Insurance Prices?

I had insurance with progressive for 12 years at the time both car and bobtail. Had diamond or platinum status with those policies, but with starting with my own numbers it was like beginning over from square one.
Problem is all the other quotes I received from other agents were from progressive also.

 

To many flip floppers out here with very little ( if any ) experience who run out and buy a truck, get MC, etc etc... One of the major reason why rates are in the toilet. The continuous rat race cycle this industry is...

 

WOW... I'm not being down on your or anything, but I didn't activate my authority until I had 10 years experience in the field... but you've only had your CDL for 5 months and NOW your ready to take on the whole trucking aspect?

Do you know what a slack adjuster is?

 

Progressive quoted me $46,000 this year. I paid 42,000 last year on year 2 of my authority and CDL so nobody else would write me. I freaked out for 2 weeks and then found some for 14,600. Stay away from Progressive if possible.

 

And I thought I was paying too much at 22k (as a new entrant). Progressive and Great West quoted me in the 30s. Everyone else was under 30k. Not one quoted me under 20k. OOIDA was the lowest and very close to 20k, but it’s not AM Best rated. OOIDA is fine if you only work with a few brokers, and they accept OOIDA for liability and general liability insurance.

 

Yes I do know what slack adjuster is and just because people are new to the industry doesn’t mean he/she can be successful or even learn as we go. Do I know the ends and outs of the trucking business? No I don’t and Hope to learn from my mistakes along the way. There are great people in the industry such as the 3-4 mentors I have at my finger tips when needed. To many people out in the industry are negative towards the newcomers and need to remember you all started somewhere too.

I would hope to heck I knew what I was getting into knowing I have a family to support. I feel that the industry is frowned upon and good solid drivers don’t get in the industry because of comments like this.

Everyone has to start somewhere just as the veterans have before us. We are On this forum to seek advice not a smart ### remark that I can’t get from my teenager in the other room.

All the info provided is greatly appreciated from those passing on the knowledge. I have ran the numbers and the numbers I came up with are more than doable. At this time I want to play it smart and knock down some personal debt before making this huge investment.

 

I did start somewhere, FROM THE BOTTOM... in a company truck and I learned.. 10 years of learning... THEN I went into it and I am still in business today...

I went into it with minimal debt... The only debt that I have is the truck and the company bills. I don't own a home, no kids, no wife... I am completely debt free except for the truck and all the bills that come with the trucking company...

Best advice I can give is IF you do go into this don't go into it trying to solve your current debt. Get out of debt first then go into it. Creating more debt with a trucking company is not the answer... You cannot "Rob peter to pay Paul"...

 

The truth is there is some serious concern when someone says they want to start their own authority in the trucking business with just 5 months under their belt. Is it possible? Yes. Does it decrease your chances of success? Absolutely. Would it be wise to wait as you learn more about the business and save a good chunk of money before initiating this new venture? Yes. This applies to pretty much any business, and trucking is also just like any business in that most will not succeed (for various reasons).

You don’t need 10 years to start a trucking company. You want at least 2 years of experience while accumulating lots of knowledge in the subject and capital to fund this new company. Good mentors are also very important for anyone with just a couple years of experience.

 

You are absolutely correct which is why im not taking the plunge right now. Could I do it...yes, but what is the advantage to that kind of move. Investing all the time and money to fail is not the way the business works. I have been in the financial industry for the past 15 years and have seen many people fail in all different faucets of life. What worked for you will work for some, but not all. I choose to raise a family, buy a house and open an additional business and have been successful.

Your input is greatly appreciated and Im sure you have advice that would be grateful to me and others. I just get frustrated with comments that are not needed when someone is seeking advice.

I hope that one day when, "I AM SUCCESSFUL" that I will run into you so you can see what I have and even have a drink of choice together. Just looking to be successful, profitable and healthy!