collision ins

[okieoo]

Just got a quote on my collision insurance policy.(Ins to cover my tractor for the bank)
Tractor 2000 KW T600
300 mile radius,$1100 year.
This is through my local insurance company.
Is this high?

Jon

[Doghouse]

Is that just for collision, or is your entire 12 month policy set at that price?

[okieoo]

Is that just for collision, or is your entire 12 month policy set at that price?

Thats just comp and collision for 1 year.
This is my first time as an OO so I dont really know if thats high or not.

[sidman82]

That's about right, if you valued the truck at about $35 grand give or take.

[okieoo]

Thank you both for the replies.

Jon

[Doghouse]

Yes, thats about where it should be,...I was concerned that your insurance company was not charging you enough. Usually when they do that, you have very poor coverage, but since thats for collision only,..it makes sense.
I had a quote come in that was around $3,500 per year for liability and cargo,..it seemed great until I finally got through to them and convinced them that it was a Class 8 and not a dual wheel pickup hauling a car trailer.
The agent told me, "you should have taken the policy and ran with it" I told him that it would not fly with the shippers, and that I want to build a relationship with my insurance company,...not scam then right out of the gate.

[GMAN]

Collision insurance for class 8 equipment is calculated as a percentage of the stated value. Most insurance companies seem to charge from 2 1/2-4% of that stated value with the majority falling around 3-4%.

[rank]

I don't know anybody that carries collision lol.

[okieoo]

I just got a quote on bobtail insurance...$450 year for $750,000
I guess this is reasonable as well?


Jon

[GMAN]

Bobtail seems to run from about $30-60/month. Some carriers offer this type of insurance. If you run your own authority you don't need bobtail insurance.

[okieoo]

Bobtail seems to run from about $30-60/month. Some carriers offer this type of insurance. If you run your own authority you don't need bobtail insurance.

Thanks!