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Does operating authority cost more to insure?

Discussion in 'Motor Carrier Questions - The Inside Scoop' started by JohnSmith69, Oct 21, 2020.

  1. Oct 21, 2020 #1
    JohnSmith69

    JohnSmith69 Light Load Member

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    Feb 23, 2020
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    I work in construction (side dump) but I used to work on the oil field and needed to have my own MC number but now I work locally and don't need an MC number but still pay $900 a month in insurance. Am I paying a lot because of my authority or is insurance just expensive? I'm not leased on to anybody's insurance and I have 60K in non-owned trailer and 50k in cargo on my coverage. I'm just gonna cancel my authority because I don't use it. Thanks in advance
     
    JohnSmith69, Oct 21, 2020
    JohnSmith69, Oct 21, 2020
    #1
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  3. Oct 21, 2020 #2
    GoBucks43228

    GoBucks43228 Bobtail Member

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    Jun 3, 2013
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    Anyone?
     
    GoBucks43228, Oct 21, 2020
    GoBucks43228, Oct 21, 2020
    #2
  4. Oct 21, 2020 #3
    DUNE-T

    DUNE-T Road Train Member

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    May 10, 2015
    Detroit, MI
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    Get a quote from a local insurance broker for the type of work you do
     
    DUNE-T, Oct 21, 2020
    DUNE-T, Oct 21, 2020
    #3
    GoBucks43228 Thanks this.
  5. Oct 22, 2020 #4
    dclerici1

    dclerici1 Medium Load Member

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    MISSOURI
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    That’s a lot of cargo ins for a load of rock. A lot of factors involved, your operating area, your experience, any tickets on record. Ins is expensive now, Progressive is way more expensive than it used to be. You should shop around.
     
    dclerici1, Oct 22, 2020
    dclerici1, Oct 22, 2020
    #4
    JohnSmith69 and GoBucks43228 Thank this.
  7. Oct 31, 2020 #5
    User666

    User666 Medium Load Member

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    Sep 22, 2020
    Northeast Ohio
    0
    Yes, insurance is more if you have your own operating authority because the coverage limits are significantly higher. At a minimum the Feds require 750k in liability alone. Personally, if you're not using your authority; why spend on the insurance for it then? I'd cancel it and put that money into my pocket instead of some insurance company's.
     
    User666, Oct 31, 2020
    User666, Oct 31, 2020
    #5
    jbgrim72 Thanks this.
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