INSURANCE! I Need Some Advice Please...

Discussion in 'Ask An Owner Operator' started by TruckerTony, Sep 16, 2016.

  1. TruckerTony

    TruckerTony Bobtail Member

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    So, I am close to making my decision to get my own authority. I already have an account lined up with a solid 9 months minimum worth of work every year in a very steady industry. I don't see a reason to pay Landstar 30% working on the same account. I would rather put that in the bank. The authority, company set up, and truck purchase as it turns out is the EASY part. The client wants me to get a minimum of $500,000 in cargo insurance. If I was with Landstar, their policy covers cargo for this client. As an O/O with my own authority, I have to go out and get it. My total insurance costs will be around $17,000-$20,000 a year with this type of cargo policy. Again....easy. Sign me up! BUT....I am having trouble finding a company to cover me with cargo because I am a new O/O, and i have some time off of the road on and off the past few years. I have been driving since 2005. Perfect MVR. Perfect CSA. No issues. So as it stands now, the inability to secure cargo insurance is keeping me from my own authority. Any suggestions on insurance companies that might consider me?
     
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  3. Gentlemanfarmer

    Gentlemanfarmer Medium Load Member

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    I would suggest you find an agent that specializes in trucking insurance. I would suggest contacting OOIDA as they have insurance available unless you live in Florida. I used a company in Florida called Hadley and Lyden, which you can contact. You may also want to contact Progressive Insurance and ask for a quote. Your best starting place at this point is OOIDA as they are trucking experts for owner operators.
     
    Last edited by a moderator: Sep 16, 2016
    Reason for edit: No phone numbers
    Williamexpress Thanks this.
  4. TruckerTony

    TruckerTony Bobtail Member

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    Thank you. OOIDA was my first contact and they also have the "recent experience" criteria. I will try Hadley and Lyden on Monday. I appreciate it.
     
    Last edited by a moderator: Sep 16, 2016
    Reason for edit: Edit quote
  5. Highrisk21

    Highrisk21 Light Load Member

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    Wow are you sure 500,000 cargo? What are you hauling? I carry 250k and it kills me compared to the industry standard of 100k. I use OOIDA but I'm looking around because of a rate hike but that irrelevant here. Stay away from progressive If at all possible.

    My very first truck was with them when I was a rookie and it cost me 1,800 per month with no cargo until I got my 2 yrs experience. If that's your last resort like it was mine you might have to suck it up. Good luck!
     
  6. DUNE-T

    DUNE-T Road Train Member

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    Berkshire Hathaway or Progressive
     
  7. brian991219

    brian991219 Road Train Member

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    Don't bother with Progressive, they cap their cargo at $200,000, my brother had them when he came back on as an O/O and I couldn't use him because we require a minimum of $50,000 per vehicle (he had a 6/7 car trailer so he needed $350,000). Try Great West, they were able to help him, but it is expensive, his insurance with no claims and a spotless cdl for almost 20 years (6 years off the road in another career) cost him $22,000 for the year without physical damage (owns the truck and trailer outright, although I think he is crazy to not have the PD coverage even so).
     
  8. blessed2b

    blessed2b Bobtail Member

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    Deleted ..saved me buttload$$$$...ask for Jay, tell him Blessed 2B told you to call
     
    Last edited by a moderator: Sep 16, 2016
    Reason for edit: No phone numbers
  9. blessed2b

    blessed2b Bobtail Member

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    I was new too when I switched to them from progressive
     
  10. cjb logistics

    cjb logistics Heavy Load Member

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    Insurance companies are in with the big boys; they know we need truckers to replace the old timers, but force you to pay out your ### so you cannot make it and the big boys get it. Then hire you and threat you like bold headed step child.
     
  11. jbatmick

    jbatmick Road Train Member

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    You need to go with a broker, they represent many different companies.I also use Hadley and Lyden in Florida, they will let you know if it even reasonably possible. You are probably going to have a problem obtaining the coverage without a track record, at a price you can afford, but I have found there are 2 things true in business. You can always get financing for something, and you can always insure it. You just have to search real hard, and be willing to pay the extremely high prices when you find it.. Good luck,find an insurance broker who specializes in transportation.Keep us advised how it turns out.
     
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