Insurance.... this doesn't sound right.

Discussion in 'Ask An Owner Operator' started by tnc110, Oct 20, 2020.

  1. tnc110

    tnc110 Light Load Member

    May 22, 2016
    I'm buying a heavy haul pete and signing on under someone elses authority. I'm trying to get insurance to cover the truck itself. Granted its an expensive truck, but this sounds steep! Thoughts?
    From my insurance guy:

    Hope you are having a great day. I have some tentative numbers on the new truck. I have rated it with a $215,000 value with a $5,000 deductible for both comprehensive and collision. I have it rated as a trucking – hauling for hire category. If we add this to the Progressive policy, it would cost about $10K per year for the new truck. This is with $750K of liability. I’m guessing the trucking company that will hire you will probably require $1 million in liability. If that is the case, it will cost about $12K total for the $1 million liability and $215K of coverage for the truck.

    I have another quote that is with a separate company and it’s around $18K for $1 million of liability and $215K of coverage on the truck. If we go with Progressive (since it will be in the same name as your Sterling), it has to be added to that policy. The progressive rate isn’t bad considering it’s a $215K truck and you will be hauling heavy equipment to many different places.
    Last edited: Oct 20, 2020
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  3. Cat sdp

    Cat sdp . .

    Apr 8, 2012
    Orion's Belt
    If your gonna run under someone else’s authority why are you getting primary liability......?

    Maybe drop the physical damage down to what you actually owe......
  4. Dino soar

    Dino soar Road Train Member

    Dec 8, 2017
    There's a rates for having your own authority.

    You should be paying a fraction of that.
    Roberts450, User666 and Crude Truckin' Thank this.
  5. "semi" retired

    "semi" retired Road Train Member

    Apr 16, 2014
    high plains colorado
    It's what's killing trucking,,,I try to give those crooks as little as possible. And then the gall, "hope you are having a great day",,,yeah, until this phone call. These crooks are so used to belching out numbers, without thinking where that money comes from.
    TallJoe, nikmirbre and Crude Truckin' Thank this.
  6. Old Man

    Old Man Road Train Member

    Apr 3, 2009
    Oklahoma City, OK
    The owner of the authority has to provide liability insurance, it’s the law. If you have to pay liability you would pay them.
    User666 and Crude Truckin' Thank this.
  7. Ridgeline

    Ridgeline Road Train Member

    Dec 18, 2011
    Wrong, it is the litigious society we live in and with. We allowed the public to hate trucks which is promoted by ambulance chasing scum lawyers who get a third of what ever they can screw owners out of.

    on our part we allow anyone just to get into this, some of them are reckless and not giving a crap of what it does for all. This is shown by the number of threads with driver who think damage is cheap to fix when they bump something like the hood of the truck that was in the slot some idiot driver was trying to get into.
    roshea, alds, calnca and 4 others Thank this.
  8. Elroythekid

    Elroythekid Road Train Member

    Sep 9, 2010
    Halifax Nova Scotia
    As Don Henley said..
    "Kill all the lawyers...Kill em' tonight"
    Lawyers are the reason for high rates.
    AModelCat Thanks this.
  9. 86scotty

    86scotty Road Train Member

    Aug 27, 2017
    Of course that's bad but it isn't that bad. If I'm reading clearly you were rated $12k (total) per year from one and $18k (total) on another? My new O/O policy was $15k on about $75k total in equipment. I know you aren't new but that's over $200k in equipment!
    User666 Thanks this.
  10. Eddiec

    Eddiec Road Train Member

    Feb 2, 2015
    Your agent messed up and quoted you a premium as if you were hauling under your own authority.
    Normally the premium for the coverage you need, would be around 3% of the FMV of the tractor, or for these purposes $215,000.00 or $6500 annually.
    User666 Thanks this.
  11. User666

    User666 Medium Load Member

    Sep 22, 2020
    Northeast Ohio
    You need NTL and/or Bobtail coverage, not primary liability. The primary policy can only be written for the authority holder (carrier).
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