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Insurance

Discussion in 'Ask An Owner Operator' started by Canary379, Apr 9, 2021.

  1. Apr 9, 2021 #1
    Canary379

    Canary379 Light Load Member

    73
    3
    Apr 13, 2012
    Illinois
    0
    So I’m new to the freight side of the business. I’ve worked in the construction field with tractor trailer dumps mostly.
    Just bought a day cab Peterbilt to run freight here locally in the Chicago/Illinois market. What type of insurance coverage do I need? I will be leased on to a company if that matters and pulling their trailers.
    What are guys out here paying yearly? Also, any Ins. Co. recommendations would be great.
    Thank you
     
    Canary379, Apr 9, 2021
    Canary379, Apr 9, 2021
    #1
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  3. Apr 9, 2021 #2
    Judge

    Judge Road Train Member

    13,582
    90,260
    Mar 19, 2014
    Arkansas
    0
    See about running under their insurance, might be cheaper.
    If not then whatever minimum they require, usually 1 million liability and 100k cargo, then you’d need trailer interchange around 25k + or -
     
    Judge, Apr 9, 2021
    Judge, Apr 9, 2021
    #2
  4. Apr 10, 2021 #3
    Canary379

    Canary379 Light Load Member

    73
    3
    Apr 13, 2012
    Illinois
    0
    Thanks. Anyone else?
     
    Canary379, Apr 10, 2021
    Canary379, Apr 10, 2021
    #3
  5. Apr 10, 2021 #4
    drivinhome

    drivinhome Light Load Member

    91
    102
    Sep 16, 2009
    Southeastern Mass
    0
    I am a 29 year veteran of the business with a clean driving record. Starting a new Authority with new tractor and trailer. The insurance I had quoted with 1 Million and 100k is around $ 19k with progressive. You should be able to reduce that cost with older equipment and also if you are leased to a carrier pulling their trailer. Hope that helps.
     
    drivinhome, Apr 10, 2021
    drivinhome, Apr 10, 2021
    #4
  7. Apr 10, 2021 #5
    ChevyCam

    ChevyCam Light Load Member

    269
    401
    Mar 4, 2018
    0
    Correct me if I am wrong but with you leased to a carrier you would be paying into their liability insurance and not your own. That is what I currently do, and I carry my own bobtail coverage which is less than $1k per year.
     
    ChevyCam, Apr 10, 2021
    ChevyCam, Apr 10, 2021
    #5
    Midwest Trucker Thanks this.
  8. Apr 10, 2021 #6
    Midwest Trucker

    Midwest Trucker Road Train Member

    5,913
    21,382
    Aug 31, 2018
    0
    They provide liability and cargo. You provide collision, bobtail, and occupational accident insurance. That’s what is generally standard anyway.

    Number 1 should be to call them and ask.
     
    Midwest Trucker, Apr 10, 2021
    Midwest Trucker, Apr 10, 2021
    #6
    Tug Toy Thanks this.
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