I'm buying a heavy haul pete and signing on under someone elses authority. I'm trying to get insurance to cover the truck itself. Granted its an expensive truck, but this sounds steep! Thoughts?
From my insurance guy:
Hope you are having a great day. I have some tentative numbers on the new truck. I have rated it with a $215,000 value with a $5,000 deductible for both comprehensive and collision. I have it rated as a trucking – hauling for hire category. If we add this to the Progressive policy, it would cost about $10K per year for the new truck. This is with $750K of liability. I’m guessing the trucking company that will hire you will probably require $1 million in liability. If that is the case, it will cost about $12K total for the $1 million liability and $215K of coverage for the truck.
I have another quote that is with a separate company and it’s around $18K for $1 million of liability and $215K of coverage on the truck. If we go with Progressive (since it will be in the same name as your Sterling), it has to be added to that policy. The progressive rate isn’t bad considering it’s a $215K truck and you will be hauling heavy equipment to many different places.
Insurance.... this doesn't sound right.
Discussion in 'Ask An Owner Operator' started by tnc110, Oct 20, 2020.
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If your gonna run under someone else’s authority why are you getting primary liability......?
Maybe drop the physical damage down to what you actually owe......Midwest Trucker, Roberts450, User666 and 3 others Thank this. -
There's a rates for having your own authority.
You should be paying a fraction of that.Roberts450, User666 and Crude Truckin' Thank this. -
It's what's killing trucking,,,I try to give those crooks as little as possible. And then the gall, "hope you are having a great day",,,yeah, until this phone call. These crooks are so used to belching out numbers, without thinking where that money comes from.
TallJoe, nikmirbre and Crude Truckin' Thank this. -
The owner of the authority has to provide liability insurance, it’s the law. If you have to pay liability you would pay them.
User666 and Crude Truckin' Thank this. -
on our part we allow anyone just to get into this, some of them are reckless and not giving a crap of what it does for all. This is shown by the number of threads with driver who think damage is cheap to fix when they bump something like the hood of the truck that was in the slot some idiot driver was trying to get into. -
As Don Henley said..
"Kill all the lawyers...Kill em' tonight"
Lawyers are the reason for high rates.AModelCat Thanks this. -
Of course that's bad but it isn't that bad. If I'm reading clearly you were rated $12k (total) per year from one and $18k (total) on another? My new O/O policy was $15k on about $75k total in equipment. I know you aren't new but that's over $200k in equipment!
User666 Thanks this. -
Normally the premium for the coverage you need, would be around 3% of the FMV of the tractor, or for these purposes $215,000.00 or $6500 annually.User666 Thanks this. -
You need NTL and/or Bobtail coverage, not primary liability. The primary policy can only be written for the authority holder (carrier).
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