Question
Connie,I may be starting a one truck company,what is the requared insuriance,what do you recommend,& what would you qoute for an SBA loan proposal.THANKS FOR YOUR EFFORT!!!!!
Answer
I apologize for the delay. In answer to your question, I recommend that you make some decisions on the type of operation you intend to be, the type of freight you plan to haul and where you plan to operate. The more specific you can be the easier it will be to get a quotation.
In all probably, you will want to consider the following:
Liability at $1 million limit
Cargo at $100,000
Physical Damage (based on value of tractor and trailer)
General Liability $1 million with $2 million aggregate
For a long haul operation will average between $7500 and $10,000 depending on the value of the tractor and trailer. Experience and driving record will have a large impact on the pricing. Plan to pay approximately 25% to 35% down with the balance in 9 installments.
Pick about 3 truck insurance agents. Give them each the exact information and compare your quotes from there. Although price is important, be sure that your agent is well-versed in truck insurance. Not all agents are.
Best of luck.
Answer
Thank you Connie for the info.,I plan to haul general,refer freight coast-coast sub-contracted to a larger company;Schneider,j.b.hunt,Swift,etc.I'm not going to own my own trailer & I'm going to hire a driver/team? to operate the truck.MY driving abstract is crystal clear
Answer
You will need bob-tail insurance ONLY.
The carrier you are leased to should provide the rest. The bob-tail insurance is equal to the insurance you have on your personal car.
Be safe."If men were angels...No government would be necessary."
51st Federalist Papers
"Nichols' Fourth Law says, "Avoid any action with an unacceptable outcome"
Answer
John,thanks for the info,right now i'm just gathering info,I don't know exactly what I'm going to do yet.John if you have any other info or opinions please share them.