New o/o needs advide

Make some phone calls, get some information from an insurance agent. Insuring young drivers is expensive, insurance for new authority is expensive. Personally I don’t know anyone that’s tried a combination of the two. When you have experienced drivers paying over $20k for insurance then common sense would say that limited experience and new authority would be expensive enough it wouldn’t make sense at all.

So then you look into leasing your truck to a carrier. Then you’re back to your age and limited experience. And the age of your truck can be a factor also.

If you’re hell bent on jumping in with both feet then you may have to check on insurance for a limited radius around your home town.

 

Insurance is the devil and i'll be 32 this year and last quote I had for insurance was $16,000 yearly for one truck, no bad record, and over 11 years of driving experience. They still wanted upwards of $2500 down so being 21 they probably won't cover you. Not trying to burst your bubble but facts are facts and being young will hurt you on your own. Now you might be able to do this, put the truck in someone elses name that has experience and get the insurance company to override it but, it would definitely be a tough situation.

 

I’m 30 with 12 years driving experience Finishing up my first year on the road and just paid off my $23k policy 3 months early, no tickets/violations in over 5 years and I run a 97 truck

 

I just can't imagine paying these kind of insurance premiums being thrown around here.

 

From what I've been told Progressive and OOIDA are the only 2 insurers that will even cover a new authority now. Leasing on with someone and getting coverage under their policy may be the only option. And with no experience I just don't see that happening.

 

Yea this guy is right with little to no experience it is going to be slim even with leasing onto a company.

 

Not much choice just a part of doing business

 

Here's the thing yes $23,000 a yr for insurance is ridiculous. But say someone in my position who's getting 74% of linehaul and giving up 26% to lease onto someone....just say your giving $1000wk minimum up in your 26% multiply that by like 48wks, your giving up $48,000 a yr.....so idk but it makes that $23,000 yr for insurance sound a whole lot better...even adding a trailer payment on isn't going to make up that $25000 difference

 

Thats a good way of looking at it

 

I need to own an insurance company because $23,000 per year for these new drivers coming in is a steal lol. Progressive wants like 50% down for new young owner operators, so if i owned an insurance company and i signed up 100 new owner operators per week at 50% down that would like $1,150,000 per week. Were in the wrong business guys.