Insurance

Drop that physical damage, if you can. That should reduce your rates by a chunk. And, I think normal cargo insurance is about 100k. That'll lower it a bit too.

 

Follow this tread

New policy insurance thread

Shop around get as many quotes as you can, ins companies are not all the same it pays to shop around.

 

From what I understand, Progressive is all over the place right now on rates, and they're not writing new policies on newer authority at all in some states. I'm waiting on quotes from 4 different brokers right now and have been for the last 2 weeks. The amount of time it's taking leads me to believe that they're having trouble finding anything at all regardless of price. Even OOIDA won't write new policies on authority less than 4 years old. It's tough being new in this business.

 

I just spoke with an insurance agent at OOIDA yesterday, she said that is a rumor. So I don’t know, maybe she doesn’t know but she said we help companies get started and everything so of course we’re still doing insurance, it’s part of the package deal we offer. And that’s what she does all day. Idk

 

Yea insurance is a pretty crazy business you figure out more on how it works. Basically insurance companies accept liability in exchange for cash, so they can go invest it in stocks like crazy.

Makes one wonder, did rates rise this year because of increased liability? Or because the company made investments in the wrong stocks. Personally, I think we shouldn’t have to fund their gambling desires, but it is what it is.

When I hear the nationwide jingle it sounds like this “Nationwide we gamble money”. But I digress

 

She said what is a rumor? I called OOIDA 3 weeks ago and was told they wouldn't write new policies on O/O's with authority less than 4 years old. She then emailed me a list of insurance brokers to call. That's their help for companies getting started.

 

Most insurance companies invest in bonds, not stocks. They do it for the same reason you or I would save money in an interest bearing account or buy a CD. Every 10 years the buying power of the dollar is cut in half, so we invest in safe interest bearing accounts to offset the loss. Insurance carriers who invest large sums in high risk stocks would have their rating reduced, and that is very bad for business.

Over the last 3 years there have been a high number of jury awards against trucking companies, and that makes actuaries very nervous.

 

Ok so, she said yes, they still do new entrants. That’s what I was told yesterday

 

Ok, bonds not stocks vice versa or whomever. What I’m saying is a kid I never knew this, it took me running into insurance agents to even catch wind of it. As far as trucking lawsuits, idk they can spin whatever line they choose. But instead of making carriers pay for it, work on restructuring things to protect Trucking companies more. Someone won a big settlement vs mcdees recently because the happy meal didn’t make him happy. Come on. So let’s raise insurance rates on small restaurants.