owner op and lease purchase feedback needed

Need to talk to owner ops about an idea on insurance plan I have developed to help in the cost of repairs on your trucks. I am a truck driver myself and have a friend leased to a company that has a one dollar payout at the end of the lease but by the time they get the truck paid off they need major repair so the company holds the title and fronts the money charges intrest on them then the drivers must stay leased to pay it back but they are coming up with bs reasons to fire the driver keep thier last settlements and whatever maint. escrow money then they lease the trucks to the next guy. This is what prompted me to look into this service and I found that there is really nobody doing this right now after 2 years of research I finally got in touch with the right people to start this up and we are looking for feedback from owner ops and lease purchase drivers from everywhere. We originally was just making it a maint account but the legal stuff says it must be an insurance company.This is an idea of what it is......You pay either cpm...01-.04 or we might make it monthly payments but the price you pay obviously depends on the risk factor just like auto ins. the older the truck the more likely it is to break down the higher the payment but here is the good part. If you were to join this there will probably be a short waiting period as in 15-30 days before you could file a claim. This just covers major breakdowns ie:engine failure,Transmission and rearends. thinking about setting a min. amount like 2500.00. but as long as you are a member say you are driving down the road and you have been paying say .01cpm you ran 3000 miles a week for 4 weeks you have paid 120.00 your engine blowes up we would pay for the towing to the garage and the repair on the engine and depending on which plan you get you would have a deductable anywhere from 500.00-2500.00 depending like I said on the coverage you select obviously the lower the deductable the higher the monthly payment but the better your coverage will be. this is just a thought right now we have all the legal stuff ready to go with this. We just need to work out the bugs and hear from men and women like you to see what works best for you. Think about it though with todays economy and the way trucking is now the small guys can't afford breakdowns and at 12000.00-18000.00 for an engine this plan is well worth looking into. This would also be good for small trucking fleets as well it can help cover your equipment and cuts your maint cost by alot. Please email me if you need more info. email me and I will give you my phone number and will answer any questions you may have. Thanks alot lets try to make our lives a little easier by taking the stress of worrying about breakdowns out of the picture so we can just DRIVE

 

Well we could do payroll deductions throgh the company or we would just settle on a monthly payment without doing it per mile. The thing is it takes one person a long time to save money for an engine # .01-.04cpm but when you join the plan you will be covered for that. it's really more like o/ops and l/p drivers comming together to help each other. The thing is why wouldn't you want to keep that 5000.00 for your kids collage or something and not have to spend it on that ###### ole truck..Why take money from your family when for a small monthly payment you don't have to touch all that money you just pay the deductable and be on your way. I am trying to find meet the needs of todays truck owners and help them take some stress out of operating in todays market. I am also looking into the type plans people want. I like your idea but think of this....why don't you have 5000.00 extra when you go buy a new car then put back 200.00 a month in case you have an accident then you wouldn't have to have ins...see what I mean just doesn't make alot of sense that way and the fact that the economy is bad unemployment rates are high as hell most people have spent all the extra money they had to keep from losing trucks homes.ect....Thanks for your response that's really why I'm here to take suggestions

 

Well we have a few investers we are talking to we are doing this through a lawyers office our biggest thing is making sure we have a good market for this service and it is something you guys really want. I think this would be a great program. It would for sure give us one less thing to worry about but crash made a good point about doing it per mile it would be hard to keep track of that way so we are looking at charging by the month. we would require you send us maint. reports for everyones protection obviously we can't let those few people who would ride around and not take care of their equipment file a claim just because they think they will get a new engine or whatever. I have been working on this for a while with drivers at a lease purchase company and alot of them have wanted this for a while.

 

you're right crash we do have a list of rate factors as you said. your rate will depend on your truck year, engine,milage, and use also what kind of coverage you want...like ins. if you just want the basic ins. you will just get min. coverage...we are looking at a full coverage concept that would pay for towing, repairs, hotel maybe food allowance and possibly payment assistance if you will be down for a week or so that would really help the l/p drivers who have to pay the truck payment every week. If you think about it it will be good for owner ops also that fall on hard times and something happens to the truck in most cases the company you're leased to will pay it for you but then take it out of your settlement in payments and charge intrest then you're kinda stuck with them because they did you a favor...this plan would eliminate that. you are self efficient which means after that repair you don't have to pay anyone back so you have nobody holding anything over your head..that alone is worth it to me. As far as people opting out after a claim we probably do need to look into that thanks for the heads up. I would hope someones experience with their claim would make them realize what a life saver this program is and choose to keep it of course that would be in the perfect world that we don't live in..we are going to have to be very careful to not get burned by people just out to get what they can. that's why we want to talk to people now.