Questions on insurance

I can't remember the cargo limits, a site search will answer that rather quickly. The minimum liability limit I believe is $750,000 but I think many brokers require 1 million. I wouldn't get less and you need another million in business liability or some kind of umbrella policy.

As for cost it is different for each person and each location. From what I have seen it ranges from $9,000 - $12,000. Until you have actual numbers, I would figure $10,000 cost with $2,500 down and ten payments of $750 monthly.

 

It sounds like your friend is doing you a favor which is why you'll be paying your own liability and cargo right? If so, the good news is, since your paying for your own insurance, you won't need bobtail. We could guess all day long how much it will cost you, but all your friend has to do is give his agent your dl number, and they can tell him in an hour or two. Oh yeah, you'll get whatever coverage your friend has, they aren't going to do a seperate policy, just add you on. Depending on your friends experience, this could involve changing insurance to a new policy provider, which would up his rates dramatically as well. If this were so and it were me, you would be bearing that rate increase as well. Have him call his agent tomorrow before you go out and buy this truck as there is a chance he can't or won't be able to insure you if he has to abide by a travel radius as well.

 

You aren't going to get truck insurance through you auto insurance company. There are a handful of companies that write truck insurance.

You need to find an agent that specializes in truck insurance. If I were your friend I wouldn't get my insurance tangled with yours if that is at all possible.

This is because I forgot to mention with no experience you will most likely be restricted to an operating radius of 500 air miles. Progressive is one of the only companies that writes truck insurance for drivers with no experience.

 

Since this is his authority he may well have to put you on his insurance. If you get an operating radius limitation I don't know how that will or will not affect his operation. It may be carrier wide or only for the driver with no experience. I have never seen or heard about a situation such as this. Just some thoughts. This could get ugly.