$2021 PER MONTH INSURANCE IS THIS HIGH OR OK FOR FIRST YIME BUYER?

Discussion in 'Ask An Owner Operator' started by arif shah, Apr 2, 2021.

  1. PhantomLLC

    PhantomLLC Bobtail Member

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    Jan 23, 2015
    Chelsea, AL
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    Ok, so I called OOIDA back today and for an exact price it’s about a 24 hour turnaround. She did not ask radius, did do a work history verification, commodity hauled (of course what kind of trailer), does the truck have an alarm (Audible, Fuel Cutoff etc.), Passengers, any additional drivers, doubles/triples etc. Will post once the quote comes in. Granted it’s based on my info but it seems to be a point of curiosity.

    Contacted Great American, who transferred me a few times. Ended up speaking to a nice lady from McGriff that I’m guessing handles sorting or maybe acts as an insurance broker. Same info as above but she did ask radius. I’m based in Alabama and gave the “Boundaries” as Southeastern states including VA, and she pretty much stopped me right there. Asked if I was going to travel in to Cali, Washington, Oregon, Montana in that area. Told her no but I would be taking loads in the Midwest, which she concluded that the coverage wouldn’t see a lower rate than 48 states given the areas I mentioned. Again, it’s an exact rate so it may take a day or so. Did want to follow up though since I said I would.
     
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  3. Beaver9

    Beaver9 Light Load Member

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    Jun 15, 2020
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    Nope.

    I was there last year my friend!

    There are a few things you can check. Check if you received all the discounts: like using ELD, having insurance for more than a year on your personal vehicle, etc.

    And check what radius you signed up for? How far do you operate? First year you can't go lower than 500 miles radius. If you have unlimited miles but drive shorter distances, make sure you tell them. It can save you about two grands.
    There is NOTHING else you can do. Work on your credit, keep good driving record. And MAYBE pay IN FULL to save you another two grand! But you would need to pay it in full to get that discount with Progressive.

    With some of these discounts I brought it down to 18K my first year. I wasn't in a position to pay in full my first year. And nobody told me. My second year I paid in full, 13K! Agents get commission and often they don't have your best interest at hand. Make a few calls directly to Progressive (evening hours are best). They have better representatives. Hopefully, my third year will be close to 10K. By your third year more options open up. I can check outside of Progressive since I will no longer look so fresh to be turned down at the end of this year.
     
    Last edited: Apr 6, 2021
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  4. Hollywoodsaint

    Hollywoodsaint Light Load Member

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    Jun 20, 2020
    Hollywood California
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    That's is crazy expensive!
    My friend just bought a truck . His first truck and he is paying $1200 per month.
    The most i have ever heard of is the $1500 per month....so common insurance is $1500 or under....I feel your being ripped off
     
  5. PhantomLLC

    PhantomLLC Bobtail Member

    22
    14
    Jan 23, 2015
    Chelsea, AL
    0
    Finally got both quotes back (OOIDA & Great West which I referred to as “Great American”.

    Both policies were identical as far as coverage other than noted below:
    1,000,000 Liability
    100,000 Cargo
    This also includes Medical, Uninsured Motorist, Comprehensive, and Collision.
    Covers electrical equipment inside the truck related to work, personal items and misc which the example given is chains, strap, tarps etc.
    $5,000 worth of towing, $1,000 max on rental truck at $200 per day and $500 max emergency expenses for lodging, rental car, meals etc.
    The plans also have “Terrorism” insurance. I’ll let y’all research that one.

    Great West: $1,404 per month.
    OOIDA: $1,543 per month.
    *OOIDA’s policy has $25,000 coverage on towing and cleanup vs GW $5,000, and their Emergency Expense has $2,500 worth of coverage vs $500*

    I would also like to add that OOIDA has a list of companies and brokers that they don’t do business with and that won’t do business with them. Insert your own thoughts or opinions about that. On the other side while Great West did not share such a list, that doesn’t mean that one doesn’t exist. OOIDA has been very transparent since my first dealings with them, so getting a list like that was not a surprise. Lol

    Hope this helps in some way.
     
  6. Dave_in_AZ

    Dave_in_AZ Road Train Member

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    119,339
    May 4, 2015
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    You have to compare apples to apples.

    Where you live has a lot to do with things.

    If you're going to do all 48 states, that has a lot to do with things.

    How long you have had you cdl has a lot to do with things.

    That's about an average quote for a new authority.
     
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