Libility+Cargo Insurance Question.

Progressive made me an offer of 22K a year for liability+cargo+physical damage. They said, I needed to wait 1 more year for this to soften due the claim I had with them 2 years ago + I am a new entrant. Now, How does this insurance rating matter when you try to book a load. To what extent, do they (brokers and shippers) discriminate based on cargo/liability insurance brand you have or is it most of time not relevant , assuming, of course you have 100K cargo and 1million liability?

 

Yeah, That is really mind blowing how different rates different folks can get. I decided to go with another insurance for 15K a year - 3K down and the rest in installments. It does seem, that insurance cost is the major discouragement factor for new guys. I am determined to go with it. The risk: If you want to back off from the deal then $3750 is gone (25%).

 

100K cargo (General Freight: dry van, no exclusions), 1 million liability - all 48 states, 45K on a truck and 28K (new trailer) 1000K deductible.

 

I did not ask yet. But I will. I hope to hear a few more quotes too. I'll be OK with a deductible for up to 5K. I was more interested in how the insurance rating matters if at all in real life, when you book a load or file a claim. Progressive is a rapid response. But I disagree with their quote; I don't think I am such a risk. My hope is that after a year or so, I'll be able to get more down to earth premiums. I don't have anything on my MVR as a driver, or a credit report. I damaged my hood 2 years back, and now thinking back I should've just replaced it and paid for it without a claim, but I heard "What you got that insurance for?" I know better now. For you to get that rate from them is really awesome.