all vehicles over five years old. They analyzed all motor vehicle records before new drivers were added to policies. At this time, they are no longer writing new policies.

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 Claims

The Claims Department of AequiCap provided their own adjustors, complete claims investigations, on-scene analysis and reconstruction of the event as well as background checks and surveillance as necessary.

The company currently maintains in-house legal and litigation management and nurse case management for review of claims.

Claim payments are processed automatically after review. However, the statement from the driver, claimant and policy holder must be provided. AequiCap believes in pursuing the collection of monies due by negligent parties. The company maintains a bilingual staff and provides 24 hour, seven days a week claims hotline.

What Changed

AeqiCap also maintained a subsidiary company called AequiCap Risk Managers who ensured loss control. They provided “How’s My Driving” stickers with a 24-hour toll-free hotline to report drivers.

On-scene investigation kits were given to all policyholders in case of accidents. These kits contained the necessary forms to be completed, a disposable camera, instructions for completion, and a postage paid envelope for return of items.

A driver’s guide to the Federal Motor Carrier Safety Regulations was also provided to all policy holders as well as quarterly loss analysis reports. Safety consultations and classes could be administered as well as Drug-Free Certifications. Reporting fraud was encouraged through email or through the hotline.

 Policyholder Benefits

As a policyholder, you were provided with designated benefits. These benefits included automated filings with the Interstate Commerce Commission and state regulatory agencies. Automatic Motor Vehicle Records scoring was also provided. On-line quotes were given while the company was still writing policies.

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AequiCap Policy Cancellations

All AequiCap policies were canceled as of April 6, 2011. The company was required to be liquidated per the Leon County Florida Department of Financial Services. The county ordered the company into rehabilitation on February 28, 2011, but to no avail.

All persons filing auto insurance claims have until March 7, 2012, except in the cases of those pursuing lawsuits where there is no deadline.

AequiCap is required to provide loss runs to its policyholders. Loss runs are the difference of losses from the time the holder was insured until the end of the policy.

The Role of the Receivership

Since Leon County was appointed as the receivership of AequiCap, they have certain responsibilities they must uphold. First, the receivership ensures the employees of AequiCap receive compensation.

As receivership, the county will obtain and distribute funds as they see fit. For example, they will use these funds to transfer policy obligations or deposit and invest assets. The county notified policyholders of cancellation and will continue to assist in replacing insurance coverage.

AequiCap Location and Contact Information

AequiCap is located in Ft. Lauderdale, Florida. The location houses all of its agents, and all information flows through this paperless company.

The agency claims its agents are members of American Association of Managing General Agents (AAMGA), the Better Business Bureau (BBB) and Florida Association of Insurance Agents (FAIA), Independent Insurance Agents.  Brokers of America (IIABA), Latin American Association of Insurance Agencies

In addition, the Brokers of America (IIABA), Latin American Association of Insurance Agencies (LAAIA), Taxicab, Limousine, and Paratransit Association (TLPA), and the National Association of Professional Surplus Lines Offices (NASLO) are also members.

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

Contact Numbers:

  • General Information (855) 256-7700
  • Underwriting (954) 529-2000 or submit via e-mail
  • Claims (855) 254-1122
  • Compliance (853) 256-7700 or submit online

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State Contact Information

If you are a policyholder with AequiCap and need additional information regarding the liquidation, you should contact the state’s Property and Casualty Insurance Guaranty Association.

However, the state of Georgia requires you call their Insurer’s Insolvency Pool. Below are the contact numbers depending on the state you reside in:

  • Florida (800) 988-1450
  • Georgia (770) 621-9835
  • South Carolina (803) 799-1560
  • Oklahoma (405) 843-5454

Careers at AequiCap

AequiCap maintains an exceptionally user-friendly website which makes it quite easy to apply for positions with the company. AequiCap employs approximately 500 employees.

Currently, on their site, they are looking for insurance defense attorneys for litigation of commercial auto insurance defense cases and legal secretaries. The company offers a competitive salary and 401k retirement program.

Individuals interested in positions being offered can e-mail their resumes online. Although the company is currently being liquidated, they are still pursuing current lawsuits for policyholders.

The deadline for filing claims is not until March 7, 2012. Although AequiCap was once a leader in the commercial auto industry with competitive auto insurance rates, its existence will be coming to a close.

You can get online auto insurance quotes from active providers by entering your zip code into our FREE rates tool now!


One Review

  1. Carin August 25, 2015

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