New CDL and getting insurance

I think a lot of people don't realize how the game has changed in the past year (as it relates to getting your authority) when it comes to obtaining trucking insurance.

It is certainly NOT prudent to go out and buy a truck and go through the process of obtaining your authority UNTIL you have a certified commitment from an underwriter of insurance coverage.

In addition, I'm all for opportunity and capitalism, however, for someone to have just completed CDL school (with no prior trucking experience) to go get their own truck & authority and start contracting loads up and down the interstate, is in my opinion, nuts.

 

It's not you failing at business I'm concerned about...

 

You are going into an ownership position without experience. Ill advised at best. That is like someone who washes dishes for one day and then says they are a hard worker and then open up their own restaurant.

To paraphrase Goodfellas "Don't have the money for your truck payment? F you, pay me, not getting enough miles? F you, pay me." The loan company wants their payment each week or month.

I admire your work ethic. Truly, I do but get some knowledge under your belt first.

 

Well, if I was an insurance company i would not insure you for any amount of money. Sorry.
On the other hand, best of luck on your journey -

 

Do your thing Bro. There will always be nay sayers. Can you imagine a world without risk takers? People telling you it won't work, or that it's a bad idea, are neither wrong or right, just opinionated. Nothing wrong with that.

I admit that I did not now how much the industry changed insurance wise, however, it is only an inconvenience.

 

Risks are fine but calculated ones with knowledge and foresight are less risky. Get some info and experience first is all that I am saying. Good luck out there.

 

I think insurance companies can cancel for any reason they want within the first 60 days, but they have to pay you back a pro-rated amount without penalties. It was definitely shady, but the contracts are drawn out to protect the insurance companies and nobody else. As long as the FMCSA requires carriers to carry insurance, I believe they should regulate the insurance industry or provide coverage. New drivers should pay more, but you can almost guarantee you're going to get gouged as a new entrant.

We do have a higher than normal coverage for general, cargo, and non-owned trailer. Even with the bare minimums it would likely be 25-28k I think.

 

Keep looking. There are better rates out there. Even for your situation.