Truck Insurance

Larry · Apr 5, 2003

I just received my insurance bill for my FL70 (1998) and was taken back by the recent rate increase. This truck is no longer used for expediting, but is used to haul my companies equipement to job sites around the eastern half of the country.

Can anyone tell me if $100/wk for insurance on the truck (@ $5000/yr) is a reasonable charge? The only modification I have made to this truck is the installation of a 4000 lb. capacity, removable rail lift. The truck is plated for 26,000 lbs. I have not had an accident or moving violation in 20 years and am the sole driver.

My company is in the Detroit area and I would prefer to deal with an agent that is based in this area.

Thanks, and drive safe.

paperback1 · Apr 5, 2003

That's very high!!! I pay $134/A MONTH on my trucks. Call OOIDA, you will get a better price than what you are paying now.

teacel · Apr 5, 2003

Hi Larry,
Before I respond to your Q! I have to comment on this other reply first.

paperback - you say you have 5 or 7 trucks, or what ever, and that you are leased to TST, or whom ever, and you are only paying $134.00/month???? -ONE HUNDRED and THIRTY FOUR DOLLARS a month?????
or did you leave a zero (0) off the end of the 4????

For you to carry 1mill-Lib/100thou-cargo, (Which by the way is required to be leased on to them) I can't see that as being possible. If in fact you didn't (DID NOT) leave the zero off I want to know whom it is you are insured with because I pay better than $4000 a year and that is only on 3 vans!!!!!!!!!!!!!!!!!!!!! And you are saying you pay $1608.00 a year??????????????????????? Either you made a mistake or I've been robbed, from a good friend!!!!!!!!!!!!!

Larry - If you are only using this to haul your own equipment, you don't need the 1mill-Lib you can lower that to 100thou, or 50thou. and the cargo can also be lowered. In fact you can remove it as a carrier type insurance (drop the cargo) and list it as a regular Business insurance (this will cover what you haul in that truck) and list yourself as the driver. Example: Say you are a carpenter and haul your own equipment to a place to do the job. Your insurance, would be listed as a business insurance under carpentry, and possibly pay about $2000 a year on that 1998 truck. You are definitely paying more then you need to. If your agent says he doesn’t understand, fire me an email or have him send me one. I have the very same insurance on my trucks for my construction business.

paperback1 · Apr 5, 2003

Let me edit what I said. I ment to say I pay $134.00 month on each truck, not total for all of them. Sorry for not being clearer

joker · Apr 6, 2003

Hi Tony,
I have a question for you concerning insurance as well. The company i am leased to won't pay my primary liability and it costs me about 4400.00 per year plus my physical damage is 94.00 per month. Its on a '98 peterbilt 330. Truck has a 24' box and lift gate. Am i getting ripped off too? Thanks , Joker

teacel · Apr 6, 2003

Keep in mind Joker, that you have to have a carrier (business transportation) insurance and it has to be 1000000/100000 or possibly 200000 cargo. I don’t think what you are paying is high, if in fact that is the type of coverage you have. You can shop around and find something for a little less, or you may not. The $4400 you pay is for the 1000000 liability and I think you would also have full tort and also full coverage on the truck. If you don’t owe any money on the truck you can possibly drop the full coverage and raise your deductible some. This would lower your primary payment some. I can’t tell you how much. The $94 you pay for the cargo is also in the ballpark.

x06col · Apr 6, 2003

PAY PER BACK:
Your reply begs the question. Are you paying the 134 and change
for non- trucking liability?? Or, are you paying that amount for
trucking liability and cargo insurance? Sure wish you'''d clarify
that point.

x06col · Apr 6, 2003

Joker:
I'd sure like to know who you insure with if, it's for 48 states.

paperback1 · Apr 6, 2003

i pay $134 month,per truck for non-trucking liabilty/ and fire theft,collison

joker · Apr 6, 2003

Hi xo6col,
Yes it is for all 48 plus canada. I have the physical damage with OOIDA and the primary liability with progressive from cleveland. If you want to e-mail me i'll give you their number.

joker · Apr 6, 2003

Tony,
The 94.00 is for the full coverage on the truck. The 4400.00 is forthe 1,000,000 liability. The company pays the cargo insurance but none of my liability.