Truck insurance will put you out of business if you don’t know this.
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- Опубліковано 12 вер 2024
- In this video I will share with you fight information regarding truck insurance. Please pay attention because the information I’m giving you will save you a lot of money on your truck insurance.
If we don’t help each other then what’s the point of being here on this earth together?
Facts
good job I like ur thinking.
It isn't a scam; read the policy; if the insurance company is misleading you. You can report it to the Department of Insurance / or any related US legislation.
Also, it's high because ur fresh graduates/new drivers/new venture (unless you are driving 3 to 10 years without accident) - the risk is too high to put up 500k liability payment incase of accident. So, monthly it would be 15k to 40k per month.
5:20 florida, detroit, and georgia has high crime rate; so your insurance rates are high
North carolina, South carolina, Texas, Mississippi have the lowest truck insurance rates.
if you have your own Authority and you start to hire other owner operators , check them drivers for tickets and accidents , most insurance company's will rate your insurance to the worse driver record ! you can have 9 great drivers and a good insurance rate and then one bad driver can screw the pooch ! I had several drivers over the years want to hire on but it wasn't worth the insurance increase to bring them on ! most big carriers are self insured on a big ass bond ! and they can take basically whoever they want . research and make the calls and learn , get advice from other drivers but don't take anything they say for granted, double check the info for yourself ! and then make an informed decision !
Also remember if ur gonna get insurance out of a different state u have to contact the Fmcsa to update ur DOT information to that state because a lot of owner operator end up in prison for insurance fraud by have insurance in a different state from where they DOT filled
Knowledge is everything you sir are a real One thanks for sharing
AUTHORITY FOLLOWS RESIDENCY. YOU MUST OBTAIN AN LLC AND AUTHORITY IN YOU DOMICILE STATE. IF YOU PAY TAXES TO FLORIDA AS A RESIDENT THEN THAT IS WHERE YOU NEED TO OBTAIN THE AUTHORITY.
Yes, I'm a Texan,🇨🇱 everything is lower in "the lone star state". 💫 Be Blessed man!
We know. We like our country. God bless Texas 😎
For a new authority and new cdl driver, how much you pay?
I'm an old dog thinking of learning new tricks. I've always been a company driver who always had dreams of buying my own one day. It seems every time I feel ready to go the fuel skyrockets and I see major companies disappear and I'm stuck with cold feet again. I automatically think if major companies go bankrupt over fuel how can one man and a truck survive? Anyway years ago it seemed that most trucks were running Oregon plates and then it went to Oklahoma plates and now I see tons of Indiana plates everywhere. Just an observation that I thought I'd throw out there of the changes I've noticed over a few decades. I love to see people living the dream and making it. Thanks for your insight and sharing your wisdom!
I worked for a trucking company that got sued for half a million dollars from a car accident. On paper, he shut the business down and opened a new one. Realistically, nothing changed. He did this so he would pay 100k a year instead of 300k a year in insurance.
save yourself 11 minutes don't claim you live in florida or georgia when getting insurance. those rates will be significantly higher.
I’m assuming you ask your address how are you say then give them a fake address ?
I reside in Georgia need help
So.....???
@@trustytrade3134 p.o box maybe
You don't think the insurance agent won't figure out where you're from once he/she runs your dot number?
@@trustytrade3134 little you have to moved to Texas. I have friends of mine, from FL that had to move to Texas because the insurance.
Thank you for sharing hun. The UA-cam community is just like high school. It’s crazy.
YES! Good video! You need to always be looking to save money (always!) My dad always said; "a dollar saved is a dollar earned".... its true and insurance carriers rates constantly change depending on how many claims they had the pervious Qtr or year. There are literally 1,000's of insurance carriers in each state that specialize in different aspects of the trucking business. FIND A GOOD INSURANCE BROKER that will work "FOR YOU" not the insurance company. Let them shop on your behalf and let them do all the leg work of making sure your covered. If you find that broker then it WILL not only save you money, time but headaches. NOT ALL insurance brokers specialize in trucking but if you find a good one, make them part of your team.
Iv been goin to go to trucking school and you just opened my eyes because it looks to me your working for free with a truck payment and $2,400 a month for insurance let alone paying for anything else..!!!!! ITS CALLED BROKE
not free by any stretch. I have clients that make in excess of $400k a year with one truck. that's just shy of $8k per week every week of the year. They surely don't work every week as I see the vacation photos they post on the Gram
Progressive is the MOST expensive insurance company for start up trucking companies. They will insure just about anyone, but that comes with a price.
it is the least expensive for most startups. most companies won't even take startups in fact. I did say most startups. they are also one of the least expensive for specialty trucking. They have the best claims paying ability (the highest rating possible, they are not alone in this). Progressive also has one of the best records for paying claims as fast and painlessly as possible. They are the #1 trucking insurer in terms of volume and customer satisfaction last I checked. All of this does not happen unless you are the best value or only option in the vast majority of cases.
