Going into 2nd year already and my new insurance rate just dropped

Discussion in 'Expediter and Hot Shot Trucking Forum' started by crocky, Aug 16, 2020.

  1. crocky

    crocky Road Train Member

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    Figured I'd post for others if you haven't renewed yet. I started my MC last Oct out of FL and my original rate was about $12k/year. I had to put $2,5k down if I remember correctly. This was for a non-CDL set up with car hauling capability. (I've had my CDL for 3 years now though so that helps with the rates)

    That was no comp/collision on the truck it's self at that rate which I later added and think it brought me up around $13k/year. I just got my 2nd year renewal and my rates have dropped down to $10k/year.. So they knocked $3k off my policy after my 1st year.

    This is of course no tickets, no accidents, and no issues with DOT inspections. I think it might help due to coronavirus that there have been a lot fewer wrecks so rates overall have gone down from what I've heard.

    For the record, I'm upgrading to a f550 soon and will be pulling a 3 car trailer most likely, so I do expect my rate to go up a bit once I switch trucks because I'll be ditching the non-CDL setup and getting apportioned plates ect.

    Anyway figured I'd share and was curious if others had the same luck? I was very, very happy to see a smaller insurance bill..
     
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  3. rccarlson22

    rccarlson22 Light Load Member

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    Awesome, more money in your pocket!

    How’s that new truck for you? Have you used it yet?
     
  4. Xray4

    Xray4 Light Load Member

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    Good deal! I just got quoted first year at $12,100yr, full comp collision truck and trailer, with mixed use (trucks my daily driver). Progressive. I hear it's an incredible first year rate, but I've had a CDL for 15 years so maybe that helped a lot.

    Good to hear rates can go down!! :)
     
    clausland Thanks this.
  5. Lite bug

    Lite bug Road Train Member

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    Non CDL setup, less than 500 mile radius, no cars. Last year $4887.13 this year $4792.35.
     
    patsy, Xray4 and clausland Thank this.
  6. clausland

    clausland Road Train Member

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    That's about right. The quote I got, progressive, this past spring was just over $4800. Chevy C70, 40' flatbed goose with trailer interchange, IRP 50,000#, 500 mile radius, no cars/hazmat, CDL since '83, DOT# since '11, no accidents, no tickets, no DOT issues, 800+ credit score..
     
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  7. Lite bug

    Lite bug Road Train Member

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    There you go, your response should shed light on a lot of things. You my friend are a low risk investment for the insurance company.
     
  8. crocky

    crocky Road Train Member

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    Na, I haven't put it on the road yet. Was waiting to see what my insurance ended up being also need to order a different trailer so I might end up not putting it on the road until I have a date for a trailer delivery. I've just been doing little things here and there to it to get it ready.
     
  9. crocky

    crocky Road Train Member

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    Yeah, depends a lot on where you are. Being I'm in FL and have cars it adds a lot so my rate is pretty cheap for FL. Being my LLC is out of MO I did a quote out there at the start and it was like $8k for my 1st year. so at some point, if I decide to ever lease drivers onto my company I may decide to move my MC out to MO.
     
  10. Lite bug

    Lite bug Road Train Member

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    Lease on others rates will skyrocket. Your rate will go down every year unless you change something either it be ticket, accident, inspections, different truck, type of freight, location everything added to their equation affects your rates. Like Clausland said 800 plus credit score effects your rate.
     
    clausland Thanks this.
  11. crocky

    crocky Road Train Member

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    Yes, but the biggest things are age, location, and driving history.. Stuff like credit score or changing trucks to a similar one is small potatoes to the big 3. For the record, my credit score was +800 last year when I signed up but it dropped into 780ish range this year due to getting the trailer loan and getting a new fuel card as well as getting approved on a shipshe trailer that I didn't end up buying last month.
     
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