Im in NY and my company was also registered in NY, insurance just too high here. I heard insurance is way cheaper in MS,PA,OH,MA. If you guys know any other states please let me know. The only solution seems to be to set up out-of-state company in these states, then get insurance in those states. any other suggestions?
MS is high! To include the states you mentioned. Different insurance companies have different algorithms. Western Midwest is usually the cheapest area. Basically part of country that has least traffic encounters.
I sold car insurance in another life. Not sure about commercial insurance since trucks usually operate in multiple states, but regular car insurance tends to be much lower in states with pure contributory negligence laws. If a jury finds your fault was even 1%, you will not be compensated for injuries in an accident. There are only four of these: Maryland, Virginia, North Carolina, and Alabama. New York is one of a dozen or so states with pure comparative negligence laws, which means you can collect for injuries even if you were more than 50% at fault in an accident. Those states tend to have much higher insurance rates and billboards with giant ######## standing on big trucks asking if you've been injured. The rest of the states have partial comparative negligence laws, where you can collect if the other party is 50% or 51% (depending on the state) at fault. Be careful if you decide to play the game, though. I remember one incident where the company discovered a ton of New Yorkers (over 75 customers iirc) who had policies with the same address in Raleigh. They all got cancelled since they didn't meet the residency requirements.
in that case i think these new yorkers use virtual address. i just trying to legally lower the insurance, compare 10k/pre truck/year, rent a place in those states sounds more logical.
Insurance company will look at each driver’s license, want to know states operated in the business lanes, and sometimes look at IFTA reports…Insurance companies didn’t get rich being fools..
Every January I gave my broker copies of the last 4 IFTA reports so confirm our total miles and area of operations to use for our upcoming renewal. He used this info for the curent company AND those he had contacted as Plan B, Plan C; etc. IRP and IFTA accounts usually require using the resident's state. Do you have an insurance broker? A good broker will find you the best costs in any market.
WIS Bang is 100% on this. Have a good agent. It will save you money. Also establish your business in a region that requires your service and where opportunities are open and profitable. The business comes before your personal life. Every time you do not it costs money. You be holding back its potential. It’s all a choice.
He retired just before me. Get involved with the state Motor Truck Assn and you will see that the trucking centered brokers will be participants sometimes co-sponsoring some of the Motor Truck safety seminars. Donald LaPenna in Cranford, NJ and Marquis Transportation Insurance Specialists are two in North Jersey.