I am a former Truck Driver and now a Commercial Insurance Agent out of Oregon. Everything this man said is true. However, finding a trustworthy independent insurance agent to partner with is one of the best things you can do for your insurance. Whether you are an O/O and have no intentions of building a fleet of trucks or not.
The benefits an an experienced independent agent that understands the trucking industry is huge. We represent a large number of carriers (Liberty Mutual, Great West, Western National etc etc etc). We can source quotes from these carriers and find you great rates. Whenever you are starting your business it is always advisable to build a solid team. You want a competent Tax Rep, Accountant/Bookkeeper, Lawyer and Insurance Agent/Risk Manager.
Daniel Campbell yeah I’m from Oregon too my guy was explaining to me it’s cheap here if I get my stuff done here. Cause I was planning to move to Arizona
@@Leavern_w here is a link for you to look at www.expeditersonline.com/trucking-blogs/risky-business/which-states-have-the-best-rates-for-truck-insurance-8588.htm.
Keep in mind that this is a couple of years old. Is based on Progressive (not the cheapest option). Also, rates have been going up, year after year due in large part to the increased cost of repairing the more technologically advanced vehicles on the road.
Daniel Campbell how can i get in contact
@@melvintaveras7863 my email is Daniel.Campbell@PropelInsurance.com or you can call me on my direct line, 541-484-7763
Daniel Campbell thank you I sure will check it out
Freshly retired active duty and looking to do this as well. Your videos are the best. Thanks for your knowledge info and help bro. Respect.
Welcome home !!!! I really appreciate you watching any questions just ask Allen!!!
Allen Goddard .Hop on brother. We need vets and patriot eyes on the road
Thanks!
Allen Goddard I’m right behind you. I have 2.5 years left in the Army. I’ll be retiring at the age of 40 and getting my own truck is the only thing I’ve been interested in so far. I also heard that Military gets an extra $1500 the first year of having Authority.
Hey guys as an insurnace agent with license in VA, MD and DC I can assure you that you must cofirm residency in the state you want to get insurance from, if the Insurance company from any reason finds out that you lied on that address it can mean cancellation to the inception of the policy and fines + all your record gets messed up and you have to start over. I sell all types of commercial insurance General liabilty workers comp and so on .. aint here to sell any insurance, just to tell you guys that it can happen, I seen it happen. Good luck with your trips and stay safe.
What you suggest? Shop within state?
I was thinking the same thing… all addresses must match up throughout the business if not then your company’s credibility could be lost.
I got quoted $1200 a month. $2200 down to start with progressive and I’m in NC. I also don’t have the best record.
What Company? Is your truck newer than a 2015?
LMAO when you mentioned introverts I lost it like this man looked right at me and said i know you fail because you act funny sometimes knock that shit off 😂
If you are brand new they look at everything including your credit score. And it also depends on the experience of your insurance agent. When I first got my authority in texas I had paid $3500 down and about $1300 a month. This is for my truck and trailer and my truck was brand new. Progressive ends up being cheaper sometimes once you had your authority clean for a few years, have good credit and a good driving record.
From Miami thanks for PUTTING ME ONTO THE INSURANCE GAME!
One Rich...you are correct about Florida..i too live and operate my trucking business in the State of Florida..when tryin to obtain my insurance for my authority..the cheapest rate i could get was thru OOIDA being my business and the CDL is a florida..no other state would insure me for my authority cheaper than that...other states referred me back to Florida..with OOIDA running 1 truck at first it was $795 per month and $1400 dwn..the dwn side to OOIDA was they have restrictions with who you can broker with under their insurance, (they'll send you a list of companies you can not broker with)...which limited us in a sense..one of my biggest contracts was landstar and we cudn pull any of their freight under OOIDA..so we jumped on Prime, Amazon, Grimes, and other companies that arent on the list..
In Tx, Full Operating Authority on 1 truck. My insurance is with Progressive @ $2700 per month but it started at $3300. No matter how much experience you have, insurance for a new venture is the biggest hurdle which is why most OOs just lease on somewhere and NEVER get their own Authority. I own my truck outright so I took the hit. But that was by far my lowest quote. But when I jumped out there, my CDL was less than a year old. The best advice to give is "Save up at least 20k but jumping out there like that" because there's no way around the insurance except for time in business.
