Home Guides Commercial Truck Insurance

Truck Insurance Renewal After Year One: How to Prepare a Stronger Submission

Prepare for commercial truck insurance renewal after your first year: loss runs, CSA data, drivers, equipment, mileage, broker requirements and quote comparisons.

Owner-operator reviewing commercial truck insurance renewal documents, loss runs and safety records
On this page 30 sections
  1. 01 What changes after the first year
  2. 02 Renewal is an underwriting event
  3. 03 The renewal submission should reconcile nine operating facts
  4. 04 Start with loss runs
  5. 05 Claims are not the only safety evidence
  6. 06 A violation should have a corrective-action story
  7. 07 Correct inaccurate SMS data before renewal when possible
  8. 08 Review every driver before the application goes out
  9. 09 Equipment changes should be reconciled VIN by VIN
  10. 10 Physical damage is where quote comparisons often become misleading
  11. 11 Cargo coverage needs a real commodity review
  12. 12 Broker requirements should be part of renewal design
  13. 13 The FMCSA filing is separate from the certificate you send a broker
  14. 14 MCS-90 is not ordinary cargo or collision coverage
  15. 15 Insurance filings need continuity
  16. 16 Motus changed the registration-system environment in 2026
  17. 17 Do not confuse policy cancellation rules with your renewal shopping timeline
  18. 18 A practical 90-60-30 renewal calendar
  19. 19 What a stronger underwriting submission looks like
  20. 20 Safety improvements need evidence
  21. 21 Scenario: one clean year, but the premium still rises
  22. 22 Scenario: a cheaper quote removes something important
  23. 23 Compare quotes with one worksheet
  24. 24 Financing the premium affects real cost
  25. 25 Do not shop by submitting inconsistent applications
  26. 26 The incumbent has one advantage: history
  27. 27 The competing insurer has one disadvantage: it must learn the account
  28. 28 What not to promise yourself after year one
  29. 29 The renewal file should survive an audit of your own assumptions
  30. 30 What year-one evidence should change at renewal
Quick answer

The essential point

A first-year trucking insurance renewal should be treated as a new underwriting submission, not an automatic extension of the startup policy. Before renewal, reconcile drivers, trucks, trailers, mileage, operating radius, commodities, garaging, contracts and coverage limits; obtain current loss runs; review SAFER/SMS and correct inaccurate data; document safety improvements; and compare quotes on equivalent terms. Do not assume year two will automatically be cheaper. Claims, driving history, operations, market conditions and verified exposure can all affect renewal pricing. Keep FMCSA insurance filings continuous if changing insurers so authority is not put at risk.

Key takeaways

  • Year-two pricing is not guaranteed to fall simply because the authority is older; insurers re-evaluate the current risk at renewal.
  • A strong submission reconciles actual operations with the application: drivers, equipment, mileage, radius, commodities, garaging, revenue and safety history.
  • Current loss runs should be reviewed before marketing the account so the carrier can explain claims accurately instead of discovering them during underwriting.
  • SAFER/SMS, driver records and claims can influence how the risk is viewed, so inaccurate federal safety data should be challenged through the proper process before renewal when possible.
  • Compare renewal quotes by coverage, limits, deductibles, exclusions, endorsements, filings and payment structure—not premium alone.
  • When moving to another insurer, coordinate replacement filings and effective dates carefully because FMCSA requires regulated carriers to maintain continuous proof of financial responsibility.

The first commercial truck insurance renewal is where a new authority stops being only a projected risk and becomes an operating record.

At startup, the insurer had to price a business with limited history under its own authority.

At renewal, there is evidence.

The carrier may now have:

  • twelve months of mileage;
  • actual lanes;
  • actual commodities;
  • roadside inspections;
  • driver history;
  • claims or a clean loss record;
  • broker requirements;
  • equipment changes;
  • telematics data;
  • customer contracts;
  • a real pattern of how the truck is used.

That can help.

It can also expose differences between what the carrier expected to do and what it actually did.

The renewal submission is therefore not just:

“Please renew the same policy.”

A stronger question is:

“If an underwriter had to evaluate this company from zero today, what would the file say?”

That mindset gives the carrier a better chance of presenting its risk accurately, comparing quotes intelligently and avoiding a last-minute insurance problem that can affect operating authority.

What changes after the first year

A brand-new carrier often receives a quote based heavily on expected exposure.

