New authority and new CDL insurance estimate

Progressive is about the only one that will wrote a new authority, I started in 2019 with 12 years experience and a 97 truck and it was 23k and I doubt costs are going down with everything else through the roof

 

It will be high for a few years, mine is around 15k a year but I carry 500k cargo coverage all the time. That adds about 2,300 a year. I was leased to a carrier for about 1.5 years and they also used great west, Same as I do now, so that helped me having a track record with great west. Best of luck. Progressive is your best bet I'd say as well.

 

Just contact some insurance brokers and get some quotes. Every person's situation can be different, credit scores and driving records combined with where you live can make for very different results.

 

I think that depends on what state you are in.

 

I have a new authority with 6 years experience and clean driving record. Progressive was cheapest one I found and honestly probably the only one that would do it.
My policy is 25k a year. However, I have 2mil general and 2mil physical and 250k cargo all max limits for a new authority.
Some of my customers require this large amount or I’d be paying 19k a year for half of the coverage.
I just paid my down payment today in the amount of $4300 and I’ll be paying $2000 a month.
Truck is an entirely different animal as I found out. Commercial financing is completely different than personal. It’s much harder and much higher interest. I have perfect credit and plenty of cash in the bank….still best rate I got was 12% with 35k down on a 48month term for a 2018. I was originally planning on buying a 250k truck until I learned how hard “first time” commercial financing can be. I have customers lined up and ready to roll but I couldn’t fathom having a 5k a month truck payment with as high as fuel is.
So I found me a 120 truck with 400k on it and happily paid 7k for the extended warranty through Freightliner which covers everything for 1year 100k and put down 35k.
Take it from someone who is currently jumping into business do LOTS of research and be sure to have plenty of money in the bank. I’ll be 100k cash in before I make my first dime.
And there’s absolutely no way I’d do this if I was running OTR with high fuel cost and low rates unless is was specialty stuff paying at least $5 a mile.
I run 80% local (burn less fuel) and charge by the hour. Any regional work I do starts at $5 a mile.
Hope this helps. Good luck on your adventure

 

Thanks for the info. I'm thinking about doing the same thing but I get nervous thinking i would need to cash in a lot of stocks to get to the same point as you (spending 100k) I have great credit but I still have a mortgage to pay. lots of decisions thanks again

 

Insurance will be above 30K most likely since you just got your CDL. We couldn't even start with commercial loans. It's too much risk for the banks to take on. Now, I don't blame them. It's easy to go out before even starting it.
Good Luck. You will need it.

 

Don’t finance an expensive truck! It’s a work vehicle, not your garaged show car.

If your credit is good, work as a company driver, then apply for a personal loan (rates will be lower). Use that personal loan to buy an older truck. You can find deals if you look around. $15-30k range. May or may not need work. Or if you have the cash, pay cash.

Drive it until it craps out. By then you would have made your money back. My plan is to do exactly that, then buy a 2nd and overhaul, then overhaul the original. Then buy a 3rd, overhaul, get a driver. Keep 1 semi in reserve. Buy my 4th, overhaul, get 2nd driver. So on.

Why pay $100k for something with 500k miles that needs work when you can pay $20k and then perform the same work?