Quote:
Originally Posted by Musicman
Just renewed today. The Buckner Company (out of Utah) got me a quote with Northland for $6,459. That's for $1,000,000 Primary Liability, $150k Cargo (including reefer breakdown), $50k physical damage on my tractor, $30k physical damage on my reefer. OOIDA wanted nearly $10k three years ago for the same coverage (somewhat higher physical damage though). Keep in mind the fact that we haul produce and frozen foods makes my cargo rate considerably higher than somebody who was just pulling a box. My rates could be a little lower but my co-driver hasn't been driving for at least seven years. Those rates are with no citations in the last seven years, no at-fault accidents ever and no claims at all in the last three years. In my not-so-humble opinion, GMAN's estimate might be on the low side for a new carrier, but I could be wrong.
You are correct, a new carrier would not be able to get the rates that I get on insurance. My insurance agent told me that he has never seen such a low rate than I was given. But, I have a good track record with no claims, too. Starting out a new carrier will not have any sort of track record for the insurance company to check. It sounds like you got a good rate for all the extra's you included. Some who have just gotten their authority have been able to get insurance for the basics ($1MM liability and $100M cargo) as low as about $6,500 or so, but others have gotten rates over $12,000 for the same coverage. There are a number of factors which go into your rate. Where you base, where you run and what you haul are only 3 factors which come into play. He really needs to call around and see what rate he can get. I have had Northland for several years. No other insurance company has been able to beat their rate for me. However, I have spoken to a couple of other people who got better rates from other companies.