Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃

If my truck is paid off cash, am I still mandated to carry physical/liability?

Discussion in 'Ask An Owner Operator' started by elvy, Apr 12, 2019.

Page 1 of 2
  1. Apr 12, 2019 #1
    elvy

    elvy Bobtail Member

    22
    2
    Jan 28, 2019
    0
    If my truck is paid off in cash, am I required to carry physical/liability insurance? Hypothetically, if I hit someone/something and I do not have physical/liability insurance on the truck who is liable for the damage? Me personally, since my name is on the truck or the company I am running under?
     
    elvy, Apr 12, 2019
    elvy, Apr 12, 2019
    #1
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Apr 12, 2019 #2
    Midwest Trucker

    Midwest Trucker Road Train Member

    5,912
    21,382
    Aug 31, 2018
    0
    I think you are confused.

    There is liability which covers other people’s stuff that you are at fault for.

    Then there is collision which covers your equipment that you were to damage.

    If you are no liens against your equipment then it’s 100% fine to not have collision insurance. Liability is the bulk cost of insurance policy costs though.
     
    Last edited: Apr 12, 2019
    Midwest Trucker, Apr 12, 2019
    Midwest Trucker, Apr 12, 2019
    #2
    Opendeckin Thanks this.
  4. Apr 12, 2019 #3
    elvy

    elvy Bobtail Member

    22
    2
    Jan 28, 2019
    0
    Physical insurance is what I was referring to as collision insurance. So collision insurance I am not legally required to obtain if by DOT, how about liability insurance. Is that legally required? I don't plan to pull my liability insurance, just wondering if it was a legal requirement to carry it?
     
    elvy, Apr 12, 2019
    elvy, Apr 12, 2019
    #3
  5. Apr 12, 2019 #4
    Midwest Trucker

    Midwest Trucker Road Train Member

    5,912
    21,382
    Aug 31, 2018
    0
    Yes, liability insurance in the minimum amount of $1,000,000 is required unless you run intrastate only and it’s $750,000.
     
    Midwest Trucker, Apr 12, 2019
    Midwest Trucker, Apr 12, 2019
    #4
    Lepton1 Thanks this.
  7. Apr 12, 2019 #5
    kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

    10,913
    47,392
    Jan 13, 2013
    SW Arkansas
    0
    If you want to have your truck fixed after an accident, you need to carry physical damage-collision- insurance. The company you run for won't pay to get it fixed.
     
    kemosabi49, Apr 12, 2019
    kemosabi49, Apr 12, 2019
    #5
    Lepton1 and x1Heavy Thank this.
  8. Apr 13, 2019 #6
    ast26909

    ast26909 Medium Load Member

    408
    264
    Mar 1, 2018
    0
    He can sue the other side to get his truck fixed if the other side is at fault.
     
    ast26909, Apr 13, 2019
    ast26909, Apr 13, 2019
    #6
    stillwurkin Thanks this.
  9. Apr 13, 2019 #7
    Tb0n3

    Tb0n3 Road Train Member

    4,695
    9,482
    Oct 5, 2012
    Earth
    0
    If they're fine waiting a few months for a trial, and then hoping their good for it when you get a judgement. And even then you can chase them for years before you can even collect sometimes.
     
    Tb0n3, Apr 13, 2019
    Tb0n3, Apr 13, 2019
    #7
    Lepton1 Thanks this.
  10. Apr 13, 2019 #8
    Ridgeline

    Ridgeline Road Train Member

    22,640
    120,716
    Dec 18, 2011
    Michigan
    0
    Where does this happen?

    Not here.

    All we can sue is the deductible.
     
    Ridgeline, Apr 13, 2019
    Ridgeline, Apr 13, 2019
    #8
    Oxbow Thanks this.
  11. Apr 13, 2019 #9
    Driverdad

    Driverdad Light Load Member

    159
    171
    Jun 13, 2015
    0
    If you blow a steer and hit the Guard rail or you get hit by an uninsured motorist and your truck is totaled liability wont help you .
    It's a big gamble to save a few bucks .
     
    Driverdad, Apr 13, 2019
    Driverdad, Apr 13, 2019
    #9
    Lepton1 and ibcalm19 Thank this.
  12. Apr 13, 2019 #10
    wichris

    wichris Road Train Member

    4,439
    9,100
    Jan 17, 2011
    0
    Michigan is the only state I know that has that. Any O'Os that I have based there have a separate Phy/dam policy. And about 1/2 % more.
     
    wichris, Apr 13, 2019
    wichris, Apr 13, 2019
    #10
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

    • Page 1 of 2