Truck owners Insurance, too much?

[razorxtr]

What is the name of your state? IL
, this seems like the most appropriate place.

I own my own Truck, and looking for a job at a company here in IL.
The company requires a $5 million umbrella insurance policy in addition to a 1 million regular policy.
The insurance agency i went to quoted me about 25 - 30k per year for this type of insurance.

Is there anyone in here that has or knows someone that owns their own truck, or trucking business that can clarify as to why the requirenments would be so high.
Also, how much do they pay for insurance (make sure im not getting scammed)

I will be transporting garbage to dump sites.

i feel that 6 million insurance is way too much for transporting Garbage!

any input is greatly appreciated.What is the name of your state?

[moburkes]

Originally Posted by razorxtr

What is the name of your state? IL
, this seems like the most appropriate place.

I own my own Truck, and looking for a job at a company here in IL.
The company requires a $5 million umbrella insurance policy in addition to a 1 million regular policy.
The insurance agency i went to quoted me about 25 - 30k per year for this type of insurance.

Is there anyone in here that has or knows someone that owns their own truck, or trucking business that can clarify as to why the requirenments would be so high.
Also, how much do they pay for insurance (make sure im not getting scammed)

I will be transporting garbage to dump sites.

i feel that 6 million insurance is way too much for transporting Garbage!

any input is greatly appreciated.What is the name of your state?

I don't own my own truck, nor do I have a trucking business, but, its an easy enough question. Let's say, in the course of your employment, you accidentally run into a vehicle that has 4 people in it. You will them. How much do you think their families will sue you for?

[You Are Guilty]

Those limits are actually on the low side for a commercial trucking business. Heck, I know of several condos that have higher limits just for the owner's homeowners policies. All it takes is one fatality to exhaust the $1m primary policy, and if you happen to squash, say, a 40 year old neurosurgeon, you can kiss the excess goodbye too.

Shop around - there are a zillion insurers out there.

[ecmst12]

Originally Posted by moburkes

I don't own my own truck, nor do I have a trucking business, but, its an easy enough question. Let's say, in the course of your employment, you accidentally run into a vehicle that has 4 people in it. You will them. How much do you think their families will sue you for?

Should that say "you KILL them"?

I can't speak as to whether the price you're getting quoted is reasonable, but you DO seem to be underestimating the amount of damage that a vehicle that size can do to a regular car and the people in it. If you DO get into an accident, the chance of a fatality (or multiple fatalities) is much greater then for an accident with regular sized vehicles. Also the chance of multiple vehicles being involved is greater. It's not just the probability of HAVING an accident that you need to consider when deciding on insurance, but also how much damage is possible/likely if/when an accident happens.

[moburkes]

Ah, typos!