Regulatory committee still not releasing the potential cost hike of insurance.

Discussion in 'Trucking Industry Regulations' started by Trucker Advocate, Oct 28, 2014.

  1. Trucker Advocate

    Trucker Advocate Bobtail Member

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    Oct 24, 2014
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    I didn't get to attend the meetings but there is a good overview of the discussion pertaining to the potential rate hikes to the federal mandatory minimums of insurance. Go to Overdrive online to read article by Todd Dills. Be Safe and Be Informed.
     
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  3. moraramis

    moraramis Light Load Member

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    Okay who has been supplying the FMCSA with high quality crack? To sit there and honestly recommend these kind of minimum liability insurance requirements is surely the product of crack rocks the size of bowling balls being collectively smoked. They are wanting to factor medical costs into the equation now? Medical costs rise yearly, so you can bet 4 million won't be the final number put on it. It'll get bumped up every once in awhile to keep up with hospital costs.

    I don't see any mention of the cost of freight being bumped up to balance out the 20k hit O/O's will have to take. That's just 20k right out the window. How much do they think O/O's are making out there on the road? They must think they are clearing at least 600k a year or something. There is a heavy overhead cost of running a truck, so even if a driver netted 200k that year that isn't what his wife saw. I can't even put into words how stupid this all is.

    I am a self employed ex-driver that does dispatching and load planning for O/O's with their own authority. I get paid a fee for each load I book. You really think my clients are going to return my phone calls after they start hemorrhaging money from higher insurance premiums? What about them? They are will be working harder for less money now, which means less home time.
     
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  4. snowwy

    snowwy Road Train Member

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    it was talked about on landline now last week. and the insurance expert from ooida said the premium right now is 6000 for 750k. jumps to 9000 for 1.2 million.

    if it gets bumped to 4.4 million, i figured the math to be about 30,000 in premiums.

    not only would o/o's be put out of business. but the small companies might go under as well. i can't see my company surviving with that kind of price for isurance.
     
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