That's right. $4200/month. Per truck.
That's what the O/O told me he was paying - 2 years and change with authority, based in a NYC borough, two trucks, two drivers and one lease op. And a $300K loss on his record as a result of an insurance scammer. The claim hasn't been settled and is being investigated as fraud, but the insurance company considers it as a loss at the full limit of the policy and charges accordingly.
That's. Just. Nuts.
$4200/month for insurance
Discussion in 'Ask An Owner Operator' started by windsmith, Jul 6, 2018.
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That's right, it is because of all the crap that crap owners cause.
rank Thanks this. -
I'm in my second yr under my own numbers and pay $1100 for cargo and liability. There is more to the story of why it's so high .
rank and Dave_in_AZ Thank this. -
rank and Dave_in_AZ Thank this.
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Doubt I'll be complaining about my 750/month any time soon after hearing this.
whoopNride, Mattflat362, windsmith and 1 other person Thank this. -
You already mentioned a NYC terminal location, that's risky. There's a lot more behind an insurance quote than a monthly payment. Credit rating, driver history. Safety score. Hazmat and the like. As @danny23tx posted, there's more to the story.
By the way, even if the guy's insurance company prevails in the fraud case, there will still be a substantial amount on their loss run. Legal costs will be included, regardless of the outcome.
So maybe $4,200 is a scary big number to some people, but I don't see anything here that makes it newsworthy yet. Other than most drivers really lack an understanding of how commercial insurance works.
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Sounds like a good topic for a new thread!RedForeman, rank and DSK333 Thank this. -
2 owned truck plus a lease op truck is 3 trucks - so $1400 per truck per month
It expensive but not absurd if the equipment is new and the cargo insurance is more than minimum and there are trailers as well -
rank Thanks this.
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$300k on his loss run. That’s all she wrote.
Insurance is all Fd up. Last yr I paid $1200/yr for my 86 Pete and $9000/yr for a 2008 KW. This year they renewed them both at ~$5000 I think. No tickets or losses.
My broker told me they’re losing money on trucking and trying to make it backRedForeman Thanks this.
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