Accident Insurance Question

CK. with your loan co. they may have had 30 day notice when you stop your full coverage policy and bought one for you, but they charge 10 times as much or more as you were paying for just the amount that is still owe to them no more?

 

You cancelled physical damage insurance while you still have a loan?!?!?! You can't even sell the equipment for salvage as you don't have the titles, so you're going to have to pay for storage too. Is your company going to keep you on or did they terminate your lease? Rollovers on your record make it very hard to be hired. If they are going to keep you, find a truck you can buy and get to work before they change their mind.

 

slow down, I seen your wreck, luckily i wasnt trying to get on 294

 

My lender has always required me to maintain physical damage on any equipment money was still owed on. All notes I have ever signed specifically stated that. If not the lender had the right to insure the collateral to protect their interest. Hmmmmmmmmmmmmm, maybe your lender had taken a policy to cover their interest, and was billing you for it.

 

This makes me ask company does the cargo and general. I have physical damage and deductible reimbursement though them that I have just kept paying just never really asked what the deductible reimbursement covers. Anyone know? I know it was dumb not to find out and I will call tomorrow just part of the package deal.

 

I didn't say who will sue him but I am thinking that the insurance company will consider his cancelling his insurance nullifying any coverage on the accident and those who have to provide clean up go after the owner to recoup the costs.Unless the carrier specifically provide liability insurance, it usually falls onto the owner.

To clarify a bit, I have to carry liability on my trucks under lease, if I don't, the company is not responsible for anything but I am. If I cancel my insurance, then as my agent said, they, meaning the service providers on site can come after me for the costs of the clean up and any other costs incurred from the accident, so in this case the cargo is covered by the cargo insurance that the carrier has to provide, but nothing else is covered.

Scaring him?

I feel for the guy but this is trucking 101, cover your butt and don't be cheap about it.

By the way, another good point made, the bank owns the truck, they won't release the truck to be scrapped.

 

That's what I thought. Thought no way could this be true. What's the citation for not having ins run OP?

 

No it's not, it's time for him to find a new line of work apparently this one is to much for him...

Someone flying on a ramp because he is in a "hurry" is obviously clueless...

And then he thinks it's ok to drive around without insurance... Unreal.

 

No.

This is the exact reason why you have bobtail/physical damage insurance. Company will only cover "AUTO LIABILITY (aka if you hit someone)" and "CARGO" claims.

Your out of luck on this one. I am sorry for you my friend. But .. WHY....in the world would you cancel INSURANCE on your own truck? There's absolutely no one that your company will cover your truck & trailer. It's not insured on their physical damage policy.

 

Well I agree to an extend. He knows he messed up and didn't come on here defending himself. As long as he can learn from his mistakes then he can move the on.