Renting out/leasing out my dump truck

Depends on your operating contract. You are going to have an operating contract, aren’t you?
They should be responsible for
1. Fuel
2. Tires
3. Maintenance and any and all repairs.

 

Who’s lying the insurance ?

if it’s involved in an accident whose gonna get sued ?
Is the truck titled in your name or a company name ?

 

When they trash your truck and walk away from the contract, everything will fall back on you.

 

Get a lawyer, have him write the contract to protect you. My opinion is this contract will require the company renting your truck from you pay for fuel/DEF. The rate you charge for them to use your truck includes your cost for the insurance you want to cover the truck and your liability. For example, if insurance costs $20,000/year or $385/week, your truck rental rate also includes $20,000/year or $385/week. If you leave the choice about which insurance company and what amount of coverage will be used to the renter they will pick the cheapest/lowest coverage. In case of accident that cheap insurance will not provide much protection for you. However, if you pick high quality insurance coverage, and require the renter pay for that insurance during their use of your vehicle you should be better protected. I don't know what to do about tires. What would a rental car company or a truck rental company do about tires? The renter will want to use the cheapest tires possible. If you prefer they user certain brands then either require they buy those specific tires or you will charge the the cost of replacing their cheap tires with your preferred tires at the end of the rental. Please get a lawyer to write the contract. It will cost a lot less time and money for the contract than you will spend without a professional contract.

 

The most important thing you should remember about my reply is NOT "getting a lawyer is the safest". You should remember that DO NOT ATTEMPT TO RENT EQUIPMENT TO ANYONE UNLESS YOUR LAWYER WRITES THE CONTRACT, or the contract provided by the company renting your truck is reviewed by a lawyer you hire and pay. Do not accept their lawyer's opinion. Do not let some guy who worked for a lawyer give you an OK to do this deal. Only a lawyer you pay is looking out for you.

I have seen dump trucks. I can recognize a dump truck. I strongly believe dump truck beds tilt up to empty. That is EVERYTHING I know about dump trucks. When you rent a 4-wheeler or even a rental semi-truck the operator pays for the fuel they use. You don't drive the rental car back to Budget Car Rental to get fuel during the week you rent it, or do you?

Understand I've only ever been a company driver for trucking companies. I've never owned the truck or paid the expenses of the truck. Here's how I would begin deciding the daily/weekly/monthly fee to charge the company renting your dump truck.

I don't know if any of these numbers in the example are reasonable, too high, or too low. Adjust them based on expert opinion. Take the current value of the truck and find out the normal life of the truck. How many years are they used, or how many years do you want to use it before you replace it? For example, it has a value of $100,000 and it has 5 more years you expect to operate/rent it out. $100,000 / 5 years = $20,000 per year or $385 per week. Insurance costs $18,000 per year or $347 per week. Expected routine maintenance costs are $15,000 per year or $289 per week. Permits, licenses, vehicle taxes are $3,000 per year or $58 per week. I'm sure they may be other expenses I have forgotten to list. You might ask your question in the Owner-Operator section or in the Dump Truck section.The price you need just to cover expenses and make zero profit would be $1,079 per week or $4316 per month. I'm assuming renting a dump truck is not a charity, so adjust the fee you require from the renter to cover your cost plus an acceptable profit.

Item Yearly Weekly
Truck value $100k $20,000 $385
Insurance $18,000 $347
Maintenance $15,000 $289
Permits, license, tax $3,000 $58
Total $56,000 $1,079