$10,000 EIDL GRANT

Did anyone here save any money prior to becoming an Owner Operator? My golly.

 

Well, if the pandemic won't put you out of business, this might. Garcia's amendment would effectively increase current insurance liability requirements for commercial vehicle drivers from $750,00 to $2 million.
Already, the House Transportation and Infrastructure Committee approved an amendment introduced by Illinois Rep. Chuy Garcia to a transportation bill called the INVEST Act by a 37 to 27 vote. It is meant for crash victim's families. The INVEST Act still needs to pass in the House and Senate before the amendment could go into effect.
My insurance already costs me $2,000 per month for $1 million coverage. I don't think I'll be able to pay a much higher rate than that.

If your insurance costs are low because you have your own authority for a very long time, you will be able to pick up pieces. For new guys, it is a death sentence.

House votes to up trucker insurance requirements to $2 MILLION

 

You pay quite a lot, even for a new entrant. Typically, after a year you should expect significant savings.

This bill would be a good reason to make a noise around Capitol Hill, instead of trying to regulate the rates. I hope OOIDA will try to lobby against it but there are too many ambulance chasing lawyers who support this and have more political power. This bill is not for accident victims but exactly for them greedy lawyers I see on billboards everywhere.
Even better, IF everyone of us could make a donation of $100 to OOIDA to effectively oppose this, then this would be better than making noisy manifestation. Just thinking aloud.

 

I don’t disagree with 2 million is where it should probably be. What I don’t agree with is that they want it to adjust with inflation. It would be out of control eventually.

I decided to get 2 million umbrella coverage because my attorney said 1 million just isn’t doing it anymore if something really really bad happens. This would be high enough I’d cancel the extra insurance.

See, one benefit to this is that it does offer the company owner more protection from losing everything. Bad side is obviously extra cost and even harder for new entrants. But, I think we all said at one time or another the noobies do nothing but suppress rates by and large anyway.

 

Leave it to the Lawyers, to try and sneak this through now. I pay roughly $800 a mo. The 1 mil. Standard, which is above the 750k minimum, is proof that a mandated increase isn’t needed. Eventually, maybe. Not now, and not more than doubled. Actually almost tripled for those with 750k coverage.

 

That is not true. I'm new and don't suppress rates. I don't run.

 

Are you sure that $2 million is needed?

OOIDA points to research that shows only 0.06% of crashes result in damages that exceed the current $750,000 minimum.

 

I said “by and large”. Sounds like that must not mean you.

Id have to do my own research. I wouldn’t really trust OOIDA only because they are a special interest.

It was just based off my attorney saying what he did. He sees and deals with real cases. Also, based on insurance rates going up and up. More and more sue happy people and larger and larger settlements. As long ago as these numbers were set, what like 40 yrs ago. We can’t go up a little bit? However, can’t even imagine how sky high it would be if it followed inflation. I think that’s overboard. Raise it to 2 mil and leave it for another 30 yrs.

 

I can’t believe that HUT hasn’t gone up, it been $550, for at least 25 yrs. that I know of. As far as limits go, if you have assets worth coming after, best to be covered. Lawyers usually go after the easy money, but almost always dig deeper, to see what’s possibly available.

 

They should make small changes. Increase it to $1 million. After another few years to $1.25 million. So, in one decade you can get to 2 million. During the pandemic, you shouldn't be raising costs to operate period.