BEFORE jumping out there!
Wym by you took a hit bro? I’m in the process of buying my truck and trailer outright also
I was referring to myself accepting the high cost of insurance since I don’t have a truck payment. I need a trailer tho. Been having a difficult time finding some one to lease a trailer to my company since it’s still so young. Where’d you get yours?
Kendrick Lee you don’t want to run power only for the time being? I don’t have mine yet still looking around for a car hauler
Yea Power Only is what I’ve been doin. I miss out on all the hot loads from brokers in NEED because I don’t have my own trailer tho. The rates they be offering seem a lot more profitable than this power only stuff.
Not all insurance companies are licensed to insure you if you are located in Florida. And if you try to beat the system and then use the mailbox address in another state to get a cheaper rate, you may very well run into other problems. One would be when DOT does an audit on your business, are you going to go meet them at that mailbox with your equipment and all of your records. Also, when you set up your business as being in another state, do you now have to pay state income tax, which Florida does not have.
thats a good point.. thanks im sure people didnt know that... its doesnt pay to take the short cut if your trying to be in compliance.
Georgia requires state income tax so yes it’s best to stay within guidelines so that one can get plenty sleep good at night 😊
If you go to a different state and claim your business is in that state you will pay that state taxes, and if you are still resident of Georgia you will be charged twice.
Ooida is good for o/p’s... If you use like progressive or some other insurance agent ,just remember your business has to be registered in the state...
wouldnt it make sense to find out what state has the cheapest insurance, then setup your business in that particular state. although you may reside in a different state you can register to operate as a foreign entity, i made a lot of mistakes when i was self-employed. and like you said insurance killed me compounded with truck note. good video.
Evelyn I am looking at getting into the business. Thanks for that advice.
Goodmorning mamita! I'm still a company driver and not really interested in being an OO. I'm just saying hi and giving you a compliment mamita. You're beautiful and I admire the natural beauty you possess.
I run mail and freight baby, home every day and not interested in staying out there the way I use to. I'm in the East coast as well, Northeast.
ok one time. get it
@@rcaerunnincirclesaroundeve5344 Calling a mom n pop place, not geico, progressive etc. They will still go by your physical address.
She doesn't know what she's taking about.... "Foreing entity" been in business from 12 years.... Never heard of that. They go by your plates, what state they were issued by. The only way is to rent a place on one of those cheap states and run your whole business out of it.... IT NOT AS EASY as she wants to put it... You still need all your credentials, like IFTA and business lic. Out of the same address. Also registration my be higher on those states, you have to check first. Plus the money of the rental (apartment, house or yard) may off set any savings.
She doesn't know, and just helps spread the misinformation.
Good of you to putthis out there bro. I guess if you Always on the road long distance you can insure from pretty much anywhere you want, Always shop around. 🙏
I have my own authority..just to elaborate on the topic...The reason your authority insurance is high in Florida when you 1st get is because, although you may have been in business as an OO for years prior to gettin ur authority, the insurance companies want you to have ur authority for at least 3 yrs..with a low safety rating to score you before they lower your rates...once you have been operating under ur own authority for 3 yrs or more in Florida, your rates will come dwn.
A very, very important point in the trucking industry to avoid being a cautionary tale. Thank you for the information, Sir.
Florida's 30% higher if it's your car or tractor trailer Florida has one of the most worst case scenario when it comes bad drivers This is why I moved to Tennessee but Indiana would be cheaper.
CHeybman. When I started out of GA I went with O.O.I.D.A. my insurance payment was like 560. After adding trailer enter change and stuff it was up to like 700. Starting off OOIDA was really good for me. As I added OO to my authority it went up about the same amount. Now when you buy more trucks, they get expensive out of nowhere. But that’s a good option. It didn’t hurt me that I couldn’t use Landstar and some other brokers. I have different insurance now because I have 4 trucks. And I still haven’t used Landstar. They’re rates are way too cheap.
They didn’t approve me for some reason
I’m going to check them out again... what’s year did you get your insurance?
