Insurance question - getting some pretty outrageous prices

Well the 100mile radius is keeping your rate rather low.
As long as the MVR of all drivers is clean and your business has been around for awhile and no claims,
you should not be paying that much...Something doesnt make sense.

I would try and find an insurance broker who can shop several markets for you and see if they can do better.
The differences out there between companies can be night and day.

Progressive wants almost 3x what I am currently paying now and I cannot explain that.
Don't feel bad. I wish you luck....keep trying to figure this out.

 

I agree with hanadarko as I have a buddy of mine that has a small dump truck operation in Indiana with 3 Pickup trucks and 2 dump trucks insured with $1.5 million liability and it only costs him $11,800 a year. He just bought a 2001 International semi and added it to his policy for an extra $1600 per year. Do some more shopping around.

 

It seems you just need to write down a business summary for your agent to give to the underwriter - your situation does not seem to fit in the "box" so they are just saying $6,000 per unit and hoping you take it. If you can get an underwriter to understand the dumps do not go over 100 miles and are home most nights while the semi is OTR. If you can get past this hurdle then I would think $3,000 per unit on the dumps and $6,000 for the t/t, cargo, and physical damage would put you at $12,000 total. Best of luck!

 

We are in the process of getting insurance quotes right now. One truck, one end dump trailer, million liability, 50,000 cargo and 40,000 physical damage, 2 drivers insured, both with 3 years experience and clean MVRs. 500 mile radius travelled. Progressive came in at $11,000. Another company priced it at $6500 which I think is reasonable for a new operation. Most insurance companys do not want to touch dump trailers.

 

you could always incorporate as 2 different businesses. The dump truck operation as 1 business, and the OTR tractor as a different business. Last company I worked for had 3 different businesses running out of same location. Ran 3 different DOT numbers for each business. 1 did construction delivery, 1 did cement delivery, and the other did Dock supply delivery. If 1 company failed/went bankrupt (which 1 did, the one I worked for), it didn't drag the other 2 down with it.