insurance: yours or theirs?

[Jack_Berry]

i am sitting down and putting numbers together to show the wife i can be responsible. i am using the cost analysis ss that ldb gave a link to from ooida. some of the fixed costs are bobtail, health and cargo ins.

i talked to the commercial guy at the company that has the cars and house and he says expect to pay 12-15K a year. is this correct if i do it myself? the ooida model runs just over 9k and i have to suspect that is more a real world number based on responses. is it less expensive from the carrier on a weekly basis because the carrier has better buying power than i do?

looking at the model again there is no cargo ins included just coll/comp, bobtail and health.

cargo ins: i understand. is the million dollars standard?

bobtail: is this empty time ins?

health: i don't have it now. who has it?

workmans comp: anyone carrying it?

i am working a plan for sprinter or d unit.



thanks




Jack Berry

 

[terryandrene]

Jack. It would be a lot easier for folks to reply to your insurance questions if you tell us what you have in mind regarding expediting. Are you planning to lease to a carrier? If so, which one? Some have group insurance plans that might ease many of your concerns.

Are you planning on freelancing with ouur own authority? That's a whole other bag of worms.

Our carrier has group insurance plans that cover your bobtail (unladen) activities. For a Sprinter you would pay about $110 monthly, depending on deductable. While you are loaded you are riding on the carriers insurance but would pay deductables for an accident. These deductables would include as much as $2000 for liability or freight or collision damage. You'd have a deductable for Qualcomm damage. These group plans are very competative to using your own insurance carrier.

Health plans are as numerous as member opinions in this forum. You would be best to determine your personal and family needs and shop around. OOIDA has plans that would provide you a good baseline from which to start comparing.

If you are a solo operator or using an immediate family member as a partner, your State probably would not require you to have Workers Comp, but your carrier might require you to carry some form of work accident insurance based on a percentage of your earnings.

 

[Jack_Berry]

thanks terry.

i would like to start out as a fleet driver. i think i just got my question answered. fleet owners have fleet ins. no need to worry unles/until i try o/o.

once again thanks.


Jack Berry

 

[kwexpress]

KW Express
o/o till i die

if you have your own authority and drive the truck yourself you dont need workmans comp.

I paid 7500 for the year for insurance. 1 million liability and 100k cargo, and 35k unowned equipment so I could pull other peoples trailers and 25k physical damage on the truck.

thats with a clean mvr no tickets or accidents.

to me its well worth it for the freedom of choice.

I had to put 20% down and they break up the rest into monthly payments.

when I was looking around for insurance I got quotes from 7,500-10,000 for the year.

 

[davekc]

I would also highly advise a review of the policies prior to enrollment. Not all policies are the same and coverage varies from company to company.







Davekc
owner
22 years
PantherII
EO moderator

 

[Jack_Berry]

progressive does not cover wisc but they sent me a list of folks who do. that can be tomorrows project.


Jack Berry

 

[kwexpress]

KW Express
o/o till i die

Dave is correct not all policys are the same some will have many exclusions such as electronics.thats very good advice read the policy before you pay.