The application may ask what the carrier plans to do:

  • projected annual miles;
  • operating radius;
  • states;
  • commodities;
  • revenue;
  • equipment;
  • drivers;
  • contracts.

At renewal, many of those assumptions can be compared with reality.

That is the central opportunity.

A carrier with one year of clean operation should be able to show a more developed risk profile than it could on day one.

A carrier whose operation changed materially should correct the story before the underwriter discovers the mismatch elsewhere.

Renewal is an underwriting event

Commercial auto insurers do not simply ignore what happened during the expiring term.

Progressive explains that a commercial auto policy is rewritten when it expires to reflect the insured’s current situation, and that an accident can affect the rate at renewal depending on factors such as fault, claim cost and accident history.

That is a useful general principle for trucking:

renewal pricing reflects the risk being presented now.

A carrier should therefore expect questions about:

  • losses;
  • drivers;
  • vehicles;
  • use;
  • mileage;
  • territory;
  • business type;
  • requested coverages.

The exact underwriting model varies by insurer.

There is no universal formula that says:

one clean year = X% discount

or:

one claim = Y% increase

That is why realistic renewal planning focuses on the quality of the submission rather than promising a particular price reduction.

The renewal submission should reconcile nine operating facts

Before requesting quotes, compare the insurance application with the business that actually exists.

Nine facts to reconcile before renewal
ExposureWhat to verifyCommon mismatch
DriversEvery person who actually operates covered equipmentNew or occasional driver never added to the file
Power unitsVIN, year, make, value, ownership and useTruck sold or replaced without clean policy update
TrailersOwned, leased, interchange or non-owned exposureTrailer exposure broader than the original application
MileageActual annual mileage and projected next termStartup estimate materially below actual operation
Radius / territoryStates, lanes and normal operating radiusRegional application but operation became long-haul
CommoditiesWhat freight was actually hauledHigh-value or specialized freight not reflected in quote data
GaragingWhere equipment is normally keptBusiness moved or truck is stored elsewhere
RevenueActual and expected gross receipts where requestedMaterial growth from startup projection
OperationsFor-hire, leased drivers, owner-operators, brokerage or other activitiesBusiness model expanded but insurance description did not

The carrier should not manipulate these facts to produce a lower quote.

The objective is accurate classification.

A cheap premium based on the wrong operation can create a much larger problem when coverage is needed.

Start with loss runs

One of the most useful renewal documents is the loss run.

The Hartford defines loss runs as a report showing a business’s claims history.

For a carrier, the report can help identify:

  • claim date;
  • type of loss;
  • open or closed status;
  • amount paid;
  • reserve;
  • claimant or coverage information depending on the report.

The carrier should obtain and review current loss runs before the renewal process becomes urgent.

A clean loss run is evidence

If the carrier had no reported losses during the term, the loss record helps document that history.

Do not turn that into the absolute claim:

“We are now a low-risk carrier.”

One clean year is still only one year.

But it is stronger underwriting evidence than the carrier had before its first day of operation.

An open claim needs explanation

An open claim may carry a reserve even when the final outcome is not known.

Do not guess what the insurer will ultimately pay.

Instead be ready to explain factual information such as:

  • what happened;
  • current claim status;
  • vehicle repairs;
  • driver status;
  • corrective action;
  • whether litigation exists if known;
  • whether the same hazard has been addressed.

Review the loss run for errors

A carrier should not discover during underwriting that:

  • a claim belongs to another vehicle;
  • a claim is duplicated;
  • a closed claim still appears open;
  • the description is materially wrong.

The correct action depends on the insurer and the record, but the carrier should raise factual discrepancies with the appropriate insurer or claim contact before presenting the history as final.

Claims are not the only safety evidence

A claim file answers one part of the risk question.

Federal safety data can answer another.

Before renewal, review:

  • SAFER company information;
  • roadside inspections;
  • out-of-service events;
  • SMS data;
  • driver qualification controls;
  • maintenance history.

The CSA/SMS guide explains how inspection data and BASIC percentiles should be interpreted.

The important insurance-renewal principle is simpler:

know what public and federal safety data says about the company before an underwriter or agent asks.

A violation should have a corrective-action story

Suppose the carrier had one roadside inspection with a tire violation.

There are three possible renewal narratives.

Weak

“It was just a DOT officer being picky.”

Better

“The tire was replaced.”

