OOIDA Insurance

Well, I don't know about all the politics but do know a little bit about business. And when I can get the same or better coverage for thousands less from an A++ rated company vs. a B+ company my inclination is to pay less for more.

I will say there are many things that I love OOIDA for, will always have my membership and call them with questions on a regular basis.

Will also add the only people that have told me about claims issues have been LS BCO's. And I am sure that is a little politics as well.

 

At one time I had my bobtail and comprehensive insurance with OOIDA. I never had a problem with them. The only claims that I had were for windshields. They bought several of them while I was with them. I don't recall hearing about them not paying a claim. At one time Landstar claimed that the reason they don't accept OOIDA insurance was due to them not being rated. I also believe that it has to do with the lawsuit that Landstar lost to them.

I have always gotten better rates from other sources than OOIDA. There are several other major brokers who also don't accept their insurance. I think much of the reason has to do with politics than whether they pay claims. Lloyd's has been around longer than America. They insure about anything. Most brokers want to see a B+ or better rating by AM Best. The only difference between a B+ and A+ is assets. It has nothing to do with whether they pay claims. See if you can find an insurance broker so that they can shop your business with several insurance companies. I have gotten better rates from my insurance broker through Northland. You will find that you can get different rates with different agents, depending on the underwriter, even with the same insurance company. I have very good rates with them. My insurance agent told me when I last renewed that he hasn't see a rate as low as mine up until that time. I hope that I can keep or get a better rate this year. As a footnote, I shop my insurance business every year. It helps to keep them honest. If I could get a lower rate with another insurance company I would consider switching.

 

I have Proggressive and have had brokers not be happy about it. Whatever.

 

You will find rates can vary considerably. Several years ago I received a quote from Great West for about $12,000. I was paying less than half that with my current insurance company. I never paid anywhere close to that much of a premium, even when I started out and was pulling cars. I had a good safety record, no claims, good credit and MVR. I could not believe the difference in premium. Make sure you get an insurance company that is rated B+ or higher or you could have some difficulty booking loads with most brokers. Don't get discouraged with rates. Just check with a number of agents. You will probably be amazed at the difference in premiums.

 

What did they quote you on premium?

 

That is a wide range of rates. I would have expected an average rate of somewhere between $6,000-8,000 starting out. I am surprised that OOIDA has lowered their rates so much. I believe the last time that I checked with them that they quoted me over $6,000. You should see a reduction in premiums each year as long as you don't have claims or receive any tickets. I believe that I paid about $8,200/year when I started, but that was hauling cars and I had $250,000 cargo insurance.