Insurance Business Liability

Topic 10812 | Page 1

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Igor U.'s Comment
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Hello! I make a business plan for the cars hauler carrier company. Trailer for 10 cars. faced with the problem of the calculation of costs. included in the cost of insurance business liability. I spoke to several agents, but they ask me to provide data about the VIN of cars and driver's license. I can not provide this information, as it is just a business model. Please tell me the approximate cost of insurance business liability for $ 500 000. A one heavy truck, one driver, llc one owner. Transportation vehicles to 48 states.

guyjax(Guy Hodges)'s Comment
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Hello! I make a business plan for the cars hauler carrier company. Trailer for 10 cars. faced with the problem of the calculation of costs. included in the cost of insurance business liability. I spoke to several agents, but they ask me to provide data about the VIN of cars and driver's license. I can not provide this information, as it is just a business model. Please tell me the approximate cost of insurance business liability for $ 500 000. A one heavy truck, one driver, llc one owner. Transportation vehicles to 48 states.

I would think an insurance company would be the best people to ask what the cost of insurance is.

Errol V.'s Comment
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Please tell me the approximate cost of insurance business liability for $ 500 000. A one heavy truck, one driver, llc one owner. Transportation vehicles to 48 states.

You ask for a liability limit of $500,000? That's almost enough for a private car liability policy. As a truck operator, your liability limit needs to be in the $5 million range or more. And that is NOT liability for your cargo. I'm not an insurance agent, this is not the place to get that kind of information, but I know $500k is way not enough.

Best source would be a trucking insurance agent. They will offer a quote, and then they'll want you to buy it. But you don't have to.

Igor U.'s Comment
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Thank you for your replies! For me, any information is valuable. If only it were that easy, I would not ask. I'm looking for this information for a month. All insurance agents ask VIN number of the truck and the driver's license. Without these data, they do not provide information on quotas. Even approximately. Believe me, I spent a lot of time for such conversations with insurance agents, I talked to them on the forum, I wrote letters to them directly. The answer is the same. Too little information, but it may not be much, it's a business project. According to their logic, I have to buy a truck hire a driver and only then to find out the cost of insurance to understand the company is not profitable!? For information about the mandatory insurance for 5 million, I have never seen. Several times I have seen comments about insurance in 750,000 and 1 million. It is logical that the company's revenue of 1 million per year and the cost of Cargo approximately 200,000. sum of 5 million seems to me too much money, not based on economic logic.

Errol V.'s Comment
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If you do not live in the USA, you may not be familiar with this. You know "liability" is for damage that you may have caused. In the USA, someone who suffers injury or damage will ask for a large amount of money.

Also if you are a car carrier, you are responsible for good delivery of your freight. US$5 million is a low estimate.

guyjax(Guy Hodges)'s Comment
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According to this website Truck Liability Insurance Policy limits, generally, for operations with trucks over 10,000 gross vehicle weight have a required limit of $750,000. This limit is set by the FHWA on interstate travel and, generally, matched by the various States.

Now that is the very minimum and only covers the damage that YOU do. It does not cover damage that uninsured people do to you. And then you have to add in trailer insurance and cargo insurance which will cause that number to go up.

Check out this link as it deals with Owner Operators and it will give you a pretty good idea. OOIDA If the info is available it will be listed on that website.

Owner Operator:

An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.

Interstate:

Commercial trade, business, movement of goods or money, or transportation from one state to another, regulated by the Federal Department Of Transportation (DOT).

OOIDA:

Owner-Operator Independent Drivers Association

Who They Are

OOIDA is an international trade association representing the interests of independent owner-operators and professional drivers on all issues that affect truckers. The over 150,000 members of OOIDA are men and women in all 50 states and Canada who collectively own and/or operate more than 240,000 individual heavy-duty trucks and small truck fleets.

Their Mission

The mission of OOIDA is to serve owner-operators, small fleets and professional truckers; to work for a business climate where truckers are treated equally and fairly; to promote highway safety and responsibility among all highway users; and to promote a better business climate and efficiency for all truck operators.

Igor U.'s Comment
member avatar

If you do not live in the USA, you may not be familiar with this. You know "liability" is for damage that you may have caused. In the USA, someone who suffers injury or damage will ask for a large amount of money.

Also if you are a car carrier, you are responsible for good delivery of your freight. US$5 million is a low estimate.

I agree with you, I do not know, but I want to know. My question is not how to get maximum coverage, and that what insurance is mandatory, so that I can start working. The other side of this issue is the insurance premium. Basically, I'm interested in just that. If the premium is 20%, and 750,000 is a lot, and if 1% is possible and 10 million. Insured. It's not a problem for me.

Igor U.'s Comment
member avatar

According to this website Truck Liability Insurance Policy limits, generally, for operations with trucks over 10,000 gross vehicle weight have a required limit of $750,000. This limit is set by the FHWA on interstate travel and, generally, matched by the various States.

Now that is the very minimum and only covers the damage that YOU do. It does not cover damage that uninsured people do to you. And then you have to add in trailer insurance and cargo insurance which will cause that number to go up.

Check out this link as it deals with Owner Operators and it will give you a pretty good idea. OOIDA If the info is available it will be listed on that website.

Thank you! A lot of useful information, but there is no answer to the main question is "how much does it cost?". All questionnaires need to specify truck VIN and driver's license. You have friends or acquaintances who have this business? How much they pay? I have to understand the exponent of prices at least approximately.

Owner Operator:

An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.

Interstate:

Commercial trade, business, movement of goods or money, or transportation from one state to another, regulated by the Federal Department Of Transportation (DOT).

OOIDA:

Owner-Operator Independent Drivers Association

Who They Are

OOIDA is an international trade association representing the interests of independent owner-operators and professional drivers on all issues that affect truckers. The over 150,000 members of OOIDA are men and women in all 50 states and Canada who collectively own and/or operate more than 240,000 individual heavy-duty trucks and small truck fleets.

Their Mission

The mission of OOIDA is to serve owner-operators, small fleets and professional truckers; to work for a business climate where truckers are treated equally and fairly; to promote highway safety and responsibility among all highway users; and to promote a better business climate and efficiency for all truck operators.

Cave Dweller's Comment
member avatar

750k is minimum, most brokers, especially being new won't look at you without a million base. Try hitting MATS OR GATS with as much of a plan as you have as there will be a couple of dozen insurance companies trying to get your attention.

Igor U.'s Comment
member avatar

750k is minimum, most brokers, especially being new won't look at you without a million base. Try hitting MATS OR GATS with as much of a plan as you have as there will be a couple of dozen insurance companies trying to get your attention.

Thank you! I was not very worried about requirements of brokers. I have a large database of orders. I'll be grateful to you if you give a link. What I found in Google it is not related to the transport and insurance.

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