I started in 2013. I used them all the way until November 2017. No accidents no claims and it jumped up simply because I added 2 more trucks earlier that year.
larry Clark I'm about to get my authority in a month, starting with ooida, who were you able to haul for and NOT able to haul for with ooida? Don't they only offer B+ rated insurance and lower?
thaSwerve I didn’t look at their ratings man. I never had a claim with them. The only noticeable broker I could not pull for was Landstar. But I have other insurance and still don’t work with them. When they do call the rate is always too low. It’s best to post your truck and let them call you. The rate will be better. And don’t worry about the time. The later it gets the more desperate they are to get their load covered. Equalling more money to your company. Also don’t let them classify you as a owner operator. Use a different name as your driver. Let them know you are a company. Good luck
Each one TEACH ONE!!! Good shit brotha 💯👊🏾
dats wat i'm talking bout,im from Nassau Bahamas,do ya ting bey
Interesting video.... I just got a quote from an agency for general freight and they came back with just under $12k annual policy with $1m liability... and I have had my CDL less than 3 months and DOT the same.... best quote came with progressive....in texas. I didn’t take it as not doing general freight now.... as I only use my Semi for hauling my construction equipment . Just wanted to see what it would cost
hi what is your personal credit score?
Thanks man...very helpful and true...you have to know what boxes the insurance agents check off to get get the best rates. The other thing I found out, was my credit score played a big part in it. Thanks for the video, appreciate you.
So, having said this, how would you have gone about things differently? Move to another state for insurance? Waited to relocate before starting the business? Get insurance with an out of state address, and risk having a claim rejected due to fraud? I'm not sure what choice a person who lives in Florida has if they want to run a trucking business and don't plan to move.
Yeah wtf
I was thinking the same thing. It sounds good to say ‘shop around other states’ but how exactly does that work if the insurance reports to wherever your truck is registered??
Progressive is way too high. My insurance was just over 6 thousand per year for my truck and trailer. As I'm getting older my rates are going to get higher. Under 25 and over 55 you can look for rate increases. I'm new to you and I'm really enjoying the content of your videos.
So I can get Insurance from a different state, then either I live in or have my Business Registered in, for my business? Didn't know that! Thank you! :) Great Information!
What about your vehicle registration and your drivers license? Do you have to get that switch over as well?
Kevin Sunderman No
Wow
@@darnaleonard1215 UNLESS THE BUSINESS IS "LOCATED " IN THAT STATE AND THE VEHICLE REGISTERED IN THAT STATE IT CANT BE LEGALLY INSURED IN THAT STATE. i COULD HELP SOME ONE MAKE THIS ALL HAPPEN THOUGHT
@@jacobpatterson3203 I need help with this
Great information my friend. It's great that you share your professional journey with your audience. I look forward to hopefully working with you in the very near future. Especially on the trucking insurance and the commercial driver legal plan for owner operators and trucking companies empowered by Morehead's Connections Consulting!
State legislators all over the country mandate having insurance, practically giving the companies permission to screw you over.
Politicians are getting part of that cake ... its a huge scam .. and thwy are the professional
Especially Tx
This was really helpful, I’m actually in the process of researching for my own company now.
Hi I am too...tell me what you come up with if you don’t mind sharing with me.
Let me know how I can help
How you do ur own authority. Are there any videos that can point to the right direction?
Shopping for a good rate on trucking insurance should began before you start your company! I say this because insurance companies go by your address. So if you have a mother, father or brother in a state that offers better rates use their address as your company Base. Meaning you would need to start your company in that state! I used Indiana for instance, you will also need to get a driver's license in that state as they do compare address and license.
Great tips.. Thank you for sharing 💯💯💯
If your truck catches on fire, let it burn. They dont pay unless its totaled. I tried to tell this man that here. He fought like hell, got himself burned really bad then they wouldnt pay to fix it
I'm just now getting into the game.Thanks for the info and motivation.
Hey, I like your vlogs and the details you share. I would like to request you to make a video on problems that are frequently faced by truckers in USA and Canada. I would also like you to talk about the impact and sensitivity of those issues and what is the right way to address those issues or overcome those problems.vtrust me it will help a lot of new truckers...thank you
Insurance is the main reason I shut down my trucking business.
I still don’t understand how people making payments on truck, trailer and insurance can survive out there.
I had my three combinations paid for and after all expenses there were crumbs left for me.
The liability was too much, sometimes I think to comeback to trucking but I come to my senses pretty quick and forget about it.
jmau8583, what state are you in?
Florida
That’s good advice sir, you can also get with an agent that will shop you around to find the cheapest rate with acceptable coverage. But the most important thing I tell guys that I help out is to save save save. Sometimes we spend frivolously and at some point we wish we had that money back. Lol. I had to tell my old lady to sit tight, at least until I paid of the truck off. Then that’s money to the good. Don’t give up, keep on keeping on. You don’t have to run long hauls to make money. Make it make since though. Most importantly be safe out there drivers. I’m back quite, rahjah!!
Liking your content man. I’m from WV but my insurance agent is in OH. I started 5 years ago with progressive about $1200 a month. Now I pay $8500 a year for a single truck and trailer.
