Question on truck insurance

They all qouted me $8300 for basic coverage ( thats almost a doctors malpractice insurance) I still think that this is way too much for some one who cant find loads and only drives 60k mile for the year with clean records. I got it from Carolina Casualty for about $8000/year. Others in my area have about $5000/year with reefer breakdown and a much newer truck than mine. In my opinion insurance is the biggest leagal fraud in this industry.

 

I dont think anyone out there is paying 5k a truck for insurance. These were the rates 2 years ago. But yes some people do pay less than others. Your driving record may be perfect, but insurance is also based on your credit history. In fact, 60 percent of your quote depends on your credit. So your neighbor may be paying 10k and you could be paying 15k on exactly the same equipment and driving record. All because of credit.

 

I am still paying less than $5,000/year per truck.

 

Yes it is possible. Some people in rural areas, with good credit, local operation, of mature age with good driving record probably pay 5k. Do you have physical damage and cargo for this much or just the liability? Did you get your insurance about a year ago?

 

I have liability, cargo and physical damage on one piece of equipment. I don't live in a rural area. I have had insurance with the same company for a number of years. I did get an increase this year of about 15%, even with no claims or dings on the mvr. I also have an excellent safety score. Several factors come into play when calculating insurance rates. Where you base, where you run, mvr, carrier safety score, type of freight hauled, previous claims, level of experience and credit rating are all factors that are used to determine risk and premiums.

Starting out you can expect to pay about $6,000-8,200 your first year in business. I have known some who pay considerably more due to the area in which they live. Some will pay over $10,000 the first year. Premiums should start to drop once you have a track record without any claims and providing you keep a clean mvr and csa score.

 

Yes this year insurance prices have gone up a bit. 15% increase is about right. As you said it is not because of your driving record or anything you actually did, it is just because insurance companies dealing with truck insurance have lost money this year. One guy above said that insurance is the biggest scam now days. I have to disagree with his statement. If you look at their financial performance you will see that almost all insurance companies insuring trucking businesses are reporting losses in the last 12 months. 100k cargo, 1 mil liability, think about it at rates between 6,000 and 10,000 even 1 rejected cargo load due to temperature discrepancy will require 10 complete truck policies to just pay for the loss. Not to count the expenses such as the insurance company's customer service people, accounting department, sales team, claims department, office expenses, etc.

 

These insurance companies do have a lot of overhead, but it is difficult to feel sorry for them when you pay thousands of dollars in premiums and have no claims. Many of the larger carriers self insure, at least up to a point. That enables them to pay much smaller premiums, per truck.

 

So some one here, probably from insurance group, wants to sound it as justified. For 16.66 Cents/mile to the insurance with Dry Van and clean driving, and OK credit. There is no temperature involved in dry van, that’s BS. Most of the time I have to sit for 3-4 days to book a really lowest class load cheap most of the time paying $1.50/mile. I do not think that you have any clue as what is real cost of insurance should be. OOIDA is supposed to be 20% cheaper as they claim, but she quoted me the same price $8300 how come?.
I have been doing surveys with many O/Os who have OOIDA insurance and many others, for full coverage on (example) 2007 Kenworth and 2005 Great Dane Reefer w/ref breakdown and some tow included, for under $5000 in the city area in NJ,PA, MI, GA, MD and many more. Many of these rookies have bankruptcies as well. I have made a complete database of these quotes to set forth as a proof. When I got the policy I clearly sent them my IFTAs for yearly mileage.

I drive approx 60k/year
Insurance Carolina Casualty charges me approx $8000. that 13.33 Cents/mile
My plates cost me approx $2000. that is 03 Cents/mile
Just Put tires for approx $5000. that is 08 Cents/mile
Batteries were about $500. plus many more expenses = 10Cents/mile
Fuel is $.75/mile
Oil Change and Maintenance is 05 Cents/mile
Load boards and internet cost appros 2400/year that is 04 Cents/mile
Driver pay average 42 Cents/mile
All together to run the truck without driver $1.18/mile and with driver $1.60/mile
So how come I am being ganged up by the brokers to take a load for $1.50/mile no matter it is going Northeast into the worst areas. You are telling me that the industry does not know about these numbers? Some one can say that I do not have to take that load. Yeah right, the same thing from the next city 200 mile north. I have tried from Tamp FL to CT. they all offered me the same $.90/mile to $1.20/mile.
I passed on this market and moved empty to Cordele GA.Here Landstar Inway from west arrogantly said, "Look man its 1000 miles 42k and it pays $1000 to Hackensack, NJ and hung up the phone.
Same statements from TQL, Sunteck and many others. I left empty to Macon GA, I faced with the same kind of Tr##sh here. Moved empty to Greenville, SC same thing here.
Then Charlotte NC, Chattanooga TN, and Wytheville VA, and so on.... and then back to CT empty for Kids school meeting. All the way the gangsters said the same thing. It got better by few cents in VA which was $1.50/mile. So you tell me how can you justify the 16.6 Cents/mile insurance. Is this terrorism or what? Not openly but it is.

 

Every one I have talked to says they are paying under $5000. Except for the ones who walk up to me and just say hey do you know that I am paying over $8000/year insurance? Most likely these people who walk up to me and tell the insurance rate only are probably from insurance groups.

 

[h=2]Is this a good rate for bobtail ( leased to a carrier) ?[/h]

Non trucking liability


1 000 000 limit
UM/UIM 25 000/50 000
Physical damage
Comprehensive Deductible 1000
Collision Deductible : 1000
Value 17 000$
2001 Volvo


Premium: 1198$ ( year rate paid in full)


Great West


4 years CDL


Basically same rate (within few bucks) like last year.​