Authority without a truck?

Discussion in 'Ask An Owner Operator' started by younglite, Oct 17, 2018.

  1. younglite

    younglite Bobtail Member

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    Newbie here to posting, but not to reading this forum for quite some time. I couldn't find a specific answer to my situation.

    I plan to lease, not own. Can you apply for authority on the insurance from the leasing company, or do you have to own a truck with insurance before getting authority?
     
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  3. Bumblebee101

    Bumblebee101 Light Load Member

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    I would believe if you buy the insurance and check all the boxes then you are good to get one. Mine was active while I was leased on for a little bit.

    I already had my own insurance since the company at the time didn’t offer any in Massachusetts. My cargo was just a extra $1500 or so. My liability went up about $1000 also.

    If your thinking of going on your own it may be worth it to have it active for a few months before using it. A lot of brokers won’t use you under so many months. You can find freight but I have notice when it slows the ones I can’t use yet have great stuff and the Tql ect just under cut.
     
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  4. Gumper

    Gumper Road Train Member

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    You can apply, but you’re authority cannot become active until you have insurance which requires a truck. I applied for my authority in January, and bought the truck two months later. Took about two weeks for the authority to become active after I had the insurance.
     
    kenn2632 and younglite Thank this.
  5. Ridgeline

    Ridgeline Road Train Member

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    what do you plan on leasing?

    the truck?
     
  6. younglite

    younglite Bobtail Member

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    Yes. I wondered if I could get authority if I leased a truck from Ryder or Penske, as I prefer to start with a full maintenance lease and their insurance offers. Their insurance is cheaper than what I can get as an upstart company. I also like to have fixed costs so I can consider which routes and lanes I can run.
     
  7. Dino soar

    Dino soar Road Train Member

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    What kind of an insurance rate did they give you versus what your own rate would be?
     
  8. GreenPete359

    GreenPete359 Road Train Member

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    Not saying you’re wrong, but how about these all o/o carriers. How do they open insurance policy’s while not owning any trucks???

    Anybody have any ideas?
     
  9. Dino soar

    Dino soar Road Train Member

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    My guess is that the all owner operator carriers had their own truck or trucks at some point.

    To the o.p.

    Again it's my guess but if you have a truck that is leased from Ryder or Penske if your name is on that insurance policy or your company's name is on that insurance policy and covers you for that truck that you are driving I don't see why that cannot be accepted if it has the correct limits.
     
  10. Gumper

    Gumper Road Train Member

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    They get a quote from an agent, buy a truck, and then buy the insurance. That’s how I did it in March. I picked the truck, and just used the vin for the agent to get me an accurate quote.
     
    younglite Thanks this.
  11. younglite

    younglite Bobtail Member

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    My quote was 33k from Progressive. That was for 6 months, and they wanted 13k down to activate the policy. Ridiculous. Leasing from Penske will only cost me 12k for the entire year.

    Gumper, do you mind sharing your rate and with what company?
     
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