There’s no reason you can’t get authority while leasing into another Carrier. Or while running a McDonalds franchise or any other Venture.I really don’t think Cargo is required unless booking a Load . Just Liability Minimum of $750 k Which is the expensive part . Cargo isn’t much and Collision/ Theft/Fire Comprehensive depends on Value of equipment.Youre already paying that most likely if you’re leased to a Carrier Only need to add Value of Trailer. I’ve heard Ins Cos charging double or more for New Operations due to many Problem with New Carriers in recent few years.I currently pay around $8000 yr total includes $20k Truck and $10 k Traiker Values
Authority without a truck?
Discussion in 'Ask An Owner Operator' started by younglite, Oct 17, 2018.
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To be clear, Penske won't lease me a truck without my own authority. I can't get authority without their insurance. That is the catch-22 I'm trying to navigate.Last edited: Oct 19, 2018
Rideandrepair Thanks this. -
When the insurance is filed it has to be in the exact name as the authority. Penske insurance is in their name.
Rideandrepair Thanks this. -
Good point. I have heard that. So are you saying all the "yes" answers are incorrect here? I DO have to get a truck with insurance in my name, even if I plan to lease from Penske later?
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I meant if someone doesn’t want to give me a Load I question their actually having said Freight. A lot of Brokers will advertise potential loads to get a feel for availability of Trucks in the Lane. I understand now. Either way You need authority and Your own Public Liability insurance. If using anyone else’s Authority/ Ins. must have Leases agreement. There is no catch 22. You need authority to Get Contract and to Lease Truck. You need Liability Ins. (Public Liability 1 ml to Cover any damage you do to others Property) to get authority. You will probably need Cargo ins to cover Value of Freight your hauling from damage or theft etc. The collision on Truck Leased will depend on Penske agreement/ requirements.
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My insurance is about 15k a year with 100k cargo. Truck is newer valued at 98k and the trailer was brand new at 31k. It is crazy that I hear guys post 20k plus a year for the same thing. I always thought Massachusetts was crazy when it came to auto insurance but I guess not.
kenn2632 and Rideandrepair Thank this. -
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