Help me find insurance company for new DOT/MC

To be 1st year with your own authority it is common to pay 13 - 15 k (liability + cargo +physical ) It could be higher if the MVR is bad or the FICO score too. The value of equipment is a factor. Then the type of cargo you declare to haul; alcohol, seafood, hazmat ... it may increase the premium for additional 1-2 k. The main hurdle to have your own authority is the insurance cost. The authority itself, speaking from my own experience, does not guarantee better earnings at all. I made more money last year when I was leased on a percentage, but I was on a forced dispatch. A hell more money. It takes a while to figure things out. So it is true that having cash for 2 or 3 months worth of living is essential. For instance, since the begining of the year, my truck had two major repairs, add some minor staff and the maintenance in total cost me 8k so far.I got sick for a week and my house got flooded a little so I had to spend some money on that too. Meanwhile I had to pay 2k for Irpa, make trailer and Insurance payments and there are living expenses. The brokers will know that you are a new MC and will not offer you much at first. There is nothing you can do to overcome that. So far this year I would have made more working as a janitor cleaning showeres at Flying J. But that's OK, I was expecting this, had money in the bank before embarking on this deal.

 

One more thing. The Insurance requires about 25% - 35% downpayment. If you have second thoughts after you have signed the binder then you lose that. That's my contract anyway. That's way if you do this you gotta be determined to take it at least until the renewal time.

 

I can agree with everything you said tall joe. I am aware of the agent sending out packet to brokers or whoever. There is a couple different ways I have seen guys handle this. by sending packets out their selves. Every agent I have contacted has taken at least a week to get back to me except one. One thing I dont understand is why I have to pay for a whole year and dont get back my down payment. makes me pretty disgusted. Sometimes I just wanna throw my hands up and say to hell with it! Dont care how much money I have wrapped up in this. I'm already tired of dealing with these crooks. I have a hell of a time handing someone 3k or more, but handing a crook 3k or more is just disgusting to me. lol

 

I am with you on this. Sometimes It seems that everybody is grabbing my money with nothing left for me .

 

So you have to put down the down payment and it doesn't go towards your premium?

 

Yes it goes towards the premium. I just don't like shelling out that much $ at once for a piece of paper. lol. I mean why does these dang ins company make you pay the whole year? 3k That is the down payment to the finance agency that pays the insurance company the lump sum. its all just stupid. I have never dealt with such nonsense. lol

 

You never lied!! It feels like the system is set up for us to fail.

 

Progressive offering insurance again for new Authority's . As of 3-29-17 .

 

Be sitting down when you get a quote. I have a squeaky clean driving record and less than a year experience and got quoted at $26,000

 

Mine is $16,000 . Less than year also . Cargo is $176 a month. General freight no Hazmat .