Insurance question

Discussion in 'Ask An Owner Operator' started by Luke700, Jan 11, 2021.

  1. Luke700

    Luke700 Bobtail Member

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    Oct 14, 2019
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    when leasing onto a company what’s usually the insurance deposit average. Is 1500 normal ? Just researching.
     
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  3. Spyro2112

    Spyro2112 Medium Load Member

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  4. Mattmanstroked

    Mattmanstroked Light Load Member

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    Paid nothing with company I leased onto.
     
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  5. Luke700

    Luke700 Bobtail Member

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    The reason I was asking because this guy I met want me to lease onto his small company and he wanting me to pay a 1500 down payment which doesn’t make sense to me I might as well get my own authority right out the gate
     
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  6. abyliks

    abyliks Road Train Member

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    Getting your own authority is usually 20-25k the first year, if he is leasing you his he can charge you for the insurance, depending on what he’s taking off the top, some companies do not charge back.
     
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  7. Luke700

    Luke700 Bobtail Member

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    That makes sense thank you guys just curious about the whole process .
     
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  8. Pittstruck

    Pittstruck Light Load Member

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    Sounds like maybe he’s asking for an escrow account money up front maybe? Companies do this incase you rack up a fuel bill and quit or owe for any kind of equipment damaged or not returned. Perhaps the carrier worded it as kind of like an “ insurance” for the carrier. As far as actual insurance? Well I guess all leased o/o’s pay to a degree, but it’s just what I consider to be part of the percentage they get on the rates.
     
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  9. 77fib77

    77fib77 Road Train Member

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    What % are you getting?
     
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  10. TallJoe

    TallJoe Road Train Member

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    If they do it is $600 - 800. I never heard of a down payment. Sounds scummy.
     
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  11. baha

    baha Road Train Member

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    If the co. you are leasing on makes you pay for insurance. you should be getting a hi % than trucks that are getting insurance. paid by co.?
     
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