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?
Libility+Cargo Insurance Question.
Discussion in 'Ask An Owner Operator' started by TallJoe, Sep 21, 2016.
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Basically it two companies Berkshire hathaway & Progressive that handle new entrants. Those two companies ratings won't cause you any problems booking loads. That is a very high rate. I might try to lease on with a company for a year
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Holy guacamole!! They quoted me $6800 a year for 1million liability, comp/collision on truck and trailer with 5000 deductible and 200k cargo.
TallJoe Thanks this. -
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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%).
Last edited: Sep 22, 2016
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I would shop around some more.
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What kind of coverages did you get on your equipment? I'm paying $8100 a year with progressive. 1 mil liability with 100k cargo. Full coverage on a truck that's worth 24k and only liability on my trailer since it's only worth about 10k. $2500 deductible. I didn't shop around with anyone else since I just got my authority 5 months ago but $675 a month seemed decent and their site is easy to use for COI's.
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100K cargo (General Freight: dry van, no exclusions), 1 million liability - all 48 states, 45K on a truck and 28K (new trailer) 1000K deductible.
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You have about 3x as much coverage on your equipment than me but that shouldn't almost triple your rate. How much does it change with a $2500 deductible?
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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.
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