Insurance for new authority $45K year???

Lol, not.. the HARD way to "learn" is to do...

People say the best way to learn to swim is to jump in the deep end of the pool also... Hint: it isnt. Its the HARD way to "learn".

You dont just "do it".

You make a list of stuff you need to do.

Then you check in to things you need to do.

Then you ask people that know something about your list and get some hints about things you didnt put on your list.

Then you check into those things.

Ect so on and so forth until you actually ARE ready...

THIS guy says, ok, step 1) buy a truck CHECK! step 2) buy a trailer CHECK! step 3) get insurance... (making the "list" as he does it)

Yeah, well thought out plan. He will go far...

 

You’re not learning anything if you don’t actually do it, real world and paper are 2 totally different things

those that can’t do, teach

those that can’t teach, teach dispatching courses

 

$45k/year, whow! Another reason to be a O/o and lease onto an established carrier for those years a m O/o can establish experience. It only makes sense for a new driver. Plus rates these days still are not averaging $3.40 per mile plus. When operating your own Authority weekly toll, fuel, insurance etc. Expenses eat away at the $3.40. Even if you can average a $3 per mile for some those operating expenses can run them down to only a $1.10 or even lower like a $0 75 cpm net.

A slower week or breakdown makes it even worse. Fuel rates are as low as $3.19/Gallon I saw this morning in Monroe, MI so hopefully things stay that way through the summer months

 

Some true hard numbers and a couple tips that many do not know. I’m 48 years old and got my CDL in Dec of last year. I applied for my operating authority in Oct. You have 90 days from the date of your application to provide insurance. I paid my down payment the day after I received my CDL and specified the date I wanted coverage to begin (Jan 1st). Progressive provided the MCS-90 to FMCSA in Dec with the effective date of Jan 1, 2024 and my authority was approved and active Jan 1, 2024. Just keep in mind that the effective date has to be within the 90 days after your filing for an authority. With that being said here are the hard numbers I pay at Progressive
Full coverage comprehensive and collision - $2500 deductible tractor and $1000 for trailer. $1mil CSL on both for Bodily Injury and Property Damage.
2020 Pete 579 stated value $53,000
2024 Hyundai Dry Van stated value $45,000
Premium $22,768.

Other coverages
Motor truck cargo $250,000 ($2,500 ded) $1,312.00
Trailer interchange $60,000 ($2,000 ded) $2935.00
General Liability $1mil/$2mil aggregate $365.00

Total premium $27,425

My quote was completed online and I did not speak to an agent. I’m not sure if that makes a difference but it may. I’m located in Atlanta, GA.

 

Sure is nice to just park for a day, a week, or a month if rates are low or I just don't feel like working. I don't know how you guys are paying these sky-high insurance, truck and trailer payments, and still have a life beyond that windshield. That doesn't even include maintenance, a place to live, health insurance, a retirement. I guess you just have to be constantly working, or else.

 

Progressive is high as hell. The guys said a lack of experience is killing you and they're right. That name brand is killing you too. I'd try to look for a lesser known company that can get you closer to that 30k mark.

 

Then there are those that are so set in their opinion that they cant learn...

BTW, I started driving farm trucks in '65, army trucks in '75, got my CDL in '84, been an O/O for 6 years now and I was a licensed CDL instructor - I trained special forces and rangers for 3 years in the army on top of that... Oh, and I wrote dispatching software for 4 years in addition in the early 80s.

But I guess I dont know anything because "I teach". Ok, I guess you know more than me. You win.

 

Decaf bro .... might want to consider

 

Im old

 

@Solid11 ... Id still shop around for quotes.... What kind of truck and trailer are you trying to insure makes a big difference also.

If I remember 3-4 years ago when trying to get a policy..... of the 19k I was quoted, like 15k of it was for my equipment. I was paying about 4-5k a year being leased on for my equipment so that was a big surprise. The 1mil liability and the cargo insurance were relatively cheap.

Great West/Northland/OOIDA.....