Ooida requires 4 yrs? That’s something new. I had them 16 yrs ago, from the beginning, for about 7 or 8 yrs. My experience with all of Ooida insurance is that it’s overpriced. The Trucking insurance, is technically a risk retention group, not an insurance company. Better options than Ooida are available, when you get more time in bussiness. Mine went up to $9200, this year. New Carrier rates are so high, I’m surprised anyone is still getting their own authority. The price of newer Trucks is so high, the numbers just don’t add up. Too much investment for too little return.
Trucking Insurance question.
Discussion in 'Experienced Truckers' Advice' started by LoneRanger, Mar 9, 2020.
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so that’s why I’m asking why not maybe have government help on the first two years or even 4?
and yes ooida told me 4 years minimum before they can insure me.Rideandrepair Thanks this. -
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The problem is too many new Carriers jumped in, and had too many claims. I’m not sure exactly when it happened, around 2012 maybe, but insurance companies started charging new Carriers more, because of the increased risk. It wasn’t that way when I started out in 04. At that time, my rate was only slightly higher than average. They wanted my bussiness. Apparently they have plenty of business these days. More than they want.
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Look how many lawyer billboards specialize in big truck accident claims. Why? Big policy means big awards.
The more lawyers come after trucks the more policy premiums have to go up. Same with healthcare malpractice insurance premiums. Keep suing doctors and awarding set for life payouts, healthcare will skyrocket until govt care is all anyone can afford.
Its all a wealth transfer scheme where those who didnt earn it get it from those who did.
See if you can get the govt to start a lawyer euthanization program. That'd help us more than any subsidy.Last edited: Mar 11, 2020
Rubber duck kw, Doealex, LoneRanger and 1 other person Thank this. -
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Take a look at how smoothly things run such as the DMV and other government agencies and you want them in charge of insurance? No thanks.
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Government insurance? Sounds like a Bernie Boy.....let’s get the government involved in everything.....everything the government (City, State, Federal) gets involved with is a waste of tax payer money, and heavy on bureaucracy and low on benefit to the tax payer.
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