So you want to "own " your own company

My brother is giving me his 2000 International 9400 and 2006 Fontain flatbet. I only have 5 months experience with Werner and am on the Dollar General account at present. I'm just waiting for word back from an insurance agent before I proceed.

 

Questions for an O/O or small carrier with own authority:

I'm O/O of 15 yrs. I had my authority for 2 yrs. a few years ago. I now plan to reinstate it, how long does that take? I was granted 'permanent registrant status' back then, so I assume it should be quicker to reinstate, without the initial 10 day waiting period for getting a new authority, is that correct?

2nd question: When I ceased operations last time, I filed that DOT MCS-150 update, stating that I was 'out of business'. Can I reactivate my DOT number at same time as my authority filing? I think I read off of fmcsa site that I should write in to them on my co. letterhead to reactivate a DOT number.

3rd question: Do I need to file a new BOC-3 or will my old one still be in effect?

Anyone who has been through the above and knows firsthand what I need to do, please give me some advice, I'd greatly appreciate it. Thanks in advance.

 

It should only take a couple of days for your authority to show active once you pay the reinstatement fee. It will cost $80 and you must have your insurance active and current before it will be reinstated or reactivated. It could take a week or so for the written reinstatement letter to reach you. There is a service that will fax or email much faster for a fee. I don't recall how much they charge.

If you have your password, you should be able to go into the fmcsa website and update your MCS150. You can update it when you reactivate your authority. When you reactivate your MC number your DOT number should be automatically activated at the same time.

Your old BOC-3 should not need to be updated. I don't recall anything about sending them something on your letterhead. All you should need to do is check reinstatement on the form.

 

Got a 5K loan arranged at 2.9% APR to get started. Insurance will cost me 6,300 at 563.79 down and 528.02 per month. OOIDA provides support in establishing your own authority so will join them next week and use their services to get started. If all goes well I hope to have this rig on the road in 30 to 45 days. Now if fuel prices don't go through the roof.

 

there are as many companies to work for as there is driver personalities otr tyoday. While many fail in lease programs there are many who succceed. I will admit that some one should drive for a few months to gat a handle on the "real deal of the company" Drive 1 year before committing to a lease /purchase program. Ok... next make sure you research the companies you may plan to lease with, drive your company truck and keep records as you would for your own truck, and be sure the company fits your attitude and home time properly. Now the next thing to do is keep trach of repairs, fuel and pay and see if they match or if you looooosssseeeee. The bottom line is you are not going to buy a home without doing some research first why get into a truck w/o research, and do not plan to buy the thing, after the lease is up turn it in for a new one to lease if leasing is your thing. So if you do not cover your butt and research do not blame someone else for your failures. I have leased and completed the lease and only had a few down weeks due to weather during a 3 year period.
Just remeber though, trucking is a buisness just like any other buisness, if you do not work the buisness the buisness will not grow and ultimately fail
GOOD LUCK and MAY GOD BLESS ALL

 

Thanks G/man for your fast reply.

Hey SpyderRyder, who did you quote insurance with? I have a number of quotes but yours still beats any I got, maybe it's the age difference, time driving, or the age of equipment? I got quoted for $50K truck and 25K trailer, 1 mill. liab. and 100k cargo. I'm 49, got about 15 yrs in.

 

I got my quote through Trucking Insurance Services LLC. (hope I can say that)

That's based on less than months experience, no tickets.

Truck valued at 13.5 and trailer at 20.

 

I have a truck valued at around 25k and a trailer at 12k and pay almost what you pay, $580~ down and $535 a month.

Spyder, look into a fuel card now. I wish I would've put that higher up on my todo list instead of waiting until the rest of my paperwork/vehicle work was done.

 

Hello Everyone,

I'm new to this forum and I got some question to asks. If this topic has been discuss elsewhere, please point me in the right directions.

1. If you were to get your own authority which means you're a company, would you need electronic logs for your truck when it comes in effect?

2. What if you had 2 trucks or more, will they enforce the trucks to have them then?

3. If yes, how much would the equipment cost or program?

Thanks for all those who answer and give opinions as all feed backs are welcome. Be safe everyone.

 

At the moment, they are either voluntary or forced to use by the DOT because the company is in intervention.