Question
Connie,
Is it possible to stop an O/O's insurance for a short period of time (2-3 months)if they decide to park the truck during slow freight and then resume coverage at previous rates? Is anyone doing this? How do insurance companies feel about this?
I was just thinking of a scenario where someone had another occupation to fall back on and wanted to park their truck when freight is slow.
thanks,
"Do the right thing, it will gratify some and astonish the rest." Mark Twain
Answer
If the state that you have the truck registered in requires Liability insurance to operate, you would be required to maintain insurance in order to keeps your tags. If your truck is still being financed, you are required to maintain insurance as required by the lein holder. I used to work for a company that delivered home heating oil. In the summer months we would take the tags and insurance off most of the trucks. But these trucks were paid for and the collision insurance was taken off also. To make a long story short, you'd have to check with your finance and insurance company for an answer.
Answer
This would be under the assumption the truck is paid for. But I am sure your are right the insurance company would be required to notify the state where you have plates.
I am quite certain some have tried to run their trucks without insurance.
Answer
It depends on your contractual obligations. If the truck is financed, you will probably not be able to cancel the Physical Damage. If you are leased to a motor carrier and just "out of service", you may not be able to cancel the Non-Trucking. If you have Common Carrier authority, cancelling the Liability and Cargo will cancel your filings.
If the truck is paid for, you may want to consider whether or not you need the Physical Damage. But keep in mind, if you can the Physical Damage coverage and the vehicle sustains damage from a tree falling on it or it should catch fire, you could be without any coverage and could suffer a substantial loss.