Insurance question from new OO

Discussion in 'Ask An Owner Operator' started by amrogers3, Nov 25, 2020.

  1. amrogers3

    amrogers3 Bobtail Member

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    Question about load insurance. I am an OO with two trucks leased onto another company. I am down a driver and I currently have one truck sitting in the yard. I am being charged weekly insurance and trailer rental.

    I was told I have to pay load insurance even though the truck is not under load and sitting. The only way to remove the truck from insurance is that I have to sell it or it gets totaled in an accident.

    I have never heard of insurance you couldn't change but wanted to ask you OO veterans.
     
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  3. Midwest Trucker

    Midwest Trucker Road Train Member

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    Unfortunately from my experience that is true. The only thing you can do is see about getting that unit placed on “spare” status with the insurer.

    I guess you could break lease with that truck. I do believe it’s law though if a truck is plated it must have liability insurance. The spare status basically just cuts liability out because it’s not leaving the yard.
     
    Diesel Dave Thanks this.
  4. Spyro2112

    Spyro2112 Medium Load Member

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    Thats odd because if you are not running u don't pay cargo ins, liability and physical sure but if they charge you, need to find another company to work for
     
  5. Dino soar

    Dino soar Road Train Member

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    No give them their trailer back and if you have a tag on there you're going to have to pay liability or whatever your requirement is but no load insurance or any of that nonsense.
     
  6. Midwest Trucker

    Midwest Trucker Road Train Member

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    What is load insurance? Talking about cargo? That cost is minimal anyway so
    Wouldn’t add up to much. How much are they charging?
     
  7. Spyro2112

    Spyro2112 Medium Load Member

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    Cargo is the most expensive
     
  8. Spyro2112

    Spyro2112 Medium Load Member

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    Thats why if u run for 80 or 75, thator the company pays cargo
     
  9. amrogers3

    amrogers3 Bobtail Member

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    Here is what I am getting hit with per week. Truck is sitting, not connected to trailer.

    CARGO INSURANCE $-280.00
    TRAILER INSURANCE $-50.00
    TRAILER RENTAL $-190.00
     
  10. Dino soar

    Dino soar Road Train Member

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    I'm not being funny but I hope when that truck and trailer is working you really are making way more than the average guy.

    Now I have to admit my insurance is reasonable, but with my own authority in 1 month I only pay a little bit more than what you're paying per week for all of that.

    If it were me I would pull that truck off of their lease give them the trailer back and just run one truck until you figure out what you're going to do.

    I think that's outrageous. With that amount of money you could go by an investment property and double up on your mortgage and have it paid off in 10 or 15 years.

    Wow.

    And just my cheap advice I would buy your own trailer and get away from those people.

    I don't know what you're hauling but cargo insurance isn't nearly that expensive.
     
    Midwest Trucker Thanks this.
  11. Midwest Trucker

    Midwest Trucker Road Train Member

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    HOLY SMOKES.

    Just your cargo alone is basically double what my liability, collision, cargo, and bobtail is COMBINED. Oh and btw I’m haz permitted and insured. Wow.

    That’s wild. Must be a Chicago white Volvo Russian mafia outfit.
     
    Last edited: Nov 25, 2020
    Cat sdp and Dino soar Thank this.
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