Question
How much does this insurance cost and how much do you need to carry if you have your own authority?
Answer
Everything depends on the specifics of your operation.
What you're hauling
Radius of operation
Age of driver
Driving record
Previous insurance history, including claims
Specifics of tractor
Specifics of trailer
and more....
The more specifics provided, the better chance for getting a firm quotation.
With the current insurance marketplace, I don't like to venture ballpark figures. The insurance companies are having ongoning rate increases and underwriting changes.
I'd like to suggest you contact your agent and provide the specifics needed for them to give you a quotation. Be as specific as possible.
Answer
Wire man:
Connie is correct regarding the many variables in the cost of insurance coverage. The required minimum amounts of coverage, however, for interstate commerce are set by federal regulation. The required minimum amount of primary liability (third party personal injury and property damage) for non-haz mat operations is $750,000. Ballpark cost should range between four thousand and fifty-five hundred for long haul operations. With short haul, local or regional, possibly a bit less.
A minimum of $10,000 cargo liability is also required, however, most shippers would require much more than the minimum. Ballpark cost for the minimum for general commodities hauling you could expect to pay a couple hundred dollars a year or around a thousand dollars for one hundred thousand coverage.
PD, if you are referring to physical damage on your equipment, should average somewhere around three and a half percent of your equipment value depending on the variables Connie mentioned. Hope this is helpful to you.
Jim Johnston