Finding good insurance and a surety bond

Discussion in 'Ask An Owner Operator' started by Maximuswood, Mar 19, 2019.

  1. Maximuswood

    Maximuswood Bobtail Member

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    Feb 1, 2019
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    Im looking into buying my first truck and starting a business.

    I just got off the phone with ooida insurance asking for preapproval like an idiot because ooidas help guide says i need to be preapproved before i can file for my authority. But to even get a quote, i need to have a truck. So really, all i can get are ballpark quotes

    So, the reason im posting.

    ●They told me that as the owner of the company, id have to be insured to drive the truck even though i wont be driving it, ill be hiring a couple drivers.
    ●They said the drivers that i hire would be required to have at least 9years of driving history to be insured...
    ●They quoted a ballpark guess of clean record drivers, including myself at $1,300 a month
    ●they said it was a 1mil primary liability coverage and 100k for cargo insurance
    ●they said they do not do surety bonds, so where do i get a surety bond preapproval as per ooida guide to becoming an owner operator (self broker)
    ●$2,000 downpayment to start the insurance

    Does all that sound right? Is there a better insurance coverage out there, or any not requiring such lengthy employee history as 9years...?

    Im calling back now to confirm their $1300/mn ballpark quote as i dont recall then saying it was weekly or monthly
     
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  3. wichris

    wichris Road Train Member

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    Why would you have a surety bond unless you're going to broker loads?
     
  4. Maximuswood

    Maximuswood Bobtail Member

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    Feb 1, 2019
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    @Cat sdp ill look into progressive if ooida repeats that same outrageous details in our next phone call.

    @wichris i want to look into being my own broker, so i need to eventually get all that. Meanwhile, i know a broker to dish out loads for me
     
  5. wichris

    wichris Road Train Member

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    About the only thing I see outrageous is 9 years experience. Having yourself insured doesn't cost extra, insurance is per vehicle. Not un-common to have 20-30% down for insurance. Without experience/good credit you'll be stuck with surety bonds from the likes of Pacific financial or other low rate bonds.
     
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