Insurance for new owner operators

It will be expensive. Prohibitively expensive? Maybe. You could get your own truck and put it on under someone else's authority first, before you go all the way. Lots of folks do well enough and don't want to do the extra paperwork that comes with holding an authority. Some do better than if they flew solo. Depends where you live what you haul, etc. First, need to determine what will be the best fit for you.

 

It will also depend on your future plans.
As stated above, if you're going to be a one truck show it may not be worth the headache.

 

I'm in sort of the same situation. I already have a truck and a 43' fixed neck lowboy. I plan to start hauling equipment around for all the local rental companies and construction companies. The main issue I have run into currently is having enough money to put the "down payment" down on insurance plus an apportioned tag plus have enough money in the bank to keep me rolling until money would start to come in. I am currently doing all of this for a local company right now using their equipment and I have been averaging about 5200-5500 a week gross for the truck. All of my equipment is paid for however my trailer is not suitable for the smaller stuff (forklifts scissor lifts etc.) I KNOW there's money to be made but at the same time it takes money to make money and that's what I'm working towards right now. Sorry for the little rant but back to the insurance progressive quoted me like 26K for the year which is completely BS to me so I'm shopping it around some and will find somebody better. Just be prepared to spend quite a chunk of money just for all the legal and paper work that's required.

 

Progressive is total BS. Look for someone who offers a Lloyds of London policy. They underwrite new ventures and I've been happy with them.

 

How do you find out which companies those are? I’m having h**l finding anything on google.

 

Contact OOIDA and if it's a new authority they will direct you to their referral list and send you all the contact information for several different companies. I'm in the process of dealing with the referrals now waiting to see who's got the best rate.

 

Thought Lloyd’s of London was an “Offshore” carrier, or at least use to be.

I wouldn’t go with any one less then a “A” rated Carrier.

 

Call around to some agencies. I found mine with a Google search for local providers and a handful of phone calls.

A good insurance agent will do some shopping for you and compare the coverages.

They're A+. My policy isn't through OOIDA, but I know they use them as well.

 

What do you consider to be expensive?