Progressive Insurance quote new authority. Does this sound right?

I was 23k in 2019 for first year. 1 mil general 100k cargo truck at 65k owned trailer at 20k, non owned at 40k, and unlimited mile radius

went down to 17k last renewal

 

Where are you located? City and state or close if you don't mind. It will probably explain your rates. Of course, you do have some dings but if you are close to or in a big city, especially west coast or northeast US then the rates are always insanely high.

 

Experience Mod, that is your claim history in dollars. Many items affect the cost, being a new carrier with no actual history and two 'hits' on your record will be charged more than someone with a clean record and ten years' experience mod showing minimal claim amounts.

You get real 'sticker shock' when there is a catastrophic loss. A few years ago we were involved in a fatality. Ended up being a 3 way split between us, the Marine Terminal and their security firm so we lucked with an $800,000.00 paid out against a reserve of one million so the next year was a large nut.

Turns out the Insurance company hired a good lawyer and was able to tie in the other two parties and kept us from taking 100% of the fault, otherwise our company would have been on the spot for the 1.4 million over the Million of liability coverage the insurance was responsible for paying.

Good experience is the only way to reduce premium costs and it doesn't take too much to double your current cost when your 'experience' goes down the tube.

Try Haz Mat, one tanker outfit I used to work for began it's slide to being sold off after a large increase in overall rates pushed the cost of 45 tractors [most owner operators] and 85 tankers came to $45,000.00 per truck for a tidy $3.8 million or 320K a month.....

 

Wow, that surprises me. From what I've heard on here I figured you'd say somewhere in PA, Michigan or Chicagoland. I don't know anything about Texas though, just that there are too many freakin' people there and lousy rates.

 

Besides all that, Progressive has never been the best choice for new entrants. They were quoting me close to $20k per 6 months 5 years ago, when I was getting my numbers, while Wesco offered $12k for a year.
Shop around. If it is the only choice then forget it. 30k per year is too crazy high. It would not work for me even with the current rates.

 

Insurance, cell phones, internet. This is my plan. None of those work on customer retention. They however work very hard to win the new customer business.