I had mine Insurance at 21k . after giving them garaging zip 50miles North or Chicago if went down to 16
Trucking Insurance for new drivers
Discussion in 'Car Hauler and Auto Carrier Trucking Forum' started by rscelfo, Aug 27, 2018.
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Now I run flat bed nad step deck at 11k year
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Big Road Chris and brian991219 Thank this.
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hamodahalbishah Thanks this.
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some friends got the insurance for 13000$
20% cash and the rest monthly -
Your premiums are dictated by many factors, but the largest hurdle in the beginning will be finding a market to accept your brand new business. Certain factors can help, like driving experience prior to becoming an O/O, but even so, you start off as a high-risk in the eyes of an underwriter. Show a good few years of clean history and you should see your premiums relax.
The other point to throw out is payment terms. There are sometimes two options - 1. finance directly through the insurance company or 2. finance through a premium finance company.
Financing directly through the insurance company will require anywhere from 20-40% down to bind the policy, eg. $25K annual policy requires $5K - $10K to get started. This can be followed by monthly, quarterly or semi-annual payments. The insurance carrier may offer a pay in full discount...but who are we kidding?
Financing with a premium financing company, will usually be 25-30% down followed by 9 monthly payments. Watch for the rates here and make a good business decision.
Your payment terms will many times be dictated by the length of your policy. In the beginning, many startups will only be able to qualify for a 6-month policy and will need to come up with 40+% to go into business.Last edited: Oct 2, 2018
hamodahalbishah and NuCar Carrier Thank this. -
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Guess it all depends on what you are hauling. I’m in my first year of bussiness grossing almost 80k hauling dirt and stone. 2 million dollar insurance through progressive cost me 5500 bucks. New dot numbers and everything. I used an insurance agent and paid that agent almost 1000 bucks commission though. That’s a one time fee. Just renewed policy.
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