Stronger and factual

“The tire was replaced immediately. We reviewed why the defect was not identified before dispatch, changed the inspection procedure and retained the repair documentation.”

The third response does not erase the violation.

It demonstrates management response.

That can matter because specialized trucking insurers emphasize loss control and safety management as part of the transportation risk relationship.

Sentry, for example, describes motor-carrier insurance alongside safety services designed to identify risks and implement safety procedures.

Correct inaccurate SMS data before renewal when possible

If the carrier believes federal safety data is factually incorrect, use the appropriate FMCSA review process.

Do not wait until the insurance application asks:

“Explain this inspection.”

A DataQs challenge should be based on evidence, not the desire for a better premium.

If the record is accurate, document the operational correction instead.

The roadside inspection guide explains the post-inspection workflow.

Review every driver before the application goes out

A one-truck authority may have only one driver.

That makes driver quality especially concentrated.

Before renewal, verify:

  • current CDL;
  • endorsements;
  • medical qualification where required;
  • motor vehicle record information available through the applicable process;
  • accidents;
  • violations;
  • employment/status;
  • age and experience information requested by insurers.

If a second driver was added during the year, make sure that person is actually represented in the policy and renewal submission.

Do not hide a problem driver

Leaving a known driver off the application because the quote looks better can create a misrepresentation problem.

A better decision is to determine:

  • whether the driver remains acceptable to the insurer;
  • whether different markets view the driver differently;
  • whether the carrier should change the driving roster.

That is an underwriting and operational decision—not a paperwork trick.

Equipment changes should be reconciled VIN by VIN

The carrier may have started with:

  • Truck A.

By renewal it may have:

  • sold Truck A;
  • purchased Truck B;
  • added Trailer C;
  • begun using non-owned trailers.

The submission should reflect the actual exposure.

Build a simple equipment schedule containing:

  • unit number;
  • VIN;
  • year;
  • make/model;
  • stated or insured value;
  • ownership;
  • lienholder;
  • physical-damage deductible;
  • garaging.

This also helps compare quotes because two insurers can otherwise price different equipment values.

Physical damage is where quote comparisons often become misleading

Suppose Quote A and Quote B both show:

$1,000,000 auto liability

But:

  • Quote A insures the tractor for $90,000 with a $2,500 deductible;
  • Quote B insures it for $75,000 with a $5,000 deductible.

Those are not equivalent proposals.

A lower premium can reflect:

  • lower insured value;
  • higher deductible;
  • narrower coverage;
  • different exclusions.

The carrier should normalize the comparison before choosing.

Cargo coverage needs a real commodity review

A headline cargo limit can be misleading.

A carrier may say:

“We have $100,000 cargo.”

The more useful questions are:

  • What commodities are covered?
  • Which commodities are excluded?
  • Are there sublimits?
  • Is reefer breakdown required for temperature-controlled freight?
  • Are unattended-vehicle limitations relevant?
  • Does the carrier haul electronics, alcohol, pharmaceuticals or other higher-risk freight?
  • Do brokers require more than the policy currently provides?

The motor truck cargo insurance guide covers this layer in detail.

Renewal is the right time to compare the policy with the freight the carrier actually hauled during year one.

Broker requirements should be part of renewal design

Insurance is not only a legal requirement.

It is also a freight-access requirement.

The new carrier may have discovered during year one that target brokers require:

  • $1 million auto liability;
  • $100,000 cargo;
  • general liability;
  • reefer breakdown;
  • higher cargo limits;
  • particular certificates.

The carrier-packet guide explains broker onboarding.

At renewal, create a list of the coverage requirements from the brokers and customers the carrier actually wants to use.

Then decide whether the renewal should be designed only to satisfy the minimum legal requirement or to support the carrier’s commercial plan.

Those are not always the same policy.

The FMCSA filing is separate from the certificate you send a broker

This distinction is essential.

A broker may ask the carrier for a certificate of insurance (COI).

Progressive describes a COI as proof of business insurance coverage.

FMCSA, however, uses prescribed insurance filings for regulated operating authority.

For public-liability proof, forms such as BMC-91 or BMC-91X are submitted electronically by a registered insurance filer.

The carrier does not satisfy FMCSA simply by emailing a broker COI.

Likewise, a federal filing does not automatically prove that every broker-specific cargo requirement is met.

