Insurance Scams on starting Authority ?

Discussion in 'Ask An Owner Operator' started by johnnyman1099, Dec 27, 2019.

  1. rachi

    rachi Road Train Member

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    This is one of the reasons, and couple it with increasing regulation, that one truck owner operators will eventually be headed to the boneyard, and then only the megas will survive.
     
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  3. johnnyman1099

    johnnyman1099 Medium Load Member

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    It is very hard to get a policy with 250k cargo besides Progressive. Most cheaper policy only cover 100k cargo.

    Can someone name a few insurance companies that go 250k+ cargo ?
     
  4. SteveScott

    SteveScott Road Train Member

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    I didn't have any trouble finding one. I got a $250K cargo policy at the same time I got my authority 14 months ago, and have had it ever since. It was through Great American Insurance. You don't have to get it through the same company as your collision and liability.
     
    johnnyman1099 Thanks this.
  5. texasmorrell

    texasmorrell Medium Load Member

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    As an independent owner operator I can answer this question honestly. My insurance rates have consistently gone up year after year even with zero claims. A few years ago I was paying $850 a month in premiums. For the same coverage today I’m paying $1300 per month. In fact rising insurance premiums are forcing the small operators like me out of business. The only way we’re really going to be able to make any money is to sign on with a larger carrier. Let them worry about paying the insurance premiums.
     
    johnnyman1099 Thanks this.
  6. texasmorrell

    texasmorrell Medium Load Member

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    I’ve got $250k in cargo right now with OOIDA. Cost me an extra $75 each month over $100k.
     
  7. texasmorrell

    texasmorrell Medium Load Member

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    There was a time when you could turn down cheap freight rates. But over this past year every time you see a good paying load pop up on the load board it’s already gone before you can dial the number for the broker. I’m really getting sick of it. It’s gotten so bad that I know if I call and I get a busy signal or if the phone rings more than three times it’s already too late. There are 50 carriers calling trying to get that load. I think the days of being able to survive in the spot market are going to be gone very soon.
     
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  8. fortycalglock

    fortycalglock Road Train Member

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    Something to watch for with some Progressive agents is them quoting you on a radius policy instead of unlimited to get that good quote. Make sure your quote has your radius listed.
     
  9. LondRanger

    LondRanger Road Train Member

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    I don’t know how to say it but a 1 man show isn’t a business per say, a business needs to expand to stay ahead of inflation and rising costs, a 1 man show is just basically an attempt to secure employment until we are 6 feet deep.
     
    dosgatos Thanks this.
  10. SteveScott

    SteveScott Road Train Member

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    So why don't you stop using the load boards and use Convoy and Uber instead? I use them both to book loads down to your neck of the woods and home fairly frequently. I haven't used a load board in months.
     
  11. whoopNride

    whoopNride Road Train Member

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    I have heard lots of complaints about insurance going up lately, I know a couple of people who have gotten out of this business because of it.

    Maybe I have just been lucky, mine has actually gone down every year for the last 4 years. Dropped 18% this year.
     
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