Question
Connie,
I am totaly confused on insurance requirements. Can you help ??
Here's the plan-
1. New start up business- one truck- sole proprietorship (1998 freightliner-FDL- NO LIEN, PAID IN FULL)
2. I have 3 years driving experience now, but when I start the business, will have 5 years. (clean record)
3. The truck will be used in state only (approx 300 mile radius- VERMONT) Will expend out at sometime requiring more insurance.
4. Will be hauling ag products, Hay, logging equip etc. ( anything to do with farming)
5. Need insurance to pick the truck off dealer lot and begin the above.
What kind of insurance would I need to do this ??
Would I need my own authority in order to get insurance ??
best guess cost per year ??
Answer
Oilcan,
Are you wanting to get the vehicle now, but start the business in 2 years? If so, it would be impossible to predict insurance costs 2 years in advance.
If you are just wanting to get insurance to pick up the vehicle and drive it home, you're talking about a short term policy, which is very difficult to get.
You do not need your own authority to obtain insurance, however if you obtain authority to meet the needs of your operation (either federal and/or state), you will need to convey this information to the insurance company so the proper filings can be made on your behalf.
If I misunderstood your post, please feel free to call me at 928-854-7599.
Answer
Connie,
Is there a different level of insurance required for INTRASTATE use only (within 300 miles radius ??)
Answer
The minimum limit required by a state may be less than that required by the federal, however keep in mind it is a minimum. It does not mean that your exposure is less just because you operate intrastate.