New policy insurance thread

The issue we are hearing about is not the fact that he has not hit the 2yr mark but that he has a NEW DOT. Not even Progressive is insuring new DOT’s anymore. In all the threads they were one of the few that were but not anymore, they stated he needed to have his DOT for a year!!!! We just need insurance now to start making money. Money is not an issue at the moment and he has a job already waiting for all this to go through.

 

How long ago was this? Seems like the recent change in NOT wanting to insure new DOT’s just happened June 1?!

 

I called Progressive 2-3 months ago and was informed that they weren't issuing policies for new DOT's where I live in California.

 

Sounds about right, Thank you for your help.

 

Jennifer Chi
White Glove Partners, L.L.C.
T: (512) 277 – 6059 ext 101

My friend was quoted 11k for 1 mil liability by Canal Ins with new DOT and similar Freightliner Cascadia, obviously it depends on the driver's records too.

 

Clean driving record. How long ago was this? Seems like the whole new DOT changes happened recently in the last couple months.

 

It's been building for over a year now. I found this article from June of last year.

https://www.trucks.com/2017/06/06/insurance-rates-stymie-independent-truckers/

The biggest factor causing rates to skyrocket appears to be high claims caused by jury awards against trucking companies. Juries see a company that is well insured and they give the victim of an accident million plus dollar awards even if the accident wasn't the trucker's fault. This causes the insurance company to pay out more in claims than they take in premiums, and rates go through the roof. Several insurance companies have stopped writing commercial liability policies on trucks altogether, and that makes the remaining insurance companies very nervous and they raise their rates since there are fewer companies to spread the risk around.

The new drivers posting here that want to go right from CDL school to owning their own truck probably won't find premiums lower than $30-$40 thousand per year, which probably will prevent them from getting started in the first place. Drivers with experience but with DOT numbers (like myself) will have trouble finding insurance for under $15-$20 thousand for the first couple years.

All of this is only going to make it more difficult for O/O's in the long run, and easier for the mega's because they get huge volume discounts on insurance premiums and just about every other aspect of overhead in this business.

 

Last month.

 

I just renewed, using them, in March. I first used them last year in May.

 

Do you think they'll insure a Hotshot Authority?