Can you put insurance "ON HOLD"?

Discussion in 'Ask An Owner Operator' started by Renegade92, Aug 7, 2022.

  1. Renegade92

    Renegade92 Light Load Member

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    Question for you all:

    As an owner operator, is there an insurance product/option out there, that allows the OO to put their policy on hold, so that they don't have to pay insurance premiums while their truck is not rolling?

    For example, lets say I am an OO, and I just had a baby. I would want to park my truck, and stay home for 2 months, but I don't want to pay insurance for 2 months. I would be paying for something that I am not using, and I would be losing that money too.

    In other words, I would like to be able to call my insurance provider, and tell them that I will not be operating for the next 2 months, and request that they suspend my coverage, and stop charging me until I return.

    Otherwise, any time I park, I am not just losing the opportunity to make money, but I am ACTUALLY LOSING MONEY due to the insurance bill.
     
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  3. ZVar

    ZVar Road Train Member

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    Isn't owning your own business fun? :)
    But no, as because as soon as you do the insurance company is required to contact DOT and your dot number will be deactivated.
     
  4. KrumpledTed

    KrumpledTed Light Load Member

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    This here. Insurance must be active to hold an active authority standing. You can reduce physical coverage on the truck/trailer, but that isn’t going to change your premium enough to justify the phone calls and headaches honestly.

    If you want or need to park for two months, you better have 6 months of expenses saved up.
     
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  5. bad-luck

    bad-luck Road Train Member

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    No you can't. Also if you have a note on your equipment, the lender would be coming to repo your truck or trailer as it is a requirement of the loan to keep it insured.
     
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  6. Siinman

    Siinman Road Train Member

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    Best case is drop coverage amount. I did that while I waited for my new truck. Saved a little over 1K by doing it but you would have to have truck paid off with no note on it.
     
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  7. Judge

    Judge Road Train Member

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    you can drop cargo insurance, and if you don’t have a lein you can drop general liability,
    To keep your DOT active you have to keep required 750,000 Primary liability.
     
  8. baha

    baha Road Train Member

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    Many insurance co will make you pay for a extra month after you turn it off in case any claims are filed against you so you may only be able to save 1 month?
     
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  9. Renegade92

    Renegade92 Light Load Member

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    Ok, so if my truck is financed, all I need to have is liability to keep my financing in good standing. And if I want to keep my DOT authority in good standing, I will also need to keep liability.

    But, I can drop cargo since I will not be rolling?
     
  10. kwswan

    kwswan Road Train Member

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    If you have a lien on the truck you will have to have comprehensive and collision insurance as well. Liability only covers the other party in a wreck.
     
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