Truck & Trailer Insurance for New Owner Operators

There is none. Seriously. Too many variables. It could range from 6k to 48k literally. You're best best is to call around and get some quotes.

 

I've heard of guys paying $25,000+ for all that.

I pay $470 month for non trucking insurance, physical damage, and lease gap (in case I wreck it, the insurance will pay off the entire note).

For trucking liability / cargo, my boss charges me $215/week for that, 52 weeks of the year.
Some carriers get it cheaper, some pay more, and the megas are self insured.

 

Oh hell I've see insurance cost for $35k PLUS on a year's worth of payments to an insurance company for a newbie and his little authority.

It is something that is unavoidable.

 

Just bound the following 3 months ago: $1M liab, $100k cargo, $30k trailer interchange = $24124.00 thru Progressive. Now rates for "new entities" (first two years of business) have higher premiums. Was told premium would be "much less" at start of 3rd year. Oh, and most companies that have the cheaper rates (Progressive) do not allow you to go thru a premium finance company. I paid 50% to bond policy, balance due 30 days later....

 

I'm a new o/o. And super green lol. Anyways what's the bond run for my authority?

 

Progressive quoted me the exact same coverage for $8800 a year. 2016 Freightliner, 5 years driving experience. The rate you get is mostly based on where you live, or so they told me....

Roll on....

 

I'll toss a question in with this thread that I think is relevant. Hope the OP doesn't mind.

How are insurance rates of you lease on to a company for a couple of years and THEN go out on your own? I know they ding the crap out of newer O/Is in those first few years. Just wondering if time/experience on another carrier brings those premiums down?

 

Dang, you are paying double what I pay for insurance. And I run my own authority. $215 per week for liability/cargo plus a % of your revenue. Wow

 

6months cdl. 6months new authority. 750k liability 50k physical no cargo. Quote 28000 first year