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Insurance on Dry Van only

Discussion in 'Ask An Owner Operator' started by Parminder99, Apr 22, 2020.

  1. Apr 22, 2020 #1
    Parminder99

    Parminder99 Light Load Member

    52
    36
    Jul 27, 2019
    0
    Greetings,

    I had a deal come to me which I couldn't just let go by. I had sold my Dry Van and renting a reefer now. A friend of mine had a 2004 Great Dane air ride dry van and he was selling it, and needed money ASAP, he told me to take it for $3100 Cash. it was in decent condition, breaks and suspension, axles and all that jazz was in alright condition. Tire was okay,2 of them need to replaced asap.

    So I don't want to pay 550-700 for parking for the trailer and was thinking to rent it out. I had a guy offer me 500 a month and he wants to keep it at his yard as a storage, and some times use it to move things here and there.. He said that he won't be able to get insurance on it tho.. so I was wondering would there be any way I could just get insurance just on the trailer it self as the trailer is on my name and not company name... just to cover my self if he damages something big or rips the whole trailer a apart.. not saying he will but just as a protection( I do trust the guy, he is a mechanic at our yard for few years now.)

    what would you guys recommend that have had many trailer and trucks.. since you guys might know a lot more then me.
     
    Parminder99, Apr 22, 2020
    Parminder99, Apr 22, 2020
    #1
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  3. Apr 22, 2020 #2
    Judge

    Judge Road Train Member

    13,553
    90,074
    Mar 19, 2014
    Arkansas
    0
    Call and see how much insurance will cost.

    as for what name the trailer is in, you can go to dmv and change that into your company name.

    check in on this:
    A trailer interchange agreement is a contract that arranges to transfer a trailer from one trucker to another in order to complete a shipment. Typically, the trucker in possession of the trailer is responsible for paying any damages that are incurred while they have the trailer.

    How Much Does Trailer Interchange Insurance Cost? Depending on the limit and deductible you choose, your trailer interchange coverage should add between $100 and $1500 a year to your overall insurance cost. Factors that influence how much you pay include your loss history, location, equipment value, and driving record.Nov 29, 2019

    Sample interchange agreement
    https://arcb.com/sites/default/files/forms_and_documents/panther/TrailerInterchangeAgreement.pdf
     
    Judge, Apr 22, 2020
    Judge, Apr 22, 2020
    #2
  4. Apr 22, 2020 #3
    fortycalglock

    fortycalglock Road Train Member

    6,160
    6,602
    Jun 25, 2011
    Tourist Town, FL
    0
    at $3100, I wouldn’t worry about insurance. Make the guy sign a contract saying he’s responsible for any damage and collect the rent
     
    fortycalglock, Apr 22, 2020
    fortycalglock, Apr 22, 2020
    #3
    mp4694330, StrokerTSi, Midwest Trucker and 1 other person Thank this.
  5. Apr 22, 2020 #4
    rachi

    rachi Road Train Member

    4,246
    5,231
    Feb 25, 2010
    SoCal
    0
    Sounds fishy, who in their right mind is going to pay $500 month rent for a dry van for storage? Especially in this current situation. may not ever see the trailer again.
     
    rachi, Apr 22, 2020
    rachi, Apr 22, 2020
    #4
  7. Apr 22, 2020 #5
    StrokerTSi

    StrokerTSi Medium Load Member

    532
    777
    Aug 28, 2016
    0
    Contract it for 12 months guaranteed rent money, and then who cares what happens to then trailer, tell him to keep it at that point,
     
    StrokerTSi, Apr 22, 2020
    StrokerTSi, Apr 22, 2020
    #5
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