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Old 09-03-2009, 04:09 AM
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Default Questions about leasing on with company

Well been thinking about the idea about buying a truck and leasing on with a company but when I buy the truck do they give me like 30 day plates to drive off with truck? When I buy the truck and since I'm leasing on with a company do I need to buy insurance to drive the truck from the lot to company? I plan on just useing the insurance from the company. And will DOT give me crap without any numbers or name on the side of the truck while in transit to the company?
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Old 09-03-2009, 01:34 PM
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yes,yes,probably not.
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Old 09-03-2009, 01:47 PM
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Better do a bit of research before you jump in...

If you HAVE A COMPANY that's committed to leasing you on (which is kinda tough for them to do BEFORE you even have a truck), then your tag and insurance requirements are much less.

You still need a DOT number (which gets issued immediately, unlike an MC which can take a couple of weeks).

If you purchase a truck from a LICENSED DEALER - they should give you a 30 day temp. This isn't authority to haul cargo - it's to get the tractor home so you can get it registered in your home state and get all your paperwork in order. If the company you lease to PROVIDES BASE TAGS, then you only need like a Florida tag - but you still need "Bobtail Insurance" - PIP, Non Trucking Liability & Comp (if you're financing, or if you care about getting the truck FIXED if damaged or PAID FOR/REPLACED if stolen).

So yes - you NEED to have insurance to drive the truck PERIOD. The "company" whose operating authority you're leasing to, covers the TRUCKING LIABILITY and CARGO (and will probably try to sell you "Bobtail"), but you need to cover the TRACTOR (and your ass).

IF you're not dragging a box on the way to the company, you probably won't get too much hassle from DOT while in transit - technically, if it's your truck, you're operating it as a POV (like your car) when you're not under a load, or going to/from the terminal. Off duty personal use of your personal truck won't likely cause problems - but I'd LOG IT ANYWAY while en-route...

Rick
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Old 09-03-2009, 11:48 PM
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Ok, can a insurance company give me a quote if I'm not sure on the truck yet?And I need to get my DOT number settled before I go and find a truck?
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Old 09-04-2009, 12:09 AM
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Your insurance will run you about 3-5% of the trucks value. You will need to find a truck first to recieve a quote.

You do not need a MC# or a DOT number if you are planning on leasing onto a company.
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Old 09-04-2009, 12:46 AM
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Ok so for the most part, buy a truck ( i get drive out plates when I buy) get insurance at time of purchase, and finish up on phone calls to carriers and drive my truck to who I choose and they will supply me with everything else I'm going to need to haul freight. I knew most of this but its some of the little things I was not sure on.
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Old 09-04-2009, 03:05 AM
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Quote:
Originally Posted by sbatson View Post
Ok so for the most part, buy a truck ( i get drive out plates when I buy) get insurance at time of purchase, and finish up on phone calls to carriers and drive my truck to who I choose and they will supply me with everything else I'm going to need to haul freight. I knew most of this but its some of the little things I was not sure on.
Some carriers offer collision and bobtail insurance for owner operators. A dealer should be able to supply you with a temporary tag until you get to where you will lease on. The carrier will usually not order your tag until you sign the lease and they inspect the truck. Some insurance companies will write you a temporary policy until you get leased on.
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Old 09-04-2009, 07:28 PM
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Do you have any experience? You haven't said. Consider geting an O/O job just as hard as it is to get a company driver job, usually the same requirments apply, experience, clean MVR and such.

Have you talked with any prospects? Some companies have tractor requirements such as year, wheelbase and weight restrictions.
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Old 09-05-2009, 11:04 AM
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Quote:
Originally Posted by sbatson View Post
Well been thinking about the idea about buying a truck and leasing on with a company but when I buy the truck do they give me like 30 day plates to drive off with truck? When I buy the truck and since I'm leasing on with a company do I need to buy insurance to drive the truck from the lot to company? I plan on just useing the insurance from the company. And will DOT give me crap without any numbers or name on the side of the truck while in transit to the company?

There is insurance you can buy to get from the dealer home or to the carrier where you will lease on. You will need to check around for rates. If you finance the truck the lender may require you to have proof of collision insurance before leaving the lot. You won't be covered under the carrier's policy until you sign your lease. Most will not sign a lease with an owner operator until they inspect your truck and they check your background. OOIDA offers various types of insurance for members. I am sure they will have something that can get you from the dealer to the carrier with minimal cost. In any case, they are a good resource.
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Old 09-05-2009, 05:56 PM
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Well 18 months experience, but I have been around the business awhile I have'nt talked to any companies I have just been trying to get my ducks in a row before I start calling. I'm thinking of trying to stay with a good size well know company( thinking that would be good for freight) and thanks GMAN for the advice and any other advice that you think I should know. Thanks guys
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