Question for you all:
As an owner operator, is there an insurance product/option out there, that allows the OO to put their policy on hold, so that they don't have to pay insurance premiums while their truck is not rolling?
For example, lets say I am an OO, and I just had a baby. I would want to park my truck, and stay home for 2 months, but I don't want to pay insurance for 2 months. I would be paying for something that I am not using, and I would be losing that money too.
In other words, I would like to be able to call my insurance provider, and tell them that I will not be operating for the next 2 months, and request that they suspend my coverage, and stop charging me until I return.
Otherwise, any time I park, I am not just losing the opportunity to make money, but I am ACTUALLY LOSING MONEY due to the insurance bill.
Can you put insurance "ON HOLD"?
Discussion in 'Ask An Owner Operator' started by Renegade92, Aug 7, 2022.
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Isn't owning your own business fun?
But no, as because as soon as you do the insurance company is required to contact DOT and your dot number will be deactivated.Renegade92, Diesel Dave and KrumpledTed Thank this. -
If you want or need to park for two months, you better have 6 months of expenses saved up.Last Call and Renegade92 Thank this. -
Last Call and Renegade92 Thank this.
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Best case is drop coverage amount. I did that while I waited for my new truck. Saved a little over 1K by doing it but you would have to have truck paid off with no note on it.
Renegade92 Thanks this. -
you can drop cargo insurance, and if you don’t have a lein you can drop general liability,
To keep your DOT active you have to keep required 750,000 Primary liability.Renegade92, omardten, Cat sdp and 1 other person Thank this. -
Many insurance co will make you pay for a extra month after you turn it off in case any claims are filed against you so you may only be able to save 1 month?
Renegade92 Thanks this. -
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Ok, so if my truck is financed, all I need to have is liability to keep my financing in good standing. And if I want to keep my DOT authority in good standing, I will also need to keep liability.
But, I can drop cargo since I will not be rolling? -
If you have a lien on the truck you will have to have comprehensive and collision insurance as well. Liability only covers the other party in a wreck.
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