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Insurance.... this doesn't sound right.

Discussion in 'Ask An Owner Operator' started by tnc110, Oct 20, 2020.

  1. Oct 20, 2020 #1
    tnc110

    tnc110 Light Load Member

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    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.
     
    Last edited: Oct 20, 2020
    tnc110, Oct 20, 2020
    tnc110, Oct 20, 2020
    #1
    Crude Truckin' and Lucky12 Thank this.
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  3. Oct 20, 2020 #2
    Cat sdp

    Cat sdp . .

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    Orion's Belt
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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......
     
    Cat sdp, Oct 20, 2020
    Cat sdp, Oct 20, 2020
    #2
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  4. Oct 20, 2020 #3
    Dino soar

    Dino soar Road Train Member

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    There's a rates for having your own authority.

    You should be paying a fraction of that.
     
    Dino soar, Oct 20, 2020
    Dino soar, Oct 20, 2020
    #3
    Roberts450, User666 and Crude Truckin' Thank this.
  5. Oct 20, 2020 #4
    201

    201 Road Train Member

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    high plains colorado
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    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.
     
    201, Oct 20, 2020
    201, Oct 20, 2020
    #4
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  7. Oct 20, 2020 #5
    Old Man

    Old Man Road Train Member

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    Oklahoma City, OK
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    The owner of the authority has to provide liability insurance, it’s the law. If you have to pay liability you would pay them.
     
    Old Man, Oct 20, 2020
    Old Man, Oct 20, 2020
    #5
    User666 and Crude Truckin' Thank this.
  8. Oct 21, 2020 #6
    Ridgeline

    Ridgeline Road Train Member

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    Wrong, it is the litigious society we live in and with. We allowed the public to hate trucks which is promoted by ambulance chasing scum lawyers who get a third of what ever they can screw owners out of.

    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.
     
    Ridgeline, Oct 21, 2020
    Ridgeline, Oct 21, 2020
    #6
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  9. Oct 21, 2020 #7
    Elroythekid

    Elroythekid Road Train Member

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    As Don Henley said..
    "Kill all the lawyers...Kill em' tonight"
    Lawyers are the reason for high rates.
     
    Elroythekid, Oct 21, 2020
    Elroythekid, Oct 21, 2020
    #7
    AModelCat Thanks this.
  10. Oct 21, 2020 #8
    86scotty

    86scotty Road Train Member

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    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!
     
    86scotty, Oct 21, 2020
    86scotty, Oct 21, 2020
    #8
    User666 Thanks this.
  11. Oct 21, 2020 #9
    Eddiec

    Eddiec Road Train Member

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    Your agent messed up and quoted you a premium as if you were hauling under your own authority.
    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.
     
    Eddiec, Oct 21, 2020
    Eddiec, Oct 21, 2020
    #9
    User666 Thanks this.
  12. Oct 21, 2020 #10
    User666

    User666 Medium Load Member

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    Sep 22, 2020
    Northeast Ohio
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    You need NTL and/or Bobtail coverage, not primary liability. The primary policy can only be written for the authority holder (carrier).
     
    User666, Oct 21, 2020
    User666, Oct 21, 2020
    #10
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