Insurance premiums going up?

Discussion in 'Ask An Owner Operator' started by rank, Jun 13, 2018.

  1. rank

    rank Road Train Member

    Got this letter from my broker. No claims, no accidents, no tickets since last year. Miles were down 30% over previous year. Is everyone seeing higher renewals?

    Good morning,

    It has been a very difficult and volatile year for trucking insurance, we have negotiated rigorously with the markets to obtain your best possible outcome. All but 1 market had unfortunately declined to take on risk, for the simple fact of hauling some owned commodities such as hay.

    Economical surprisingly had the best outcome for you this year, offering terms for your renewal. Many markets have had dramatic increases in premium facing 50-70% increases. But we were able to secure your policy with Economical for a small overall increase of roughly 17%.

    This is as low as I have seen this year with them.


    Total Annual Premium (Auto & CMP): $25,750.00
     
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  2. Tug Toy

    Tug Toy Road Train Member

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    Ouch.

    Won’t be to long before they will require all that electronics, lane departure, auto braking, active Cruze control....... oh and no human driver!
     
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  3. rank

    rank Road Train Member

    It’s still not terrible....Canadian dollars for 3 trucks so that’s an avg of $6000 USD per truck but I wasn’t expecting an increase at all being that miles were down
     
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  4. RSB34

    RSB34 Light Load Member

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    I've heard rumors mine Renues next month haven't heard anything from my agent.
     
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  5. BoxCarKidd

    BoxCarKidd Road Train Member

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    Yes
     
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  6. SteveScott

    SteveScott Heavy Load Member

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    I think we're heading for an insurance crisis just like with health care. Rates are going to go through the roof over the next couple years because some insurance carriers are pulling out of the market, and they've been getting hit with huge claims. Don't hesitate to shop around with other brokers at least 90 days before your renewal. This will eventually cause freight rates to rise even more to offset the higher costs of insurance.
     
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  7. Freddy57

    Freddy57 Heavy Load Member

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    My renewal is the same as last year. Renews in July, miles are about the same year over year. No claims, one tow job they paid for on a break down.
     
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  8. ReeferOhio

    ReeferOhio Medium Load Member

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    For my truck that is insured OTR it's a shade over 6K for the year, the others are on short distance so a lot cheaper. The law suit settlements have been crazy I think lately. That Werner judgement for an accident Werner didn't even cause, wrong place wrong time, was insane! I think like 90 million was the judgment, the family of the deceased (they caused the accident) sued civil and won. Werner nor the driver were cited in the crash. We can thank mostly lawyers, biased court systems, misinformed media, really bad trucking companies, and some drivers.
     
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  9. windsmith

    windsmith Road Train Member

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    I don't think that Werner judgment will hold up on appeal. In fact, I hope the entire case gets tossed out on appeal.
     
  10. DSK333

    DSK333 Road Train Member

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    Indeed and you bet your ### they'll appeal it as many times as they can. For once I'm on a mega's side.
     
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