For the owner operators with their own authority insurance question.

The thing is I'm drowning in insurance now I'm paying $12,500 a year now $1,089 a month and it's not good enough to move these people's stuff. I'm more worried about getting drawn in to a lawsuit or claim for something I'm not in control over!

 

I am a new O/O and my quotes are around $12500 full coverage one year 1 million / 100 cargo and I have less than a year with my CDL it's a big pill to swallow but what can you do ? But keep on trucking

 

Just pay it....I'm all for it as long as the guy next to me is paying the same!

 

Well I got a price today for everything they are asking for $32,600 a year total for my single truck operation it would more than double what I'm already paying, great west said they don't think it's a good idea to move forward with it because I'm insured as a over the road long haul driver if I ran local it would drop a lot but my exposure being a long haul driver is a huge risk. So looks like I'm loosing another customer....not looking good the big guys are just running me over!

 

I pay $6900/yr, been in business 3 yrs. I think this will go down more if things go well. Not sure why yours is so high ?

But good thing is now you have some ammo. Go back to customer with numbers. Tell them you understand it's good business to shift the risk on to carriers but you can do the job well without additional insurance at a fair rate. If they want additional coverage you have no choice but to get an additional $25k/yr off of their account. Gotta be someone working there who still can work a calculator !

 

How old is your truck and trailer, and your age? and insur. limits if you don't mind saying. And who is your insur. company? That is really a good price. Seems the premiums keep going up every yr., no end in sight. Thanks.

 

I have an 05 International and a 13 Great Dane stepdeck. 1mil auto liability 100k cargo. I have fairly high deductibles across the board about $2500.

My agent is Steve Hyland with USA Insurance and I recommend consulting with him highly. Not only has he saved me money, he also has spent a lot of his valuable time explaining how commercial insurance works and the options I have available. As well as how to deal with the insurance companies in their language.

 

Do you have a ph number handy for your agent, or pm me, when you get a chance? I have '09 and '03 reefer, same limits and deductible, also reefer breakdown w/ 2500 deduct, never had any claims in last 9 yrs. 3 yrs ago my rate was about 7300/yr. then last yr. about 8100, this yr. 8800/yr. with Progressive, agent is Rigquote co. in Utah. Guess they aren't finding me the best rates. I'll have to call your guy for sure, thanks again.

Rigquote guy keeps telling me my phy. damage for the '09 is why the premium is so high, but I'm not so sure about it.

 

$32,600 a year!!! WTF !!! They are ###### nuts.

 

I think Danny and I figured out we were using the same agency. If so, the number is (724) 274-6364. I have a different agent, Bill Murray (not the famous one).

'04 Century, '07 T-600, and an '02 and '06 Great Dane reefer, $2500 deductibles. A few dollars under $16k this year on a Northland policy for $1M/100k/reefer breakdown and $1M GL. Going into our 4th year in business, I'm 48 and my son driving the other truck is 31. Clean loss runs, driving record, good safety score.

I'm sure you already know this, but I'll mention it just the same. With reefer coverage, be careful about the commodities you list. If you don't haul seafood, exclude it (high value and sensitive to temp). Fresh seafood, especially shellfish, will blow up your rates worse than an allergy to the product. A good broker will go thru the list of rated commodities with you to make sure you're only insuring for what you actually haul.

Other rate factors might include your credit history and operating area. For this quote, I had to supply last year's IFTA mileage. 30 states, roughly South of NY and East of I-35. Just a tick over 100k mi/trk/yr. I'm sure of you travel more in states that have higher loss rates due to unfavorable insurance laws, bad weather/terrain, or really bad drivers, that might increase your rate somewhat.