Question
I am getting prepared for being an owner operator with my own authority. I will be running reefer in 48 states. I have talked to a few insurance companies about insurance but I was wondering who might be the best firm to talk to about truck insurance. The most complete quote I got was from the insurance through OOIDA. With my truck valued at around $70,000 and my trailer at $30,000; with primary liability at $750,000, physical damage, and $100,000 of cargo insurance, I was given an estimated $9175 per year for both truck and trailer. I don't know if that is a good quote or can I do better; and if so, how much better. My driving record is clean. Also, is $100,000 of cargo insurance enough? Help me please. Thanks
------------------
He who thinks he leads and turns to find nobody following, is merely taking a walk.
Answer
Six,
Based on the info you provided, I'm not sure but the prices from OOIDA appear to be a bit high for $750,000. For the companies I represent, $9000 is more in line for $1,000,000 Liability and $100,000 Cargo. But there are many factors involved, such as this being a new venture (owner operator). No prior insurance in your name for past 3 years, etc. But the driving record is good. If however you're planning on going to New York City, Los Angelos, Miami, Boston, Washington DC or San Francisco, then this will be reflected in the premium.
I believe OOIDA is a very good resource for Owner-Operators. But, I recommend you select only 2 other truck insurance agents to quote your business. Talk to owner-operators and ask them who they recommend and why. Then let them do the leg work. When it's all done and you have the figures, interview the agents.
Find out how much trucking they do. Is this a side line or is this their primary focus. How long have they been doing it? What kind of background does the agent have with trucking. (Some of us actually own trucks....LOL). You want to be comfortable with the agent. And most importantly, after you purchase the policy from the agent, will you be able to talk to them again or will you only have access to an assistant. Take that information and decide for yourself what best meets your needs.
Best of luck in your new venture!!!
Connie