How much are you independent O/Os paying for cargo and general liability insurance?

A million cargo ? That is sure high. I also carry a 1,000,000 policy for occurences that are not covered by my automotive policy. Such as someone slipping and falling in my trailer, gun falling out of my truck and shooting someone [ that really happened to me ] , running someone else's forklift and causing damage, etc. That runs about 350 a year.Do you need reefer breakdown coverage ?If you have lots of 'extra' [ TV system, computer ] stuff in truck, get rider for it.And you might get a policy covering any passenger you carry.
I pay around 7,000 for a million CSL liability, a million general liability, 100,000 cargo, 25,000 collision on tractor and trailer.

 

To the OP: - No normal reason to carry $1mil cargo. In fact, I'd have to substantiate the need of that to my ins company if I requested it. Before they wrote that, they would want to know exactly why and what I needed that for.

I do have a few brokers with "increased cargo" for the few times I haul for them and it was a very minor charge vs keeping $300k cargo all the time when it normally isnt needed. If a company offers that, its worth it.

I pay just a bit less than jbatmick but I dont have any General Liability coverage. In fact I hadn't even heard of this until JB Hunt asked me to do power only for them. Since my first talk with them they have dropped this requirement.
I haven't personally seen the need for this although I won't argue it's benefits....

JBHunt used to keep calling me...they wouldn't give up.
So I asked them how I would be compensated for the depreciation on my rig...Cause once I hook up a JBHunt wagon to my Kenworth, it will instantly loose value.



Now I no longer hear from JBHunt...

 

You are getting good numbers.

A year ago, I was getting quoted mid $7000.

This month, I was told from $9300 to 10,000 too.


As explained to me....

guys were getting authority, getting some CSA points, claims etc then dumping an MC and starting up a new company. Insurance companies were getting wise to it and jacked new carrier rates up as a result.

So thanks to a bunch of douchbags, we now have 40% higher premiums.

 

I was told million dollar cargo is required if your gona haul haz mat.
I used to save by only running 500K .

Cargo insurance is the big savings of being leased to a company.

 

I was told this as well. Most of my agents companies have seen 20% rate hikes across the board.
The insurance company I'm with has become very gun shy about ANY new business and working with it's current customers to keep rates 0-5% for renewal. They also started pulling credit scores for 2013.
That can be good or bad - depending on your personal situation of course.
Great credit...expect a very low or nill renewal rate increase.

I inquired about reefer insurance (as an additional business opportunity for power only) and they really DON'T want
to quote me. Too many losses and issues and said if I really really wanted it...they would really really cover me but
expect to see 50-75% or higher hike. Hell with that...



On a side note...if you're an Independent and your WIFE is part of your company (in any way shape or form)
have the insurance quoted with her name. When I launched in 2010, it's hard to get insurance starting out - my premium went down over 25% just by having my wife used for rating.
Maybe due to her credit score and/or female listed business ??
I don't know how the actual agent did that but it was his suggestion and it did work....probably some slight of hand trick I'm sure....
Funny thing - her name was nowhere on any policy documents but the rate sheet.

 

You only need $1 million auto liability and $100,000 cargo to book loads with most shippers and brokers. You don't really need general liability insurance, but some do carry it and a few agents push it. I have been with the same insurance agent for a number of years and have decent rates compared to some that I have spoken with lately. I received a 15% rate hike last year even though I had no claims and a good mvr and csa. According to my insurance agent, many received a 20% rate hike. There is no telling what will happen this year. I am hoping that I won't get hit with another increase. Ironically, I am still getting a lower rate than many others.

 

Last quote I was given was $9200-9300. 25% down to bind it and balance in 10 payments.

 

$467/ month for $100,000 cargo, and $50/ month for $1,000,000 truck/ trailer liability... Got mine through OOIDA... Can't pull landstar loads, or a handful of other brokers, but that hasn't affected my bottom line one bit, I hardly see anything from them I want anyway..