Thanks for watching
How do u live in one state but get ur insurance from another aint like fraud. @me
Trucking-Chuck shouldn’t it of gone down?....😲
@@Ranchready496 it did, $708 a month
Thank you so much for this great advice man. Insurence companies are getting rich like all truck stops, stops, etc and we're making no money for us only for somebody else.
i like what you do, and i also like the way you're doing it; "straight from the heart", educating people out there. the less we know, the better for the system. my only suggestion if you will is to write down the headlines of the subject to help you stay focus and assure you that you won't miss anything. thank for your services brother, keep on doing it it's extemely helpful
not a trucker but good info good inside keep the fight I realize Florida don't like brothers Fresno California hearing a lot of things down there lot of things. and imma thumbs up the video
Insurance compaies don't charge an amount just for coverage..they charge the max amount they believe you will pay.
Acuity Insurance is ther best I found. I'm from illinois and Progressive is the only insurance that will extend coverage for the first 2years, when you're driving under your own authority. After 2 years i shoped around and found Acuity, it quoted me 1/3 of what progressive was quoting me. There were 2 or insurance companies that were cheaper, but one was b- rated and the other one wanted a lump sum. I didnt have to give Acuity a downpayment and it is an A- rated company. I'm paying $1004/mo for 11 months, 12 month is free, that covers Truck, trailer, cargo, and non-own trailer
My homegirl live in Ga. But her insurance even her company is registered in N.C....she said it was MUSH cheaper...
This Guy has no Clue.......
Just like there are unfriendly states for trucking there are friendly states too! But something else that’s interesting is setting your business up out in the country, where there isn’t as much traffic can dramatically lower insurance rates as well
Great video!!!
We completely agree that truck insurance is not cheap in certain situations and everybody's situation is different. If you have many years experience with a Class A driving and your authority has been active for awhile - hauling basic commodities you are going to get better rates than new drivers with new company's or company's hauling commodities like seafood or something like that. It also depends on the state like you said; as well as how many accidents or violations you've had, how many accidents you've had, etc.
We specialize in Trucking insurance and we have seen it all from people paying $4K/year per truck to $40K/year per truck. It just depends on your situation. When you are asking other drivers what they are paying make sure to compare your rates to similar drivers and company's. For example we just insured a trucking company with 24 Trucks that is out of Illinois with drivers that had less than 2 years experience and they are paying $21K/year per truck and they are happy because the insurance company is allowing them to hire drivers with less years of experience than their previous insurance company did which is allowing them to grow their business. We also insured a separate Owner Operator with 1 Truck out of Illinois that same day with 15+ years driving experience and his rate was only $9K/Year.
Hopefully this information helps some of you when you are looking for insurance. If you need any assistance getting quotes from multiple carriers that specialize in Trucking please feel free to reach out to us at anytime we'd be glad to help. Our goal is to help you and your business make the right decisions regarding insurance and if it doesn't make sense for you we are on your side!
Besides that we want to thank all of you for your transportation services.
Tailored Insurance Group
801-618-5921
I've been driving for ions, never an accident, zero criminal record and a credit score of 900. I want to get back into being an O/O. Yet every insurance company I talk to say that when starting a new O/O business, regardless of your years driving, the insurance companies consider you a newbie. Hence, you get to pay sky high premiums.
In rolling in NC and it’s pretty fair price for insurance...GOOD INFO BRO... post and comments should be to help us build 💪🏾💪🏾💪🏾
How much u pay
I appreciate you giving credit where credit is due. THAT'S how I found you. Keep up the great videos. Be safe out there.
Bro, as an property and casualty insurance agent, insurance prices are based off of CREDIT, age and other factors. Location can be one of them but please don’t think all insurance companies just price based off of location you live in. A newly licensed 20 year old driver is going to almost always have a higher premium than a 30 year old driver with same credit score. We quoted a woman and her husband with a tractor trailer. Her credit was lower than her husbands and the premium for him was nearly $10,000 lower within a 12 month period. The husband was then listed as primary insured.
I’m a trucking insurance agent, I can help you guys. I’m independent and have access to most major markets and I can explain any and all of it for you guys
Proman hey what would your advice be for someone new to the industry with just one year of cdl experience and average record, i’ve called progressive and they quoted me 1400 a month and 3500 down Plus I’m running under someone else’s authority
@@zakariaa2181 Which state? When you run under somone else's authority, you need to be added to their liability and cargo policy, you carry your own non-trucking liability and physical damage (case truck is crashed or stolen) Depends what you are getting for 1400 per month, Progressive can be a good company, they give you many options and direct billing. For 1 year of CDL, that is not bad. Many A+ raterd carriers will not accept a 1 year CDL with average record.
