Libility+Cargo Insurance Question.

Discussion in 'Ask An Owner Operator' started by TallJoe, Sep 21, 2016.

  1. TallJoe

    TallJoe Road Train Member

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    Progressive made me an offer of 22K a year for liability+cargo+physical damage. They said, I needed to wait 1 more year for this to soften due the claim I had with them 2 years ago + I am a new entrant. Now, How does this insurance rating matter when you try to book a load. To what extent, do they (brokers and shippers) discriminate based on cargo/liability insurance brand you have or is it most of time not relevant , assuming, of course you have 100K cargo and 1million liability?
     
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  3. ibcalm19

    ibcalm19 Road Train Member

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    Basically it two companies Berkshire hathaway & Progressive that handle new entrants. Those two companies ratings won't cause you any problems booking loads. That is a very high rate. I might try to lease on with a company for a year
     
  4. Crotts Trucking

    Crotts Trucking Medium Load Member

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    Holy guacamole!! They quoted me $6800 a year for 1million liability, comp/collision on truck and trailer with 5000 deductible and 200k cargo.
     
    TallJoe Thanks this.
  5. LumbraX

    LumbraX Medium Load Member

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    I got a 22k a year quote as well. Clean CDL since early 2011. Florida drivers license since 15 years old (27) now... No tickets, Accidents.... Nothing. Pretty much tossed up the whole authority thing after that. No big deal
     
  6. TallJoe

    TallJoe Road Train Member

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    Yeah, That is really mind blowing how different rates different folks can get. I decided to go with another insurance for 15K a year - 3K down and the rest in installments. It does seem, that insurance cost is the major discouragement factor for new guys. I am determined to go with it. The risk: If you want to back off from the deal then $3750 is gone (25%).
     
    Last edited: Sep 22, 2016
  7. xsetra

    xsetra Road Train Member

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    I would shop around some more.
     
  8. dlstruck

    dlstruck Medium Load Member

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    What kind of coverages did you get on your equipment? I'm paying $8100 a year with progressive. 1 mil liability with 100k cargo. Full coverage on a truck that's worth 24k and only liability on my trailer since it's only worth about 10k. $2500 deductible. I didn't shop around with anyone else since I just got my authority 5 months ago but $675 a month seemed decent and their site is easy to use for COI's.
     
  9. TallJoe

    TallJoe Road Train Member

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    100K cargo (General Freight: dry van, no exclusions), 1 million liability - all 48 states, 45K on a truck and 28K (new trailer) 1000K deductible.
     
  10. dlstruck

    dlstruck Medium Load Member

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    You have about 3x as much coverage on your equipment than me but that shouldn't almost triple your rate. How much does it change with a $2500 deductible?
     
  11. TallJoe

    TallJoe Road Train Member

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    I did not ask yet. But I will. I hope to hear a few more quotes too. I'll be OK with a deductible for up to 5K. I was more interested in how the insurance rating matters if at all in real life, when you book a load or file a claim. Progressive is a rapid response. But I disagree with their quote; I don't think I am such a risk. My hope is that after a year or so, I'll be able to get more down to earth premiums. I don't have anything on my MVR as a driver, or a credit report. I damaged my hood 2 years back, and now thinking back I should've just replaced it and paid for it without a claim, but I heard "What you got that insurance for?" I know better now. For you to get that rate from them is really awesome.
     
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