MCS-90 is not ordinary cargo or collision coverage

The MCS-90 guide covers this distinction in depth.

For renewal purposes, the carrier should confirm that the required federal endorsement remains associated with the applicable policy.

FMCSA describes the MCS-90 as an endorsement required by federal regulation for motor carriers subject to the financial-responsibility requirements.

It is attached to the motor carrier’s liability policy.

It is not issued per vehicle.

Does the MCS-90 have to be “renewed” every year?

FMCSA has historically answered that a motor carrier retaining the same insurance company does not need a new Form MCS-90 solely because another year has passed.

The practical renewal rule is not:

print a fresh MCS-90 every anniversary no matter what.

It is:

confirm that the current liability policy remains properly endorsed and that the entity, policy and required financial-responsibility structure are correct.

A change of insurer, named insured or other material structure deserves specific confirmation.

Insurance filings need continuity

FMCSA states that once operating authority is granted, entities required to maintain insurance filings must keep proof of insurance on file to avoid revocation proceedings.

This is where a poorly coordinated renewal can become a regulatory problem.

The carrier should not permit:

Old policy ends → no replacement filing/effective coverage → new policy starts later

simply because a quote or down payment took longer than expected.

Under 49 CFR § 387.7, required policies, surety bonds and endorsements must remain in effect continuously until terminated under the applicable rules.

Changing insurers should be coordinated as a replacement

FMCSA regulations recognize replacement of accepted financial-responsibility filings.

The operational objective is clear:

  • new policy bound;
  • effective date confirmed;
  • required filing submitted by the insurer/registered filer;
  • old coverage termination coordinated;
  • no accidental lapse.

Do not cancel the expiring policy first and assume the new filing will sort itself out afterward.

Motus changed the registration-system environment in 2026

FMCSA transitioned registration functions to Motus: USDOT Registration System in May 2026.

The agency’s modernization FAQ specifically addressed insurance filing continuity during the transition and states that filers could update filings in Motus after launch, including using the effective-date field.

For an August 2026 renewal, the practical lesson is not to rely on old screenshots showing legacy registration workflows.

The insurer or registered filing representative should be using the current FMCSA process.

The carrier should verify the result in the current federal record.

Do not confuse policy cancellation rules with your renewal shopping timeline

Federal financial-responsibility regulations include specific cancellation rules.

Those rules are not a recommendation that a carrier wait until the cancellation-notice period to shop.

A carrier should prepare much earlier.

A safe commercial timeline gives enough space for:

  • data gathering;
  • underwriter questions;
  • quote comparison;
  • financing/down payment;
  • broker COIs;
  • replacement filings.

A practical 90-60-30 renewal calendar

This is not a federal deadline.

It is an operating framework.

Practical first-year insurance renewal calendar
TimingCarrier workObjective
90 days beforeReconcile drivers, equipment, operations, mileage, commodities and claimsFind problems before marketing begins
75–60 days beforeObtain loss runs, SAFER/SMS review, safety documentation and broker requirementsBuild a complete submission
60–45 days beforeSubmit to appropriate markets through agent/brokerCreate real alternatives
30 days beforeCompare coverage, exclusions, deductibles, financing and filingsSelect structure, not just price
15 days beforeResolve outstanding underwriting requirements and broker certificatesAvoid expiration-week surprises
Before expirationBind, pay required amount and confirm replacement filings/effective datesMaintain uninterrupted coverage and authority support

A carrier can begin earlier when the risk is difficult to place.

What a stronger underwriting submission looks like

A one-truck carrier does not need a 100-page presentation.

It needs clean facts.

Build a stronger year-two insurance submission

  1. 01
    Reconcile the business

    Update drivers, equipment, miles, radius, garaging, commodities, revenue and business activities so the submission reflects actual operations.

  2. 02
    Obtain and review loss runs

    Understand every claim, current status and reserve before an underwriter asks about it.

  3. 03
    Review federal safety data

    Check SAFER, roadside inspection history and SMS; challenge supportable errors and document corrective action for valid events.

  4. 04
    Prepare driver evidence

    Confirm current drivers, licensing, qualification and requested driving-history information.

  5. 05
    Document safety improvements

    Summarize meaningful maintenance, training, telematics or operating controls implemented during the first year.

  6. 06
    Define required coverage

    Separate federal requirements from broker/customer requirements and the carrier’s own asset-protection needs.

