New CDL and getting insurance

OK one more time.lol.Did your buddies drive their trucks at first without insurance?

 

Insurance like everything else has changed compared to a decade ago.

 

Most deffinately it will.Just keep your CDL clean so you won't have to pay more for insurance.

 

Yeah, you can get insured. I'm in the same boat, but recently (this morning) was informed by a company that I could get insured. Actually, I'm not going to be driving. I'll get my CDL, but I won't be driving for quite some time.

The insurance conundrum was not expected. I knew it would be higher being a startup, but I had no idea what was about to happen. We can't prepare for every contingency.

 

Progressive quoted us about $9000, but stopped taking new entrants by the time we found the truck we wanted. We were still ok with getting quoted for $15,000 for our first year through another company. But then before the 2 month mark, they decided they weren't doing new entrants anymore and cancelled our policy. After that, all of the quotes were around the $30,000 area. They also wanted a $5000 deposit on top of the down payment of around $8000. Hopefully you can find a better deal.

We have clean MVRs and extremely good credit, but it seems that nobody wants anything to do with you if you've got less than 2 years of experience. You'd likely be much better off working for a company and saving your money. If we didn't pay cash for our truck and had to make payments, we'd probably be making less than we were as company drivers or pushing extremely hard to make up the difference.

If you still want your own truck, you could also try leasing it under a company instead of going for your authority. It seems like a fair compromise between owner operator and company driver, although it might vary greatly depending on the company you choose.

 

30K? Holy moly! Insane.