Insurance quotes in 2020

Jun 11, 2020 at 09:31 AM CST + 4
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. I'm currently running the numbers for overall budget. Insurance is the biggest expense, besides fuel of course, for most of us. Is there any relief or suggestions for getting current, somewhat reasonable quotes from any particular company? I am a single owner operator running a hopper bottom in the ag sector and looking towards harvest season 2020. Not sure what everyone's margins are but return on investment keeps getting more lean. Also, do most have to carry worker's compensation for themselves? Missouri does not "require" it, but some shippers and brokers state you must have it. Thank you for your input.

Replied on Thu, Jun 11, 2020 at 10:16 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. With shippers you can sign a work comp waiver. As a single truck operator, if you are in good standing and have a safe record, I would think you should be able to shop around for better rates. Insurance is a very large part of the equation and with rates tanking more and more, it is hard to keep moving.

Replied on Thu, Jun 11, 2020 at 02:41 PM CST + 1
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Some insurance companies will offer radius coverage with the occasional out. Example, you’re insurance coverage has a 300 mile radius but you are allowed to operate outside that radius now and again. Pending you’re business model, the savings on the premium may or may not be worth it. If a shipper/broker requires work comp and doesn’t have waiver, I simply don’t haul for them. I’m NOT going to pay to haul their stuff. If they want a particular insurance or coverage, then THEY can pay for it. I’ve found OOIDA to be the most expensive out there, followed by Progressive. Joe Morton/Great West is extremely reasonable with great customer service. Check your local ins companies as well. Plan on your ins going up 5-7% every year regardless of driving record and/or claims. Don’t over value your equipment as you won’t be compensated for over replacement cost anyway. Ask about 'Combined Deductible'. If you pile up your whole outfit, truck/trailer/load, the deductible is $x (generally deducts are $1k), your total deductible would be $1000, not $1000 for the truck, another $1k for trailer, and another $1k for the load. It's a combined deductible. With some providers, 'Vanishing deductible' is offered. If you don't have a claim for X years, your deduct is waived. The companies I'm familiar with, you have to be claim free for 5 years. I don't know of a company that will offer a discount for a cattle guard (Herd bumper etc) but its worth asking. A few companies do offer 'tow coverage', some agents will tell you 'there's no such thing'. They may try to talk you in to ‘non owned trailer’ coverage. Unless you’re gonna pull someone else’s wagon, you shouldn’t need it either. Cargo insurance cheap, consider at least $50k. I have mine at $100k. Talk with different ins agents, ask lots of questions. Don’t let’em jerk you around with legal speak or talk down to ya, they seem to be good at that. Good luck.

Replied on Thu, Jun 11, 2020 at 02:41 PM CST

+ 1

Posted by a private FlatLoads.com member.

Some insurance companies will offer radius coverage with the occasional out. Example, you’re insurance coverage has a 300 mile radius but you are allowed to operate outside that radius now and again. Pending you’re business model, the savings on the premium may or may not be worth it. If a shipper/broker requires work comp and doesn’t have waiver, I simply don’t haul for them. I’m NOT going to pay to haul their stuff. If they want a particular insurance or coverage, then THEY can pay for it. I’ve found OOIDA to be the most expensive out there, followed by Progressive. Joe Morton/Great West is extremely reasonable with great customer service. Check your local ins companies as well. Plan on your ins going up 5-7% every year regardless of driving record and/or claims. Don’t over value your equipment as you won’t be compensated for over replacement cost anyway. Ask about 'Combined Deductible'. If you pile up your whole outfit, truck/trailer/load, the deductible is $x (generally deducts are $1k), your total deductible would be $1000, not $1000 for the truck, another $1k for trailer, and another $1k for the load. It's a combined deductible. With some providers, 'Vanishing deductible' is offered. If you don't have a claim for X years, your deduct is waived. The companies I'm familiar with, you have to be claim free for 5 years. I don't know of a company that will offer a discount for a cattle guard (Herd bumper etc) but its worth asking. A few companies do offer 'tow coverage', some agents will tell you 'there's no such thing'. They may try to talk you in to ‘non owned trailer’ coverage. Unless you’re gonna pull someone else’s wagon, you shouldn’t need it either. Cargo insurance cheap, consider at least $50k. I have mine at $100k. Talk with different ins agents, ask lots of questions. Don’t let’em jerk you around with legal speak or talk down to ya, they seem to be good at that. Good luck.

Replied on Mon, Jun 22, 2020 at 12:32 PM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Insurance is tricky with all the variables. After seeing a few nasty wrecks over the years with serious complications for the tow truck guys I am thinking about adding the towing insurance . The accident that made me think about was a truck went over the guardrail and down over a 30 ft bank and stopped at the riverside. That tow bill didn't stop at a 100k. This industry is geared towards people short changing themselves and the whole ego thing and when your day comes to reorganize a bunch of metal well tough luck. I would talk to a good agent and run a few unthinkable scenarios past him and donnnt short change yourself

Replied on Mon, Jun 22, 2020 at 12:32 PM CST

Posted by a private FlatLoads.com member.

Insurance is tricky with all the variables. After seeing a few nasty wrecks over the years with serious complications for the tow truck guys I am thinking about adding the towing insurance . The accident that made me think about was a truck went over the guardrail and down over a 30 ft bank and stopped at the riverside. That tow bill didn't stop at a 100k. This industry is geared towards people short changing themselves and the whole ego thing and when your day comes to reorganize a bunch of metal well tough luck. I would talk to a good agent and run a few unthinkable scenarios past him and donnnt short change yourself

Replied on Fri, Jun 26, 2020 at 11:33 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. MY NEPHEW SELLS INSURANCE. HE WOULD BE HAPPY TO GIVE YOU A FREE QUOTE. PLEASE FEEL FREE TO REACH OUT TO HIM AT ANYTIME. NATE MILLER [email protected] 641-220-6223

Replied on Fri, Jul 03, 2020 at 08:33 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Quote: "MY NEPHEW SELLS INSURANCE. HE WOULD BE HAPPY TO GIVE YOU A FREE QUOTE. PLEASE FEEL FREE TO REACH OUT TO HIM AT ANYTIME. NATE MILLER [email protected] 641-220-6223" Our insurance expires next month. I sent an email. Thanks for the info

Replied on Fri, Jul 03, 2020 at 10:24 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. My renewal was up. Progressive in a short radius paid up front was only gonna be $1640 for the year. Then I found out they dont like to pay claims so I stayed where I was at

Replied on Fri, Jul 03, 2020 at 10:24 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Nathan Essary with Missouri Farm Bureau has been in the trucking industry for 17 years. He can help you out for sure. Give him a call. Nathan Essary Agency Sales Manager Warren County Farm Bureau 1050 East Veterans Memorial Parkway Truesdale, MO 63380 \| Ph: 636.456.2834

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