I own a trucking company with our own MC/DOT. All our trucks are titled under that company. I want to lease one of my trucks to a different company, and they will provide their own liability/cargo insurance (I still have to pay for it). The problem is I don’t want to keep paying for liability insurance on the truck on my policy but insurance is saying that I cannot remove the truck due to filings. I only need to have bobtail insurance/physical damage. Is there any way to go around that? I can tell them that I sold the truck and they’ll remove it, but I feel like if something were to happen, they would find out that I lied and some lawsuits would follow. Can someone advice on how to make it all happen and legal?
Obviously, I’d be wasting money paying for two liability coverages on the same truck.