Trucking Insurance for new drivers

I had mine Insurance at 21k . after giving them garaging zip 50miles North or Chicago if went down to 16

 

Now I run flat bed nad step deck at 11k year

 

These days I never of heard of 10k per year , I would read the fine print we are paying about 29k per truck with good driving history no claims in the past four years. Those are 9 car haulers 2014 & 2015 with 250k cargo witch some brokers won't give us loads with less than 350k cargo

 

I just double checked and my With a 2018 ram 3500 and a 2019 Kaufman 50 foot I’m paying 10k for 1 mill liability and 150k cargo with a 1k deductible. Attached is my payment schedule.

 

some friends got the insurance for 13000$
20% cash and the rest monthly

 

Your premiums are dictated by many factors, but the largest hurdle in the beginning will be finding a market to accept your brand new business. Certain factors can help, like driving experience prior to becoming an O/O, but even so, you start off as a high-risk in the eyes of an underwriter. Show a good few years of clean history and you should see your premiums relax.

The other point to throw out is payment terms. There are sometimes two options - 1. finance directly through the insurance company or 2. finance through a premium finance company.

Financing directly through the insurance company will require anywhere from 20-40% down to bind the policy, eg. $25K annual policy requires $5K - $10K to get started. This can be followed by monthly, quarterly or semi-annual payments. The insurance carrier may offer a pay in full discount...but who are we kidding?

Financing with a premium financing company, will usually be 25-30% down followed by 9 monthly payments. Watch for the rates here and make a good business decision.

Your payment terms will many times be dictated by the length of your policy. In the beginning, many startups will only be able to qualify for a 6-month policy and will need to come up with 40+% to go into business.

 

Just started out and got a quote for 18k from Progressive. Its probably in the small details your giving them. I have 1mm and 150k

 

I only pay $7000/year including cargo and tractor/trailer coverage. I was talking about these new start ups getting quoted $20-$30 thousand dollars.

 

Hey AirBorned...would love to know who you are dealing with. New to business since July getting dot. I was getting crazy quotes and ending up with Progressive as the underwriter. I felt like it was a bait and switch though..had signed for 11k...and later the change to 16k..stayed with it because it was still cheaper than anyone else. 2018 gmc and 2018 Kaufman wedge..1mil liab and 300k cargo.

 

Guess it all depends on what you are hauling. I’m in my first year of bussiness grossing almost 80k hauling dirt and stone. 2 million dollar insurance through progressive cost me 5500 bucks. New dot numbers and everything. I used an insurance agent and paid that agent almost 1000 bucks commission though. That’s a one time fee. Just renewed policy.