First year MC# and insurance costs?

Discussion in 'Ask An Owner Operator' started by Arky, Apr 5, 2024.

  1. Arky

    Arky Heavy Load Member

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    Does anyone know exactly what triggers the insurance hike for new MCs? I asked my insurance lady (all they do is commercial trucks). She doesn't think the new entrant penalty is all that much.. insurance is less after first year but not a huge amount. She says its more based on driving records, credit history and such.

    Does anyone have first hand experience?
    I'm Insured now with truck and trailer for lower 48 for like $6,000/yr. I'm sure that will double if I get my numbers but she says not so much?
     
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  3. W923

    W923 Road Train Member

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    I don’t know what will happen in today’s world but I originally had my trucks and dot numbers all working for our farm…and that’s pretty much all I actually did with them…so after having the dot number for a couple years and having 0 accidents or tickets/bad inspections, I upgraded my insurance to non farm for hire insurance with only intrastate authority and the price went from roughly 1k per truck to around 3 adding federal numbers was like a $50 hike or something pretty minimal I guess technically I can’t run all 48 because I only have 250 mile radius (I think) could be 500
    Of course all of this happened before the china virus new entrant wave
     
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  4. Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

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    6k ? What are your coverages ?
     
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  5. shanman

    shanman Medium Load Member

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    6k is cheap imo. Must have really high deductibles or crap coverage. Or really cheap equipment
     
  6. Arky

    Arky Heavy Load Member

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    Yes, cheap truck $25k and $35k trailer. I'll likely upgrade soon. I'll have to look at liability but I think it's 1m. Thing is I'm only licensed intrastate and haven't been working. It's progressive so I was playing around on the app and for trial purposes bumped it out to nationwide expecting a huge increase but it wasn't much so I left it. Really the only thing I would have to do at this point would be to go ahead with the MC and related paperwork.

    I'm probably going to do it anyway at some pont soon. I'm really tempted to just go ahead and set it up. I'm really enjoying that cheap insurance though..lol.
     
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  7. Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

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    Something still isn’t right. No way is that 1 million coverage and you’re guessing. Been in this game to long. There’s more to the puzzle.
     
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  8. Arky

    Arky Heavy Load Member

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    Well I just did a screen shot.. but don't know how to load it here.

    25K Truck, 35k trailer
    1m/2m aggregate
    Product: general, aggregate (I originally planned to just haul rock.. still do plus a hopper part time at least)

    That's it.. squeaky clean 18 yr CDLA.
     
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  9. Arky

    Arky Heavy Load Member

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    Trust me... I'm leary of it too. Scared to touch it but would enjoy the ability to cross state lines. I don't really want to do OTR and probably don't need to. I'll likely drop back to 500 radius.
     
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  10. shanman

    shanman Medium Load Member

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    I know nothing of progressive but I have a local truck with a 500 mile radius with 1m/2m and 250k load. although the truck is valued at 50k and trailer 70k. For this year through sentry I paid 7800. I’ve had my numbers since 2014.

    so like I said before that’s cheap.

    edit. I have a 1k deductible
    What is your deductible
     
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  11. Arky

    Arky Heavy Load Member

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    My deductible is $1,000 too
     
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