How To Choose The Best Owner Operator Insurance Plan?
Topic 510 | Page 1
As owner operators, we were real picky about our insurance.We finally settled on OOIDA. We have had them thru the years, and they have been great. You can get all kinds of different insurance thru them, for the truck, you life insurance, long and short term disability, etc. I think the best thing about them is #1. You make monthly payments. #2 you can get regular OR replacement insurance. # They have a GREAT glass replacement policy. #4 They have Unladen Liability insurance, rather than Bob Tail insurance.....and there is a HUGE difference between them. So if your insurance shopping, give them a call. Getting your insurance thru the company is another example of "buying at the company store". It comes out of your trip checks, it sounds really great, but do you really KNOW what that insurance is going to pay ?? And will they back you up in regards to law suits ?? AND...if you quit the company, your insurance just may cease the minute you quit....Company Store....bad idea.
Owner Operator:
An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.
OOIDA:
Owner-Operator Independent Drivers Association
Who They Are
OOIDA is an international trade association representing the interests of independent owner-operators and professional drivers on all issues that affect truckers. The over 150,000 members of OOIDA are men and women in all 50 states and Canada who collectively own and/or operate more than 240,000 individual heavy-duty trucks and small truck fleets.
Their Mission
The mission of OOIDA is to serve owner-operators, small fleets and professional truckers; to work for a business climate where truckers are treated equally and fairly; to promote highway safety and responsibility among all highway users; and to promote a better business climate and efficiency for all truck operators.
What is the difference between getting insurance from a Motor Carrier or have an Independent Contractor Policy? Pros and cons to each option?
I previously worked at OOIDA. I have had several years of experience working with Americas truckers to help them understand their policy. I am now an Agent with Farmers Insurance. Motor carriers are required to extend their liability to their owner operators that are leased through a motor carrier agreement. You can only get a secondary liability for driving on your personal time, and your own physical damage for your truck. It has been a long debate between truckers and law makers but in truth, the regulation states the motor carrier is responsible for your equipment on the road while under dispatch. You will have to get insurance through them unless you are operating under your own MC and DOT numbers. If you need help with anything feel free to contact me. Have a great day
Owner Operator:
An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.
DOT:
Department Of Transportation
A department of the federal executive branch responsible for the national highways and for railroad and airline safety. It also manages Amtrak, the national railroad system, and the Coast Guard.
State and Federal DOT Officers are responsible for commercial vehicle enforcement. "The truck police" you could call them.
OOIDA:
Owner-Operator Independent Drivers Association
Who They Are
OOIDA is an international trade association representing the interests of independent owner-operators and professional drivers on all issues that affect truckers. The over 150,000 members of OOIDA are men and women in all 50 states and Canada who collectively own and/or operate more than 240,000 individual heavy-duty trucks and small truck fleets.
Their Mission
The mission of OOIDA is to serve owner-operators, small fleets and professional truckers; to work for a business climate where truckers are treated equally and fairly; to promote highway safety and responsibility among all highway users; and to promote a better business climate and efficiency for all truck operators.
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What is the difference between getting insurance from a Motor Carrier or have an Independent Contractor Policy? Pros and cons to each option?