I'm talking about the general liability. They could write me an Auto policy but not the General liability if I hold another job and trucking is not my primary income.
If however I chose to quit that job they could write me a 1M general liability policy for $390/yr
I was a bit taken back by this statement. I may call back again and try to get some more information from someone else.
I initially started by asking some basic questions and told them what I was looking at doing. She asked me to give her a hypothetical truck/trailer.
I did so and that was no problem. The auto liability was for a 1994 freightliner and an "unknown" 20K value hopper trailer and 25K cargo ins. Pay in full would be $5600
The other issue is running a seasonal operation. I was told by a great west agent that it would not be possible to pro rate insurance coverage for the actual months in operation. It would be the same rate if I operated for 1 day or every day of the year.
I'm currently in the research phase to see if what I want to do would be viable, I started with insurance as it's the biggest unknown variable. This website has a wealth of information and I thank everyone for contributing.
I would like to get into the industry this way as a way to do it without jumping in with both feet all at once as I have a lot to learn.
Question on truck insurance
Discussion in 'Ask An Owner Operator' started by rick29, Jul 10, 2007.
Page 52 of 54
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
All you need for insurance is auto liability and cargo. Most require $1 million cargo and $100,000 cargo. In order to keep your authority active all you need is $750,000 auto liability. It is shippers who require the higher cargo limits. It is good that you started with the insurance. Unless you can find affordable insurance the rest is moot.
russellkanning Thanks this. -
Hello everyone. While I am new to this industry. (I start school next week) I do however have an extensive background in insurance.
I want to point out a mistake that everyone makes when comparing their premiums to the guy about above you. If you have a clean MVR with no losses be it at fault or not, the single greatest factor that decides what your premium will be is your credit. Any time you either get a quote or get a new policy the potential carrier will do what we call it a 'soft hit on your credit. We all it a soft hit because it's kind of like a silent look at your credit. In other words, it does not show up on your credit report. Btw, we call the report an 'insurance score. Most of the time we do not see your actual credit score or what is determining your reported insurance certificate score. If you want to see this first hand you can go to creditkarma.com.it all free and you can get your current credit score, and insurance score.
You can scream bloody murder all you want, but it really is that simple. Look at it this way, you could take a set of twins, put them both in seperate houses and cars made the same exact year with the same specs, and even though everything on the face of it is the same, the premium will always be different. And the same goes for commercial insursnce.
I hope this helps everyone understand why their premium I got be higher or lower than the guy or gal above you....
Stay safe and don't forget to pay your premium!
Btw, if you have any general questions about insursnce I will be more than happy to try and help. I cannot however speak on the behalf of any carriersrussellkanning, cbradiohead and SheepDog Thank this. -
I use creditkarma and didn't know you could check you ins. score...lol Thanks..
-
I have mine with Bye Insurance cost me 430 a month with 1300 down
-
-
I'm making changes to my insurance plan Now. Trying to find a better rate. I have a 5 million umbrella and 100k cargo among other coverage. Is it necessary to have 5 million umbrella hauling flatbed and how much cargo should I have? I've been hauling frac Sand just transitioning to flat. Thanks for yalls help
-
Hi when you say will not make a lot of money comparing to what? I hope is better than company driver yes?
-
I would like to know if you have a co. Driver without any experience would be hard to get them insured?
-
russellkanning and spartanvalor Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 52 of 54