new authority HELP!

Discussion in 'Ask An Owner Operator' started by Alesanchez1991, Jan 9, 2017.

  1. Alesanchez1991

    Alesanchez1991 Bobtail Member

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    Jan 3, 2017
    Riverside, Ca
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    I currently have physical damage insurance for $ 69,995k (covers my rig) and $1,000,000 auto liability. I'm here trying to register with brokers and there all asking for 100k cargo. How much more am I looking to spend. I know u guys aren't insurance brokers but a lil insight of what you guys paid/ are paying for it would really help. Thanks in Advance
     
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  3. Pnwtrucker

    Pnwtrucker Medium Load Member

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    Nov 5, 2016
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    It's been a long time since I set mine up but I thought you had to have cargo insurance before Feds made your authority active. I can't help you what $100k cost I have a lot more then $100k as some of my shippers require more. But just starting out it'll be spendy prob
     
  4. Alesanchez1991

    Alesanchez1991 Bobtail Member

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    Jan 3, 2017
    Riverside, Ca
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    Well that's what I thought too. When I set up my insurance I told my broker to give me only what I need to get my authority going and that's what she set me up with. Honestly I know I sound dumb but I just hit the wall when she said it would be at least another 5k
     
  5. Pnwtrucker

    Pnwtrucker Medium Load Member

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    Nov 5, 2016
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    Sounds about right. Insurance isn't cheap
     
  6. Alesanchez1991

    Alesanchez1991 Bobtail Member

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    Jan 3, 2017
    Riverside, Ca
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    Do you need the cargo even if your renting/leasing your trailer for the moment?
     
  7. Pnwtrucker

    Pnwtrucker Medium Load Member

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    Nov 5, 2016
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    Ya definitely have to have cargo insurance if you don't have a minimum of 100k cargo insurance no broker is gonna load you
     
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  8. iRookie

    iRookie Light Load Member

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    Aug 16, 2015
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  9. iRookie

    iRookie Light Load Member

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    Aug 16, 2015
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    Cargo insurance is carriers responsibility,

    ROUGH NUMBERS (Cargo/Liability,etc)
    If you will be hauling Dry van loads you are looking at anywhere from $12-$15k your1ST year as new carrier authority.

    Reefer - Around $13~$20k

    $2500 deductible

    Welcome aboard!
     
  10. spax

    spax Medium Load Member

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    Aug 5, 2011
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    The cargo will be cheap compared to the liability. Don't sweat it if you've made it that far.

    I have a deal added on to my authority that gives me 100k cargo so I can haul general freight if need be and I think it was around $750 for the year. My other cargo insurance costs a little more.
     
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  11. Alesanchez1991

    Alesanchez1991 Bobtail Member

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    Jan 3, 2017
    Riverside, Ca
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    What insurance do you have if you do t mind me asking? I would like to get a quote. @spax
     
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