New Carrier Insurance Questions w/adding new trucks

Discussion in 'Ask An Owner Operator' started by FreezingHot32, Oct 17, 2021.

  1. FreezingHot32

    FreezingHot32 Light Load Member

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    Feb 15, 2018
    Upstate, SC
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    Hey out there Im 90 days new authority and Im looking to add a truck under my authority. To add trucks on insurance policy do I have to pay a down payment every time I add a truck?? All insights greatly appreciated
     
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  3. bonder45

    bonder45 Road Train Member

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    Williston, ND
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    Depends if you paid your policy in full or not.

    I usually pay my policy in full at the start of the year so every time I add equipment I have to fully pay for it at time of adding.

    I would assume if you are monthly then it would just be pro-rated and added to your monthly installment.
     
  4. FreezingHot32

    FreezingHot32 Light Load Member

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    Feb 15, 2018
    Upstate, SC
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    My pockets aren't deep enough for that :)lol. Im paying monthly but one rep said it would be $4200 down every time I add equipment. Im extremely confused. Or is there anyway around the down payment for added equipment.
     
  5. Siinman

    Siinman Medium Load Member

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    I will be wondering something similar as I am buying a new truck and it should be here in February. Gonna put my current truck up for sale and might have to carry insurance on both while being sold.
     
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  6. keen98

    keen98 Road Train Member

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    I'm guessing it depends on your insurance agency. Most don't like you adding trucks on that early into your own authority. Mine isn't going to make me pay a down payment to add on a truck it's just prorated premium for whatever is left on my policy at the time of adding on.
     
  7. Ridgeline

    Ridgeline Road Train Member

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    Did you ask your insurance agent?

    that’s the best place to start.
     
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  8. FreezingHot32

    FreezingHot32 Light Load Member

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    Feb 15, 2018
    Upstate, SC
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    I did they gave me the info of putting 4200 down every time I add a powered unit, I was just asking around for better alternatives.
     
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