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How to Keep Your Authority After Truck Sold?

Discussion in 'Ask An Owner Operator' started by Siinman, Mar 25, 2022.

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  1. Mar 25, 2022 #1
    Siinman

    Siinman Road Train Member

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    Sold the truck and have not canceled the insurance on the truck. Plan on keeping it on it until I figure out how to keep my Authority active without a truck. New truck will be coming in within 2 months I hope so If need be I will keep the insurance on this truck to make sure it stays active. I also have a Dry Van that is insured but nit sure if that would cover the authority? Any one been through this?
     
    Siinman, Mar 25, 2022
    Siinman, Mar 25, 2022
    #1
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  3. Mar 25, 2022 #2
    bad-luck

    bad-luck Road Train Member

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    Haven't done it, but you can suspend your authority.
     
    bad-luck, Mar 25, 2022
    bad-luck, Mar 25, 2022
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    Siinman Thanks this.
  4. Mar 25, 2022 #3
    Siinman

    Siinman Road Train Member

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    Don’t want to do that since it will only be a month or so. My luck it would take for ever
    To get it back on.
     
    Siinman, Mar 25, 2022
    Siinman, Mar 25, 2022
    #3
  5. Mar 25, 2022 #4
    Oscar the KW

    Oscar the KW Going Tarpless

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    If you suspend it when you reinstate it pretty much every broker you deal with will want to treat you as a new entrant. Just keep the sold truck insured and drop the insured value of it to reduce your cost.
     
    Oscar the KW, Mar 25, 2022
    Oscar the KW, Mar 25, 2022
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    Chieftains, D.Tibbitt, Siinman and 2 others Thank this.
  7. Mar 25, 2022 #5
    Freddy57

    Freddy57 Road Train Member

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    Personally, I would wait for the new truck, make the changes and keep on trucking.
     
    Freddy57, Mar 25, 2022
    Freddy57, Mar 25, 2022
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    Siinman Thanks this.
  8. Mar 25, 2022 #6
    Judge

    Judge Road Train Member

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    Drop it to the minimum, 750k can do like 25-50k cargo to get discount.
     
    Judge, Mar 25, 2022
    Judge, Mar 25, 2022
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    RefMata and Siinman Thank this.
  9. Mar 25, 2022 #7
    bigguns

    bigguns Road Train Member

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    I don’t recall how to do it but I believe you can put it on some type of hold without doing basically a new start. Contact FMCSA or someone like OOIDA if you are a member.
    Do not keep insurance on it. New owner wrecks it and hurts someone. A lawyer figures out you have insurance on it you may find your tit in the wringer.
     
    bigguns, Mar 25, 2022
    bigguns, Mar 25, 2022
    #7
    AModelCat, Grumppy, beastr123 and 1 other person Thank this.
  10. Mar 25, 2022 #8
    Midwest Trucker

    Midwest Trucker Road Train Member

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    Do you have the vin on the truck? If so just add it like you already own it.

    If not have a conversation with your insurance company. I wouldn’t recommend pausing your authority.
     
    Midwest Trucker, Mar 25, 2022
    Midwest Trucker, Mar 25, 2022
    #8
    RefMata, Sirscrapntruckalot, D.Tibbitt and 1 other person Thank this.
  11. Mar 25, 2022 #9
    Siinman

    Siinman Road Train Member

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    Yes it will raise my insurance with the new truck. So might just keep it as the old one until it gets here. No reason to pay extra money.
     
    Siinman, Mar 25, 2022
    Siinman, Mar 25, 2022
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  12. Mar 25, 2022 #10
    Midwest Trucker

    Midwest Trucker Road Train Member

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    Yeah that will work.
     
    Midwest Trucker, Mar 25, 2022
    Midwest Trucker, Mar 25, 2022
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    Siinman Thanks this.
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