Startup insurance costs for the Owner Operator?

Usually it's 20% down and then monthly installments

 

IF $20K Is all you have I personally would wait until you've saved more than that. After down payment on truck, insurance, and start up costs your going to be walking a very thin line...

 

I gave $2900 down and my cost are $1200 per month... how long have you been driving?

 

Yes that will affect your rate... I've got 11 years of continuously driving something... I'm not trying to burst your bubble.. It can be done but the only company that would get it done is gonna be Progressive. 50% down for startups. Then you got your down payment for Plates, Electronic Logging Device, Trailer if you run your own numbers, and truck down payment... Having 6 months of recent driving experience is gonna be hard to get anyone to hire you as a O/O running their numbers... Landstar wants a year driving with combination of snow, ice, mars, lava, quicksand, dunes, mount everst... etc...

 

For a general freight carrier, an A, A+, or A++ rated insurance package typically consists of these components.

Auto Liability - most expensive I pay about $ 6K
General Business Liability - $450 (optional : I chose to have it)
Physical Damage - $2000 per year (truck and trailer - combined value declared at $60k)
Cargo - $1200 (limit of $100K)

In the first year of my own authority I paid close to $15K with 3K down then 10 installments. The 2nd year it was at about 10K $1600 down. 3rd year 600 less but the same down payment. No claims, no violations, residing in Illinois. To avoid additional financing costs it is recommended to pay all of it up front and be done with it.

 

Where do you live?

 

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