2afreight;
If you are leasing the truck onto a carrier (Fed-Ex CC, Panther, Tr- State, Premium Transportation Logistics...) you would be required to carry Non-trucking Liability insurance. This protects the general public when you are NOT under dispatch (ie.. taking vehicle for service on a saturday type deal). Typical cost for $1 million NTL (Bobtail) insurance should be about $40 per month. You would most likely also want to carry Physical Damage coverage, which is like collision on your personal vehicle. Should you be involved in an accident, with the accident being your fault then this insurance would pay for the damages to your vehicle. This obviously does not apply in "No-Fault" states, such as Michigan and New York. Physical damage coverage is usually based on a percentage of the value of your vehicle per month. An example would be: Phys Dam rate @ 4%, Truck valued at $20,000, 20 X 4 = $80. You would be paying $40 (NTL) plus $80 (Phys Dam) or about $120.00 per month.
Should you decide to obtain your own Authority, and haul freight on your own, you would be paying around $4500 additional a year for Primary Liability Insurance (which protects the general public while under dispatch) and the Cargo Insurance. This estimate will fluctuate as to the current market conditions of the insurance industry. The underwriting insurance companies will also evaulate any safety programs and policies you have, or don't have in place, when providing a quote for the Primary and Cargo insurance.
I hope this answers your question. Feel free to PM me if you have further questions.
Thanks,
HotFr8Recruiter