Proman how’s it going my man. I’m currently opening up my trucking business. LLC I’m going for 2 trucks. Any advice. I’m working out of los angles ca.
Send me some information
Cesar Ruiz email me at pablo@gainins.com
Wow thank you for this video
I’m looking for insurance right now not for trucking
12 mins to get one once of info is worth me subscribing have no clue why this video piped up
God bless America and the truckers that keep this world moving
If a nurse is a hero for going to work and get paid
The truckers would be demigods
I’m one to go out of business because brokers pay hunger rates and insurance are very high mechanics tires parts etc.
75% of your revenue goes on expenses if your lucky or could be up to 80%. A company driver makes more money than an owner operator.
Jan Schlossar run at 1.80 per mile than reply to me again. I agree if I got 2.75 per mile. but rarely we get this one way but when you look to came back all that we get is for fuel.
Keeping your monthly bills down is key. I have been saving up to pay cash for my first truck and trailer. It's hard work and long hours though.
Jan Schlossar it’s true. We have the same problem
Sorry , but you did it wrong and didn't research enough before you jumped in ! even now a ton of money can be made being an owner op or having your own Authority ! so many people learn to shift a big rig and then make a jump and get burned because they listened to the right people or got bad info from some supertrucker !
The way you explain stuff is hilarious. But I appreciate the info, just subscribed
Yeah I was with ooida felt like they did me Justice in the beginning was paying a little over 800 and then when I got a trailer about 900 after about 16 months with them my premium went up over 1100 I asked them where's my savings I had no claims no incidents whatsoever but yet you raised my premium they swore up and down that they were giving me a discount and my premiums would have been higher if they didn't needless to say I dropped them
who did you go with after them?
Well he isn't wrong. Small things like this which are actually big things are easily overlooked. Good story offering good insight.
I’m from Miami,Fl; and I am thinking about getting some dump trucks and other trucks. I’m currently in the exploring phase to make sure I know as much as I can and if it’s worth the money and time to pursue this endeavor.
Trumma I live in Miami and was thinking of Dump Trucks as well. "They" got it on lock down here but there are county contracts and constant building going on. Plus hurricance season.
@@GODSSON2000 yes, that why i would hate to buy a truck and couldn't get any work.
💪🏾 thanks brother, u gonna get blessed like a king for this moment.. nice job!! All praises to The Most High 🕎
Mine 33000 a year, 1 million w/ 1 million umbrella....9500 down 2300 a month here in Louisiana hotshot. 1st year
Did you end up going with that company or did you find a different one?
Ty sir. Hope to get to get a truck. Don't like company driving. Texas is my residence. Glad I listened
It's the little things that make or break business
Good video. One would wonder why you would want to do business at a Florida to begin with other than taxes. Texas seems to have better Freight.
Really there needs to be an industry of finishing schools for truckers. Because just because you could drive a truck doesn't mean you know how to run a business.
Seems to me there could be a Online Academy to teach people the information they really need to know.
Because the trucking world is full of information but most of it questionable.
I know a lot of people say mentors are good. But someone that makes their business out of your success is more likely to want to get results.
Im in va my first year i paid 1000 a month. The next year it went up to 1550 a month with clean record on progressive. When i call and complained they said that its based off accidents and claims in the state. What sad is self insured big carriers claims are uses for that data and that is not fair!
Don't forget California! California is killing pockets. Thanks for the info, but what im puzzled about is how you're able to get around applying for insurance outside the state your actually filed and living in without being truthful with the insurance agent.
I'm currently searching for insurance and it's been crazy. Bi Berk has quoted me the best rate so far as a new authority.
Progressive price gouging!
Agree
Progressive does not look at you loss history they are more concerned about the years in biz your authority has been active. Progressive can be great. They allow you to do oilfield operations, reefer, hotshot, overweight/oversize, etc. Progressive is an important piece of the market... they can be really expensive though. Florida insurance is high because it is a personal injury state.
Yup quotes me 33 grand, how the fuck am I suppose to pay this coming out as a first time venture 😫 I saved 30 grand plus paid off truck and I’m sketchy about starting the business now bc that’s ridiculous.
@@safetrucker state?
Tennessee, I went ahead and used progressive unfortunately im just gonna eat the insurance and pray I make it until I find better
Goodness
You are everything Sir
Your character is so refreshingly rich!