  7. 07
    Request comparable quotes

    Give markets the same accurate exposure so premium differences are more meaningful.

  8. 08
    Compare policy structure

    Review limits, deductibles, exclusions, endorsements, equipment values, cargo restrictions, payment plan and filings.

  9. 09
    Coordinate binding and filings

    Confirm the effective date and required FMCSA filing before allowing expiring coverage to terminate.

Safety improvements need evidence

A carrier may tell an underwriter:

“We take safety seriously.”

That statement has little informational value.

A stronger file can show changes such as:

  • dash camera installed;
  • telematics introduced;
  • documented monthly safety review;
  • preventive-maintenance interval tightened;
  • driver coaching implemented;
  • roadside violation root cause corrected;
  • cargo-securement process improved;
  • annual MVR monitoring formalized.

Sentry and other transportation insurers emphasize risk-control and safety programs as part of trucking insurance.

Progressive also offers telematics-based commercial programs where driver behavior can be used in personalized renewal pricing for eligible customers.

That does not mean every insurer will give a discount for every safety initiative.

It means measurable controls can give the underwriter more information than a generic safety statement.

Scenario: one clean year, but the premium still rises

Scenario: a cheaper quote removes something important

Compare quotes with one worksheet

The commercial truck insurance quote guide explains the broader process.

For renewal, put every proposal into the same table.

Renewal quote normalization worksheet
ItemQuote AQuote BQuote C
Auto liability limitRecordRecordRecord
Cargo limit / deductibleRecordRecordRecord
Physical damage value / deductibleRecordRecordRecord
General liabilityRecordRecordRecord
Trailer interchange / non-owned trailerRecordRecordRecord
Key exclusions / sublimitsRecordRecordRecord
Down paymentRecordRecordRecord
Installment structureRecordRecordRecord
FMCSA filing confirmationYes / noYes / noYes / no

Only after this normalization should premium become the headline comparison.

Financing the premium affects real cost

Some small carriers focus on annual premium and ignore the payment structure.

Compare:

  • annual premium;
  • down payment;
  • installment fees;
  • finance charges where applicable;
  • cancellation consequences;
  • minimum earned premium provisions if applicable.

A policy with a slightly lower annual premium can create greater cash pressure if the required down payment is much higher.

For a one-truck carrier, cash timing can matter almost as much as the headline annual cost.

Do not shop by submitting inconsistent applications

One common mistake is changing the story between markets.

Market A receives:

  • 70,000 annual miles.

Market B receives:

  • 100,000.

Market C receives:

  • 120,000.

That makes comparison weak and creates credibility problems.

Use one verified exposure sheet.

If an insurer defines a field differently, document the difference.

But do not intentionally provide each market with the answer that seems most likely to create a cheap quote.

The incumbent has one advantage: history

The current insurer already knows the account.

That can make renewal easier.

But loyalty should not replace comparison.

A carrier can still ask:

  • Has pricing changed materially?
  • Did coverage change?
  • Did deductibles change?
  • Are new exclusions present?
  • Are there better markets now that the carrier has operating history?
  • Does the incumbent still fit the freight strategy?

The renewal decision should be based on current economics and coverage.

The competing insurer has one disadvantage: it must learn the account

A new market needs a clean submission to understand the carrier.

This is where the year-one file becomes valuable.

The carrier can provide:

  • accurate exposure;
  • loss runs;
  • safety explanation;
  • driver information;
  • equipment schedule;
  • broker/customer coverage requirements.

A messy application forces the underwriter to reconstruct the risk.

A clean one reduces ambiguity.

What not to promise yourself after year one

“The new authority surcharge is gone”

There is no universal line item called the new-authority surcharge that disappears at the same date for every insurer.

“A clean year means every insurer will quote”

Markets have different eligibility rules.

“The cheapest quote is the best quote”

Only when coverage and terms are genuinely comparable.

“My broker handles all FMCSA filings, so I do not need to check”

The insurer/authorized filer makes the filing, but the motor carrier bears the operational consequence if required proof is not maintained.

“No claims means no renewal work”

Operations may still have changed substantially.

The renewal file should survive an audit of your own assumptions

Before binding, ask:

  • Does the policy name match the operating carrier?
  • Are all active drivers disclosed?
  • Are all relevant units listed?
  • Are equipment values current?
  • Is mileage realistic?
  • Is radius realistic?
  • Are commodities accurate?
  • Do cargo exclusions fit actual freight?
  • Do broker/customer limits fit the commercial plan?
  • Are FMCSA filings being handled?
  • Is the MCS-90 structure correct where required?
  • Is there any coverage gap at transition?

