$4200/month for insurance

Discussion in 'Ask An Owner Operator' started by windsmith, Jul 6, 2018.

  1. windsmith

    windsmith Road Train Member

    7,296
    6,013
    Sep 2, 2011
    NEPA
    0
    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.
     
    rank, Dave_in_AZ and Mattflat362 Thank this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Ridgeline

    Ridgeline Road Train Member

    18,399
    81,650
    Dec 18, 2011
    Michigan
    0
    That's right, it is because of all the crap that crap owners cause.
     
    rank Thanks this.
  4. danny23tx

    danny23tx Road Train Member

    1,462
    2,166
    Feb 16, 2016
    Austin,Tx
    0
    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.
  5. Mattflat362

    Mattflat362 Road Train Member

    2,349
    4,521
    Feb 18, 2015
    Avon Lake, Ohio
    0
    He said a false claim but carrier is guilty until proven innocent until resolved. That would SUCK!
     
    rank and Dave_in_AZ Thank this.
  6. DSK333

    DSK333 Road Train Member

    2,413
    2,746
    Jan 27, 2018
    Pennsyltucky
    0
    Doubt I'll be complaining about my 750/month any time soon after hearing this.
     
  7. RedForeman

    RedForeman Momentum Conservationist

    4,576
    20,877
    Jan 30, 2011
    0
    An annual premium would be a more useful number. If there was a major premium adjustment near the end of the finance term, a few huge payments isn't extraordinary. An example of how this would happen, totally independent of any claims, would be a poorly timed truck rental in the last half of a policy year.

    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.

    Really? Like what?
     
    rank and windsmith Thank this.
  8. windsmith

    windsmith Road Train Member

    7,296
    6,013
    Sep 2, 2011
    NEPA
    0

    Sounds like a good topic for a new thread!
     
    RedForeman, rank and DSK333 Thank this.
  9. Rontonio

    Rontonio Road Train Member

    5,644
    39,739
    Aug 9, 2009
    0
    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
     
  10. windsmith

    windsmith Road Train Member

    7,296
    6,013
    Sep 2, 2011
    NEPA
    0
    I did ask, and he said that was per truck, not for all three.
     
    rank Thanks this.
  11. rank

    rank Road Train Member

    9,823
    110,753
    Feb 11, 2010
    50 miles north of Rochester, NY
    0
    $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 back
     
    RedForeman Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted