Question
i am considering buying a tractor/trailer combination and am about ready to do the research on insurance rates. exactly what insurance would you recommend, what are the legal requirements, and what do the finance companies usually require? ...thanks for any help....ed
Answer
Here's the basics to consider:
If the truck is financed, the lender will want to see Physical Damage.
If the truck is a lease-purchase, then you will need the Physical Damage and Liability.
If you lease to a motor carrier that provides the Primary Liability and Cargo, you'll need the Non-Trucking Liability.
If you choose to run under your authority or run exempt, then you will need Primary Liabilty and Cargo.
There are also a number of other considerations, such as Workers Compensation, General Liability, Disability, Occupational Accident, Trailer Interchange.
So much depends on the "contracts" you are engaged in. Most lenders and motor carriers will tell you what they require.
Be sure to read these!!
Answer
thanks a lot for the info connie. how about bobtail insurance? i keep reading and hearing drivers refer to it. is this a necessity, or does the other liability insurances pretty much cover the insurance requirements when bobtailing?
Answer
Most truckers refer to "bobtail" and are really asking for Non-Trucking Liability. Now that is a very general answer. There are differences in contracts that could require a "tweaking" of the coverage, but your agent will be able to assist you with that.