We continue from our prevous article.
6. Can I get money if my truck is in an accident and I cannot drive it?
Many bobtail insurance policies have optional coverage for downtime or for rental expense. Check with your agent of the coverage is available. You can also get money for downtime from the liability insurance policy of the party that you were in an accident within the case he was found responsible for the accident.
7. Can I stop working for a couple of months ant put my insurance on hold?
There is no option to put an insurance policy “on hold”. If the policy is not needed, then it should be cancelled. You must be careful when cancelling an insurance policy. Not only is the truck not insured bur in many cases the policies might have special cancellation clauses that makes it expensive to cancel. Of course, the insurance companies do not like to issue and cancel polices. Another option that is available with some insurance companies is to buy only comprehensive coverage. Comprehensive coverage is cheap. Only costs $20-30 per month depending on the value of the truck. You should be careful when you do that because you leave major coverage gaps in your insurance policy.
8. Can I switch the company I work for?
From non-trucking liability point of view, you can switch the copany you work for at any time. You just need a copy of the new permanent owner operator agreement. Remember the owner operator agreement is there to protect you. It describes the rights and responsibilities of each party. Among other thinks it says weather the company you work for will cover you in the case of an accident.
9. Can I get bobtail insurance for just one trip?
Many owner operators want to take their new truck home right away when they buy it. It is very difficult to find a single trip insurance. It is best to get an agreement with a trucking company to cover you truck from the moment of purchase.
10. Is Occupational accident insurance mandatory for trucking owner operators?
No occupational accident insurance is not mandatory. It is optional. It is important to understand that it's not and is not intended to replace Workers compensation insurance that is required by law. For trucking owner operators occupational accident insurance can provide valuable benefits at low cost. Usually, the occupational accident insurance supplies life insurance in case of an accident that protects your family. It can also provide payments in case of an injury that you had on the job that prevents you to work short term or payments in case of work-related long-term disability. The amount of the payments varies a lot by policy and insurance company. You shod check your benefit summary that comes with the policy for more information about what the policy will pay.