question about cargo insurance

Hey I've been running for the same company for a few years now. I've talked with another company about working for them instead. They are asking that I buy a 100k cargo liability insurance policy with them as beneficiary. Current company I'm driving for now covers this for me. Is this an expense that I should cover to work at the new place or should they be paying that. I put in a call to my insurance agent to get a quote. What is normal cost?

Thanks

 

The cost depends on many individual factors. Translation .... there is no normal.
Also, quotes from a household auto insurance agent aren't going to be a good comparison. There's industry specific stuff they might not be aware of.
Do a search on the forum for CIS, Commercial Insurance Solutions. I've been with them for 5+ yrs ... they're awesome! imo ...

CIS - Commercial Insurance Solutions

 

If your company pays your insurance would you be an employee?

 

1500 per year for 100k cargo, something around that number.

 

I would check with OOIDA as they have good prices, if you can buy it thru company that is good.
Fedecc and Ceva, had a good program, and they would take it out each week that is how I did it

 

What type of vehicle? Year, make & model?
Unlimited radius?
Driving history?
What state do you live in?

As mentioned lots of factors ... difficult to toss #s around ..

What's the $1500 based on ..?

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how true, with Ceva, I went thru them and it was $5,000 a year for a sprinter van. covered for just about everything you could think of . biggest thing is number of miles you drive in a year 60,000 to 70,000. where do you go to mall, military bases , const sites, shipyard's, neighbor, there are a lot things that can or might jump out in front of you

 

Geo, how far of a radius from your residence would you travel for work? It's my understanding there's a threshold of 500 mi that's considered "local". Beyond that .... unlimited radius.

 

120 miles round trip to Richmond , VA and back the whole state of VA and NC,MD

 

well I have had many policies over the years don't ever remember paying over that. I have a perfect driving record I have had fl based polices and IL based policies my credit is not that great and my wife has to be included on the policy cause she owns the company and she has 1 speeding ticket. I am running flatbed now. but give your take a couple hundred I find 1500 a fair target to expect to pay for the year. my whole policy 1 million auto liability,100k cargo, 2 million general liability runs a little under 10k per year. I remember back 4 or 5 years ago it was only about 3500 when I just had one cargo van. but that was without general liability. general liability runs about $800 per year for me.

 

Just to clarify the $1,500 is on a pickup truck .. correct? Radius? Local or unlimited?
Yeah, the original question was from a member with a Promaster. Apples vs oranges ...

I pay ~$4K annually on a 2008 Sprinter, unlimited radius, 100K cargo, 1M liability.

 

that 1500 is on a 5 ton truck pulling a 36 ft ft trailer.

 

5 ton truck? Ahhh, can ya be more specific?
Radius that it covers? All US & Canada or other ...?

 

I am sorry I should of said a 550 empty weight is a little over 5 tons. gcwr of my set up is 45,500 I plate it for 44,000 but 9 out of 10 loads I do are less than #5000.

my radius is unlimited.

 

Thanks for all the helpful replies. When I posted the questions i was asking if it was normal to buy the 1 mil and and 100k cargo listing the company that im driving for as a certificate holder or are most you y'all having this paid by the comapny as my last company did. after reading this and talking to many others at the truck stops, the van owner paying his own seems to be the norm.
Thanks Grizzly i finally got in touch with cis. they got me a policy for 1 mil & 100k unlimited miles for about $4100.

 

if you have to pay your own insurance I hope your free to work for yourself also.

 

Why? What difference would that make. We are all 1099'ers not employees

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The reason to lease to a carrier is so you don't HAVE TO work for yourself.

 

to be a true o/o you may work for others if it doesn't say you can't, when I was leaving fedexcc, I was working for a friend, who ever call first that is who I work for. sometimes haul out for one company than haul back for the other one

 

This is off topic ....
Imo if you own the ride & pay the insurance = non exclusive.

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