How long does it take for insurance premiums to go down?

Cdl. Less experience is more expensive. Works just like car insurance. (For the most part).

 

It wouldn't have made a difference with an old MC number nor will it go down as your new one matures. Keep a clean safety record and maintaine a good credit score the best you can is all I can say. Never hurts to shop around every few years. More driving experience may lower it a little.

 

The amount of time you been in business has a lot to do with it, as you stated you just recently became an owner operator. My insurance agent said about 3 years in business with no fault claims against you will bring it down.

 

I called my company and asked for a lower rate, since my truck was then 3 years older. It helped, took about 3 months. You can also adjust your deductibles, probably.

 

I have been waiting 40 years!

 

@double yellow

 

Mine dropped a little after 1 year and a little more after year 2.

It is based on your driving record, your claims history (new businesses have no history), your credit score, where you are located, what you haul, and how much additional insurance you need (how valuable your equipment is if you cover physical damage).

 

Insurance goes down?

 

Insurance never goes down. The best I ever saw was when I married and saw it cut in half on twice the vehicles. When I bought my little mid roof tractor back in the 90's I was paying over 1500 a year on a older ford that was heavily modified for top end and nothing else.

I still pay 900 a year on my old tahoe which probably will never see a penny if it should get totaled. The full coverage does provide for the small stuff like busted windows after a tornadic storm rolling through. That I think pays for itself once considering each window is around 3 to 400 dollars off a third party vendor each. When I was married I paid 500 a year on two vehicles.

The house was a far more expensive insurance problem than anything I recall it was around 350 a month with earthquake damage deductible equal to about 19,000 our pockets before the remaining payout of 145,000 to replace same should we choose to do it. Flood insurance was even more. But since we owned land that does NOT flood we skipped it. Now hurricanes Gustav and Ike made our place wet for a week but two large french drains the size of a bus ensured that we did not flood exeesively.

Medical insurance is not much better. At least I do not follow or comply with Obamacare and it's cheaper to pay the small federal fine if assessed than to endure the full premium costs each year which is 3/4 of my total basic income and a deductible that is more than half my pay. A single week in a trauma center or hospital will be enough to bankrupt us.

Snorts... insurance. HA.

There is one insurance you should not fail to get. Civil Liability. at least half a million. A few dozen dollars per month added as a rider is a minor problem should you be sued by a family you wiped out on the big road. Or in my case as a licensed gun carrier drop the wrong person other than the bad guy. Or even get sued by badguy for the home invasion he got shot up in. I'll be sure the rounds are more on targets to save myself that hassle.