Just got my first insurance quote, never thought it would be this high

NJ is your problem.

 

Yall need to clean your credit up and move the #### out of the northeast.

 

My credit score is right at 700 and I don't live in the northeast.....

 

When getting your own authority 1st step is to check insurance rates. A lot of guys do the same thing you did then find out how expensive the insurance is. This is what I can tell you from my experience.

I got my 1st insurance quote (from progressive) at about 1.5 years of experience same as you now. I was quoted over $30k and I was just trying to get insurance on a sprinter van with my own MC to do expediting. I quickly shelved that idea.

About 6 months later I tried again (direct to progressive) this time for a hotshot truck. It was a F550 and flatbed trailer I told them at this point my CDL had aged 2 years. I was quoted something like $22k/year with autos/freight.

Again I was gonna shelf it because it was too much. I decided to call back the next day because I wanted to see what it would be if I dropped the cars because someone said that was likely why it was so high.

So I called back and out of sheer luck I had an accident that was on my record that literally dropped off that day. That wreck a minor $500 fender bender was costing me $10k on my premium had I got the insurance the day before.

Anyway, after the wreck fell off Progressive quoted me about $12k without cars. I ended up going through a Broker who specializes in Trucking insurance and they got me set up with cars /freight for that same $12k my 1st year. I'm in my 2nd year now and I'm now under $10k..

1 thing.. I'm not running a new truck. I have a 2007 and have it covered for $10k and my trailer at $10k. The trailer was $15k but I figured I'd eat the $5k if it get totaled. If I had a new truck then the comp would cost more..

Also, this is insurance based out of FL for all the 48 lower states. I also checked about the cost for the same insurance out of Missouri and my 1st year would have been about $8,5k if I recall right. (MY LLC was from MO which is why I checked there) The problem is I didn't live there and MO required you to have an office with someone staffed there 5 days a week or I'd have to move there.

So.. 1st thing is it might be best to wait till the CDL is 2 years. Also check your MVR to see if you have any tickets or wrecks that might be falling off soon. Last.. if you are east coast or west coast or an expensive state if you are serious might be best to move to a rural state where the rates are cheaper.

 

Insurance quote.
85k deductible

 

That 1 ticket could be screwing you big time. That's what was screwing me. The wreck I had was my fault and I got points for it (was a car wreck not a truck). It was a minor fender bender but the points killed my insurance rate. As soon as that dropped off the insurance quote dropped by it was either $9 or 10k instantly. That's' how I went from the $20k+ to $12k quote.

But also you're col & cmp value is 40k whereas mine is $10k truck/$10k trailer. Is that truck really worth covering at $40k?

 

My first year was around 22k , I'm at around 9.5k 4 yrs later . No accidents, no tickets and no claims.

 

I listed the truck's value at 15k.

 

I’m in the NE and pay a reasonable insurance premium.....

They screw new entrants...... thankfully that’s the only real hurdle to getting your own authority......

 

Wow. That is high.