Well, my insurance broker who has been selling truck policies for Progressive for years told me exactly that. I was lucky and got underwritten in December of 2015. My truck/trailer and cargo insurance is a little over 600 a month. That's for a 2016 truck and trailer.
Which in today's market isn't too bad...
The company who's authority I ran under before getting my own charged us $970 a month.
new authority HELP!
Discussion in 'Ask An Owner Operator' started by Alesanchez1991, Jan 9, 2017.
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I got my authority a month ago. Took my broker a week to get a company to write me. I'm paying 18k a year for liability and cargo but no collision or comp. Of that, my cargo is 2100 for 100k with a 1k deductible pulling reefer including seafood.
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I will say it's really important for guys to review the coverage value on a year to year basis as the value of the equipment is depreciating. -
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I thought in order for your authority to be active you had to have $75,000 minimum in cargo insurance.
warrocgman and redoctober83 Thank this. -
FMCSA removed the cargo requirement in 2011. I have it, but it only shows up when a company requests a binder. Now if you haul HHG, that's different. Insurance company will do a filing for that, as it's required.
Pnwtrucker Thanks this. -
Only requirement for active authority is BIPD minimum...750,000. Cargo is no longer required to activate authority.
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