Question on truck insurance

We have used Progressive for years and we recheck quotes yearly. they've always paid quickly and fairly on claims while consistently being lower.

Here's a trick that you need to utilize with whatever company you end up going with. When you price your insurance policy, price it two different ways. One: as a whole rig (tractor, trailer, any addons like loaders/etc) for one total price. Second: price each separately.

For instance: Our 2003 Peterbuilt tractor with fixed bed, sirco loader, and 40 foot trailer priced together at $130K of coverage runs about $640 per month for full coverage. that is with a $500 deductible on total claim. When we broke it down to $20K on tractor, $50K on loader, and the remainder on trailer and additional upgrades/equipment, it dropped the price to $250 per month. The difference is that there is a $750 deductible on EACH item. This means that if each piece is totalled, then there is a different $750 deductible for each item, which can add up quick. This also means that if the trailer is totalled but the sirco loader is not, then it is OUR responsibility to remove that loader before the trailer is salvaged.

Price the insurance policy both ways, then know exactly what your policy entails. You can save money or you can end up hurt if you don't pay attention but that is the case regardless which direction you choose.

 

We have a 2004 Pete and a 2010 Direct step. Full coverage, 1 Mil, 100k and 1000 deductible. We pay $120.58 a month, for both, through OOIDA, after an accident, last year.

My husband used to pay $900 a month, on the tractor, when he first got it. It was Rodgers in OKC. First thing I did was change all our policies. We are O/O's and his accident cost us $2000 from his pay check.

 

What's OOIDA?

 

It is a risk retention group. You do not want to be insured with a risk retention group. Insurance companies are regulated by the state department of insurance. Risk Retention Groups are not. They are a pool of investors. Another thing about RRG's is quite a few freight companies will not honor the coverage. 120.58 a month for Primary Liability Coverage? Are you sure it is not Bobtail?

 

Wanted to jump in rather than start a new thread.

I re-entered the industry after many years away (early '80's) when I received my CDL in September 2012. I have had a spotless driving record for the last 25 years. I formed an LLC and bought a 2006 Kenworth T800 daycab and insured it in October 2013, added a new 2014 Kaufman log trailer and a converted 1977 Great Dane van trailer that is now used as a chip trailer. Began commercial operations in January 2014 hauling wood to local mills. Am the only driver. I went with Progressive Insurance being advised they were really my only choice as a newbie. No liens on any of the equipment so only insured for mandatory Liability. 100 mile radius of operation. $1 mil of liability, $5,000 of cargo ($1,000 ded.) and $1 mil of Commercial General Liability-Trucking Operations (required by certain customers). Here is the premium breakdown on the renewal I just received, effective 9-30-14 for the next year.

Truck liability: $5,433
Log trailer liability: $125
Chip trailer liability: $202
Comm. Gen. liability: $505
Cargo coverage: $523

TOTAL: $6,888

1st month $720.03, next 10 months $620.10 for total of $6,921.03 (with the $3 service fee for each of the 11 monthly installments).

(Note: There is a $959 discount available if paid up front in full for a cash price of $5,929.)

I checked with OOIDA and they require 5 years of recent experience, so they won't quote me. Before going any further, I'm asking 1) what does the Progressive quote look like and 2) for recommendations on another insurance company that will insure a driver who has had their CDL for only 2 years and just completing their first year of having insurance coverage on the truck (perfect 25 year driving record, with no accidents, no claims).

THANKS!

 

That doesn't look bad for someone with a CDL for less than two years. I would try to get new quotes after September when you've had your CDL for two years

 

What do you think these huge carriers are that are self insured........yup......risk retention groups. There is nothing inherently evil about them. In the case of OOIDA; the re-insurer that takes over after the retention amount is met is Lloyds of London; pretty much the gold standard in insurers.

The "issue" with some brokers not accepting OOIDA insurance is that the retention group is not rated by A.M. Best. Lloyds of course IS rated; and it's triple A+ or some crazy thing. Most of the places that don't accept OOIDA insurance aren't worth a flip.......except Landstar. They are a biggie. And I SUSPECT there is no real good reason for LS to do this except the politics involved with a lawsuit from a few years back.

That's my take on risk retention groups; your mileage may vary.


Attached is a list of companies that do not currently accept OOIDA insurance.

View attachment UIIA Important Notice 1-8-2014 (Single)[1].pdf

 

OOIDA is designed work on behalf of big gangs of brokers, which acts as it cares for the hard working truckers. They claim that their insurance is 20% cheaper than others, but they actually are worst than them because they are not accepted by many. They also ask your race and creed and origin I have rocording of their agent from last year and this year as well both time. Last year it was Lori and this year it was Steffany. Both year they waited for the last day and it took them almost a month to come up with a quote of $7800/year for 38,000 miles over the road which was proven by the IFTAs. Untill American people wake up and smell the coffee this kind of terrorism and monopolization will continue. She also interviewed for a long time and gave all kind of bullsh**** and waited for the last day. I have clean last five years records and FMCSA. I have reported to NJ Department of Banking and Insurance but apparently no one gives a shi**** as long the terror is being done by a bigger gang. Northland my insurance agent at Hub international Insurance broker gave me the renewal quote and increased my insurance by $600 for driving safe and under 40k mile over the year. Thats barely any exposure in the OTR trucking. I have sentry insurance which I have heard bad references about, when comes to paying claim. The $7600/year is for very basic liability and 100k in cargo, I do not pu Hazmat. at 47 year of I do not drive like a teenager either. You tell me where this country is headed and American public is still taking a long nap.

 

I thought "atrucker" was banned..............

 

Call True North out of Iowa, All of my owner operators switched to them. I use them and all 11 of my owner operators got better rates than they currently had through them!