Canceling insurance for CMV

Discussion in 'Ask An Owner Operator' started by Verdel, Mar 19, 2014.

  1. Mar 19, 2014 #1
    Verdel

    Verdel Medium Load Member

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    I leased my truck and trailer to a company. I have been working there for 1 year and 3 months, but due to many problems with the owner I decided to separate and open my own authority. Now this man said that I have to pay the insurance for the next month regardless of the fakt, I am not in the company anymore, in order to get some refund for the months I didn't use. The insurance contract starts every august and I paid $1750 down and $595 each month. I am going to meet with the insurance agent today, but any inputs will be greatly appreciated.
     
    Verdel, Mar 19, 2014
    Verdel, Mar 19, 2014
    #1
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  3. Mar 19, 2014 #2
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    I assume you mean truck insurance, which is paid in advance, either monthly or yearly. So, since you have bailed from this company, why pay (in advance) for another month ? As you said, the insurance agent will steer you straight.
     
    Allow Me., Mar 19, 2014
    Allow Me., Mar 19, 2014
    #2
  4. Mar 19, 2014 #3
    Sly Fox

    Sly Fox Road Train Member

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    Is the policy in your name? If so, you will get a refund for the unused portion.
     
    Sly Fox, Mar 19, 2014
    Sly Fox, Mar 19, 2014
    #3
  5. Mar 19, 2014 #4
    vangtransport

    vangtransport Heavy Load Member

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    First that's extremely high insurance for running under his authority, @ $8890.00 you must have been paying his whole policy, rather than just bobtail insurance. Anyway, its sounds as though the insurance was financed, which is why he is asking for the month in advance. The finance company may require 30 days notice to cancel. However, if it's not in your lease, then tell him to p*** off because you will never see a refund, he will!! The only one that will see the refund will be whoever's name it's in.
     
    vangtransport, Mar 19, 2014
    vangtransport, Mar 19, 2014
    #4
    Cetane+ Thanks this.
  7. Mar 19, 2014 #5
    Verdel

    Verdel Medium Load Member

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    This is for the bobtail and Cargo and the policy is on his company name. I summed up all the payments from August to March and came up with $645/monthly. The insurance agent said that they need 45 days notice for cancellation, so I am not paying the insurance for April, because I didn't leave ..... I got kick out.
     
    Verdel, Mar 19, 2014
    Verdel, Mar 19, 2014
    #5
  8. Mar 19, 2014 #6
    Cetane+

    Cetane+ Road Train Member

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    The worst part of it is, you probably will save money with your own insurance once you get your authority.
     
    Cetane+, Mar 19, 2014
    Cetane+, Mar 19, 2014
    #6
  9. Mar 19, 2014 #7
    truckon

    truckon Swamp Thing

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    Who's the underwriter? I called progressive and dropped my instantly.
     
    truckon, Mar 19, 2014
    truckon, Mar 19, 2014
    #7
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