Can't you have a company off of an LLC based in another state? And have the truck registered there? From what I hear Ohio has the lowest insurance rates. I'm not a truck driver(yet) I'm just speculating
Tikki Styles you’re right...and yes you. Can register in any state..Ohio the lowest
How can you register an LLC in Ohio if you don’t have an Ohio address though?
@@Gsxforsale you can pay like a $95 yearly fee to have someone rep you in whatever state you register your LLC/Company/Incorporate. I use legal zoom and they do it all
@@ChristoMac hypothetically speaking i wanna start my trucking business what i gotta do first is get the business name first b4 i get the truck so what would i put in the address space if i wanna do registrated some where else. Wouldnt they ask for proof of residence of where u tryin to set up ur llc. Also if i got my truck where i live at which is Florida and i make the payment to a company here in Florida how will i be able to register in another city
@@Truckinainteasy Yes that sounds correct, when you register your LLC there will be an option to have a "Registered Agent" which is a company that represents you. And the registered agent takes care of all the proof of address and other paperwork on your behalf. And when you do purchase and register your truck it's the same idea. You can easily register the truck in ANY city, state you want regardless of said business address. I have a trailer registered apportioned in the state of Maine and I do not live or work in Maine.
I hope that helps you out.
Hey man thank you for a great video!!! Owner Operators are always get better insurance price over for hire companies everyone knows that. If you start fir hire company insurance will be expensive from the very beginning depends on state of course. We had for new venture out of NJ approximately 17.5k a year for one truck 20k coverage truck 20k coverage trailer. 1M Primary Liability 100k Cargo insurance without trailer interchange and General liability. If you drive truck yourself I would suggest go as Owner Operator means company registered on your own name, truck and insurance on the same name than you can get better quotes when shop around
Real good advice!!!
15k a year with financing, liability and cargo. ILLINOIS. New MC.
Nikola Robajac I know Im in Illinois and my rates just went up another $600!!!
Please call or email me! I can help. I’m located in Illinois and have many markets for truckers insurance 8159936636 (rgoodbred@firstig.com)
Tommy Reed Please call or email me! I can help. I’m located in Illinois and have many markets for truckers insurance 8159936636 (rgoodbred@firstig.com)
Nikola, imas li nekog dobrog agenta za osiguranje? Ja bi trebalo ds krenem sa svojom kompanijom uskoro, zivim u Arizoni. Pozdrav od zemljaka 😊
Thats low... we got it for 14,500 and I havent heard anything lower.
Casanova gave the best advice to date then anybody I've watched on utube
What was the advice?
I'm paying 1200 a month for liability. Going on my second year. I've been trucking for 11years clean record
William Mcgill who do you have?
Wish I could say that
Damn and how much is full coverage
You can’t just buy insurance in another State if your trucks are parked in a different state. You need to buy insurance in the state u park your trucks in or else if u ever have to do an insurance claim, u are fucked. They won’t pay. You left this VERY important part of info out.
No you can’t you half to be a residence
We already fucked because if what they over charge us
I’m in LongBeach California
I pay 1,200 for
1,000,000 Liability
100,000 Cargo.
Adding another truck next week 🙌🏼🙏. I’ll keep you posted on the total for 2 trucks.
Wonder if I have to cargo insurance for both or just utilize the same one 🤔!
Update:7-8-20 added an additional truck. Monthly payment 1,850!
How long have you been in business to get those rates ?
What company are you with
Jay K jay just started up this year
Got laid off due to covid. After 1 year in business/ my rates will drop.
I’m with Volares insurance
Gabriel Perez thanks. Still lower then mine. I’m In GA . It’s expensive. I’m going to look into Volares
@gabriel do you have your own drivers or lease your truck to a company.
You are very genuine man. Thank you for your wisdom.
OOIDA....Been riding under my own authority 10 years now, insurance controls EVERYTHING. I dispatch myself, I have my own trailers and I used to do all my own paperwork, I hired a service firm for that bcuz if your safety rating goes down to conditional from satisfactory you can't haul for a lot of brokers, and they'll keep your rating up. Any questions hit me up 👊🏾✊🏾.. The lowest insurance rates are in Mississippi, simply get a address in that state and make that your official company address and then purchase your insurance bruh. I live in Louisiana and we are THE WORSE state, only 2 companies does business here, so we have to find other states.
How would I go about getting an out of state address? PO BOX?
Florida and Georgia are the highest because of higher rates of insurance fraud. This is an example of how crime hits all of us, not just the immediate victims.
