Insurance quote question

The limit of liability is the maximum amount they will pay out for a claim. So if you cause an accident while driving and get sued, the maximum they will pay out in that case would be $300,000. On the other hand, if your trailer somehow causes an accident, the maximum limit is $1,000,000 which I've never seen before unless I'm missing something. Generally the limit maximum is combined for tractor and trailer, with a limit of at least 1 million. I think you'll find that most brokers you deal with will require that you have at least $750,00 and preferably 1 million liability coverage, so you might want to ask the agent who quoted that what's up.

 

That doesn't make any sense. You're legally required to carry 750k to maintain your authority with Class 8 vehicles.

Insurance Filing Requirements

 

Your legally required to carry 750.000. but many places you wind up working for require 2 mil, whuch generally is not that much more than 1 mil. I have always carried 2 mil general.
I am wondering why there is cargo insurance on the truck, and another cargo on the trailer.
I am also wondering if your agent is schooled up on commercial truck insurance, if not you will need one that is, dealing with setting up packets and keeping up with them (they will need to be renewed every time your insurance is) with new brokers is a pain unless you have a good agent and quick too.

 

Under $11K for a new entrant, i’m jealous. Mine was $22k with Progressive. Quickly dumped them for another policy that came in at $17k.

 

He isn't done yet.

 

You want 1M liability as it is the industry standard, and also get 1M general liability (with 2M general aggregate). Make sure your insurance company is AM Best rated with A or higher. Register online with them to be able to search insurance companies.

 

How is it possible for a new entrant to be at $11K? That's crazy cheap. Possibly many years of driving experience?

 

Who gave the quote to you? That's an unbelievably great price.