Question on truck insurance

Discussion in 'Ask An Owner Operator' started by rick29, Jul 10, 2007.

  1. spring ride

    spring ride Bobtail Member

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    Sep 15, 2014
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    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.
     
    russellkanning Thanks this.
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  3. G/MAN

    G/MAN Road Train Member

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    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.
  4. kewphotog

    kewphotog Light Load Member

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    Sep 30, 2014
    Dacula, Ga
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    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! :biggrin_25525:

    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 carriers
     
  5. SheepDog

    SheepDog Road Train Member

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    Sand Lake, MI
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    I use creditkarma and didn't know you could check you ins. score...lol Thanks..
     
  6. NCCarrier

    NCCarrier Bobtail Member

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    Oct 27, 2014
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    I have mine with Bye Insurance cost me 430 a month with 1300 down
     
  7. cbradiohead

    cbradiohead Bobtail Member

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    Oct 27, 2014
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    Thanks for the info. So the value of the truck isn't that much of a concern? What I'm saying is, what if someone has decent credit but they have an expensive truck to insure? Will good or better credit get them some coverage? Also, how low of a credit score is too low to get any coverage at all? I'm thinking about leasing on to a carrier, thank you sir.
     
  8. invictus2014

    invictus2014 Bobtail Member

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    Jun 4, 2014
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    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
     
  9. paulpost

    paulpost Light Load Member

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    Jan 25, 2015
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    Hi when you say will not make a lot of money comparing to what? I hope is better than company driver yes?
     
  10. spartanvalor

    spartanvalor Bobtail Member

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    May 20, 2013
    tampa , Fl
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    I would like to know if you have a co. Driver without any experience would be hard to get them insured?
     
  11. G/MAN

    G/MAN Road Train Member

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    Getting an insurance company to cover an inexperienced driver is next to impossible for a small carrier. If you can find an insurance company to cover them, rates would be through the roof. My insurance company requires a minimum of 2 years experience in the last 3 years. I do have preferred rates and a good safety record. Even with a good record, I would not be able to easily find someone to cover an inexperienced driver. Find a good insurance agent that writes for a number of companies and have them shop your business with different insurance companies. But, my experience is that it is very difficult to cover anyone who doesn't have experience. Major carriers cover those with little or no experience due to them being self insured.
     
    russellkanning and spartanvalor Thank this.
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