Man progressive is the highest by far. Progressive told me 31k and 2700 a month and I never had a wreck or ticket. I’ve heard the best ins to start with is OOIDA
James McClary my advice don't go with ooida, if you planning on getting your own authority.. Because they only offer 750k and Most brokers wants you to have 1mil liability, therefore you may get turn down for loads cuz u don't have enough insurance coverage
thaSwerve who did u go with
thaSwerve false. U can get 1mil with Ooida
Progressive is like the only one who will take new ventures...gotta pay to play.
@thaSwerve that's not true. Ooida offers whatever amount you are willing to pay for. Now they have time and broker restrictions. I'm with them and I pay 1250 a month on a 2018. With that being said, I have a lot of additional coverages that my customers require.
Thank you for that very important tip. I'm new to the game , getting ready to buy a truck and soon put it to work.
That's y I signed on to my company instead of getting my own authority... I only pay 390 a month thru my company instead of 1600 a month running on my own.....
Question, how did you ended up lowering your insurance costs? If you have Florida plate can you have insurance out of another state?
Progressive 2750 per month. Power only with a 2019 freightliner, I just found out OOIDA provides trucking insurance for about the 1/3 of that price.
They require 3 full years with no gaps in driving
Great information, I’m just finishing up my first year after paying 13k for this first year and the renewal wanted a similar amount. I’m based out of Kentucky and have been having difficulty getting any quote that’s reasonable (one was 30k!!). I never once thought about this topic..I just did a quick search and found the avg. rate was about 15k in Kentucky but Ohio (10 miles away) was 9k! Interesting (and aggravating). It listed rates from New York at 20k to Mississippi at 4K. For, 10k , I think I can find a way to base my company out of Mississippi! Thanks for waking me up and good luck brother!
Delbert Spiece wow good info bro..where’d you find this info?
Marquis , I did a search for “commercial truck insurance rates by states”. And one of the results was this... www.expeditersonline.com/trucking-blogs/risky-business/which-states-have-the-best-rates-for-truck-insurance-8588.htm
Delbert Spiece ok thanks going to check that out
Btw...I ended up switching to ooida. They slammed dunked the rest. 8500/yr. I’m usually not one to be a “conspiracy “ believer but after talking with a few agents, I found out that around 80 to 90 % of the trucking insurance is handled by many agents but real one company “NATIONAL INDEMNITY COMPANY”. everyone who I contacted kept saying something similar, “I could only get 2 quotes that I wasn’t blocked from”. Blocked?? I presented to a couple “honest” agents this question ,”since, I was insured by this company my first year, NATIONAL INDEMNITY COMPANY, could they be the reason I can’t get quotes from anyone else? Could they (or my agent ,who is the reason why I was shopping in the first place), put out there some information blocking me from getting these quotes?” They didn’t react negatively to my question. Doesn’t surprise me that when one company owns that big of the share, the competition would be non-existing and rates be outrageous! I have no proof of this , just a theory that fits the problem. Just a thought
Assured inssurance in Austin Tx will find you a financial institution to pay your entire insurance. For one year then you pay them . 1million policy cost 800 monthly with 2400 down. And you be covered for travel or dump. I been 20 years in the mix .
Thank so much for sharing this. I’m looking to get into this industry/get a fleet going
Man!!!! Trucking Ain't worth wasting time on!!!! A straight down fall!!!🤦♂️🤦♂️🤦♂️💯
hey man... thanks for all good info, keep on, God Bless U.
It’s 2022 and this is very relevant. Hope ppl are still seeing this. I ALMOST didn’t learn this before paying a high deposit and payment due the state Im physically in.
Not a lie told!!! 10k down 3400 a month..Ga .. I push through and kept rolling.. 650 a month now
LIFE BEHIND THE BEARD how long did it take you to get down to $650 a month?
4 years
Why was it so high?👋🏽
what company you have for ins
Evelyn Martinez..you cannot just simply start your business in any state that you want, just to obtain cheaper insurance..to get insurance for your truck you have to have a valid CDL license in the state where you are trying to purchase that insurance..if you do not they will refer you back to the state where you have your CDL
Northern California owner operator paying only $759.00 monthly and 9,500 annually:)
who do you have?
I will like this video because overall it’s good topic and good advice, but one thing that wasn’t mentioned at all was actually talking to an actual agent. You can never compare yourself to someone else especially someone from another state. Different state different rules different laws different rates
I noticed most trucking companies license their trailers in Tennessee you think that might be for insurance reasons
You smart
@@darnaleonard1215 Did they pay u already?. I would like to check on that. I 🤔 nk there is and insurance gov complain office.
Got my CDL when I was 18 years old been driving for 32 years never had a claim but the big P company wants to charge me $2,400 a month because they say I am a new startup
I'm 22 new startup and not paying that much.