Insurance Prices?

Discussion in 'Ask An Owner Operator' started by TruckerPete1990, Apr 14, 2019 at 5:04 PM.

  1. TruckerPete1990

    TruckerPete1990 Road Train Member

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    Looking at starting my own Authority. about how much would this cost me to run my own Authority and keep up with it? I'm finding insurance prices to be really high almost 8-10k JUST for truck insurance. Whats the best company to use for insurance?
     
  2. DUNE-T

    DUNE-T Road Train Member

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    Anywhere from 12k to 60k, depends on who you are, what you are, where you located, equipment, coverages, e.t.c
     
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  3. TruckerPete1990

    TruckerPete1990 Road Train Member

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    That's what i was thinking Thank you
     
  4. shogun

    shogun Road Train Member

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    My folks just got there own authority a few months ago. Right now it’s 18k through progressive hauling a 7 car trailer, they require some extra coverage to haul cars. Doesn’t matter that my dad has almost 50 years experience. Another guy is paying $41k, he’s 27 years old and about to start hauling cars. That’s insane.
     
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  5. PE_Trans

    PE_Trans Heavy Load Member

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    Insurance prices are all over the place for everyone. Several factors go into it, but you can lower your insurance cost by requesting more and more quotes. Progressive and Great West are among the highest, but also most reputable companies. Make sure your insurance provider is AM Best rated as some brokers won’t work with you. You also want a rating of an A or greater. Finally, be careful about companies quoting you for less than 12 months. Run the numbers to convert it to 12 months to see if the cost is worth it.
     
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  6. 062

    062 Road Train Member

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    I can tell you that progressive will jack the rate up when you go to put the policy in effect. Quoted me 9.5k actual price was 14.5k
     
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  7. I glide 47

    I glide 47 Road Train Member

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  8. Rideandrepair

    Rideandrepair Road Train Member

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    Just for Truck Ins. ? Surely the quote included 1 mil public Liability, main cost, 100 k cargo not much. Add collision, fire , theft. I’m currently at $8300 per yr. $1000 deductible on each vehicle 1 Old Truck 1 old TrI. $1000 fed on cargo.Going on 15 yrs now.Started at around $6000 yr back then as I remember. New Authorities are getting hit as much as double the rate for first few yrs. from what I’ve heard. Keep looking , try Northwest, so far so good.
     
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  9. bigguns

    bigguns Road Train Member

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    May 2018 to May 2019 was my first year on my own. Georgia which is extremely high anyway, 93 W9, 2013 hopper, 2015 step deck, 1 million coverage, 50,000 cargo, unlimited mileage, and exempt only, the premium was $17,000. This year with full authority the premium is $14,000. If I pay the premium in full it will be $12,000. I paid it on Friday. These numbers include full coverage. Fire, collision, theft, etc.
     
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  10. KB3MMX

    KB3MMX Road Train Member

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    If you can find $8-10k insurance as a new carrier... JUMP ON IT ASAP !!
     
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