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Insurance for new business

Discussion in 'Ask An Owner Operator' started by Rookiex1290, Feb 9, 2017.

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  1. Feb 9, 2017 #1
    Rookiex1290

    Rookiex1290 Bobtail Member

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    I am a new would be owner operator I've got my truck loan everything is in order and no one can get insurance for me required for not only the business but the truck itself. Not because of my driving record because I have 0 points and 0 violations but because I am a new business owner and my "USDOT" number is not 12 months of age. Progressive apparently use to insure new entrepreneurs and suddenly stopped in late October of 2016. I've got my truck financed ready to go but no one will insure me because of this new deal. Does anyone know any insurance companies who will insure a new business owner with a clean driving record? Because I've had 3 brokers looking all day and no one is willing to do it. I'm a dump truck owner as well I don't even leave out of my 100 miles radius.

    Sent from my iPhone
     
    Rookiex1290, Feb 9, 2017
    Rookiex1290, Feb 9, 2017
    #1
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  3. Feb 9, 2017 #2
    Cat sdp

    Cat sdp . .

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    Orion's Belt
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    Last edited: Feb 9, 2017
    Cat sdp, Feb 9, 2017
    Cat sdp, Feb 9, 2017
    #2
    OLDSKOOLERnWV and Rookiex1290 Thank this.
  4. Feb 9, 2017 #3
    jasonlepak

    jasonlepak Bobtail Member

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    Sep 7, 2015
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    Hatch Agency, Inc.

    This is who I use. I pull a flatbed. I am currently only paying bobtail/liability but when I asked them for an estimate on cargo liability when I decided to run my own authority they told me that since it's a new business and all, I'd be looking at a grand a month.
    They deal with three insurance companies that still offer insurance to new businesses... Though the last time I talked to them was about six months ago.
     
    Last edited by a moderator: Feb 9, 2017
    Reason for edit: No phone numbers in the open forums, please
    jasonlepak, Feb 9, 2017
    jasonlepak, Feb 9, 2017
    #3
    Rookiex1290 Thanks this.
  6. Feb 9, 2017 #5
    Mattflat362

    Mattflat362 Road Train Member

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    Jim Lynch former trucker commercial only suuuuper knowledgeable and great Harley riding guy! jiml@lynchins.com
     
    Last edited by a moderator: Feb 9, 2017
    Reason for edit: No phone numbers in the open forums, please
    Mattflat362, Feb 9, 2017
    Mattflat362, Feb 9, 2017
    #5
    Rookiex1290 Thanks this.
  8. Feb 9, 2017 #5
    ibcalm19

    ibcalm19 Road Train Member

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    Basically from what my agent told me a while back its two companies that handle new business owners Berkshire hathaway & Progressive. I know my buddy was in the same boat like you. The cost was outrageous so he decided against it. That is the first thing I told him to look into before buying a truck. The biggest issue is insurance cost for new businesses
     
    ibcalm19, Feb 9, 2017
    ibcalm19, Feb 9, 2017
    #5
    Rookiex1290 Thanks this.
  9. Feb 9, 2017 #6
    Rookiex1290

    Rookiex1290 Bobtail Member

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    It's not even the cost at this point (it's no one will take you). It's very strange as of October 26th 2016 progressive stopped taking new USDOT business owners. So what's everyone suppose to do apply for the number and let it sit ghost for a year before starting a business now? It makes no sense. Progressive was the largest insurance company for new start ups.
     
    Rookiex1290, Feb 9, 2017
    Rookiex1290, Feb 9, 2017
    #6
  10. Feb 9, 2017 #7
    ibcalm19

    ibcalm19 Road Train Member

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    I guess Progressive doesn't want the risk anymore. The reward doesn't out weigh the risk. Try and see if you can hook up with Berkshire hathaway look for an agent in your area who sell there insurance. Try Classic Truck Insurance out of Knoxville TN. I hope they can help you
     
    ibcalm19, Feb 9, 2017
    ibcalm19, Feb 9, 2017
    #7
    Rookiex1290 Thanks this.
  11. Feb 9, 2017 #8
    Rookiex1290

    Rookiex1290 Bobtail Member

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    It's strange because they called it "temporarily pausing it".
     
    Rookiex1290, Feb 9, 2017
    Rookiex1290, Feb 9, 2017
    #8
  12. Feb 9, 2017 #9
    Gunner75

    Gunner75 Road Train Member

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    Why not just call ooida about options for new insurance
     
    Gunner75, Feb 9, 2017
    Gunner75, Feb 9, 2017
    #9
    ibcalm19 and OLDSKOOLERnWV Thank this.
  13. Feb 9, 2017 #10
    Rookiex1290

    Rookiex1290 Bobtail Member

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    I did that as well they are looking into it as well and hopefully I hear from them tomorrow. They said they didn't know progressive went this way as well. News to them.
     
    Rookiex1290, Feb 9, 2017
    Rookiex1290, Feb 9, 2017
    #10
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