If any answer is:

“I think so,”

verify it.

What year-one evidence should change at renewal

The first insurance renewal is not a reward for surviving twelve months.

It is the first opportunity to insure the carrier using a meaningful operating history.

Use that history.

A strong year-two submission should explain:

  • what the carrier does;
  • who drives;
  • what equipment is used;
  • how far it operates;
  • what it hauls;
  • what claims occurred;
  • what safety events occurred;
  • what changed;
  • what coverage is actually needed.

Then compare insurers on equivalent terms.

Do not assume a cheaper second year.

Build a risk file that makes the carrier easier to understand.

And when changing insurers, treat continuous federal insurance filing as part of the renewal decision—not an administrative detail to solve after the old policy expires.

Correct inconsistent information before quotes are requested. For the original startup-pricing question, see the new-authority truck insurance cost guide.

Sources used for this guide

  1. Insurance Filing Requirements Federal Motor Carrier Safety Administration Accessed August 8, 2026
  2. Form MCS-90 Federal Motor Carrier Safety Administration Accessed August 8, 2026
  3. 49 CFR § 387.7 — Financial responsibility required Electronic Code of Federal Regulations Accessed August 8, 2026
  4. 49 CFR Part 387 — Minimum Levels of Financial Responsibility for Motor Carriers Electronic Code of Federal Regulations Accessed August 8, 2026
  5. Registration Forms — Process Agent Designation and Insurance Filings Federal Motor Carrier Safety Administration Accessed August 8, 2026
  6. Registration Modernization FAQs Federal Motor Carrier Safety Administration Accessed August 8, 2026
  7. Commercial Auto Insurance Progressive Commercial Accessed August 8, 2026
  8. Commercial Truck Insurance Progressive Commercial Accessed August 8, 2026
  9. Certificate of Insurance Progressive Commercial Accessed August 8, 2026
  10. Glossary of Business Insurance Terms — Loss Runs The Hartford Accessed August 8, 2026
  11. Motor Carrier Insurance Sentry Accessed August 8, 2026

Common questions

Does truck insurance usually get cheaper after the first year?

Not automatically. A carrier may have more operating history after year one, but the renewal premium still reflects the insurer's current view of the risk. Claims, driver history, safety data, equipment, mileage, radius, commodities, coverage structure and market conditions can all affect pricing.

When should I start shopping my trucking insurance renewal?

There is no universal legal shopping deadline, but a small carrier benefits from starting well before expiration so it has time to obtain loss runs, clean up application data, gather underwriting documents, compare equivalent quotes and coordinate replacement filings without a coverage gap.

What are insurance loss runs?

Loss runs are reports showing a business's claims history. For renewal, carriers should review them for claim dates, status, paid amounts, reserves and factual accuracy so they can explain the loss history consistently to underwriters.

Can CSA or roadside inspection data affect my insurance renewal?

Insurers can consider safety and driving information when evaluating commercial auto risk. A motor carrier should review its federal safety data before renewal, correct inaccurate records through the proper FMCSA process and be prepared to explain valid violations and the corrective actions taken.

What happens to my authority if my insurance lapses?

Motor carriers subject to FMCSA financial-responsibility filing requirements must maintain proof of insurance on file to avoid revocation proceedings. When changing insurers, the replacement policy and required filings should be coordinated so there is no unintended gap.

Do I file the BMC-91 or BMC-91X myself?

No. FMCSA states that public-liability insurance filings such as BMC-91 and BMC-91X are submitted electronically by a registered insurance filer, typically the insurer or its authorized filing representative.

Do I need a new MCS-90 every year?

The MCS-90 is the federal endorsement attached to a motor carrier's liability policy when required. FMCSA has long explained that a carrier retaining the same insurance company does not necessarily need a newly executed MCS-90 solely because another year has passed, but the carrier should verify that its current policy and endorsement remain compliant.

Should I choose the cheapest renewal quote?

Not without comparing the underlying coverage. A lower premium can reflect different liability or cargo limits, deductibles, exclusions, endorsements, equipment values, radius assumptions, payment terms or filings. Compare quotes on equivalent exposure before deciding.