Getting my own authority...

Check around for insurance rates as they can vary widely. According to my insurance agent, startups are paying around $16-20,000 the first year. I am glad that I am not just starting out!!

Once your application is published on the national registry, you should be bombarded by insurance companies and states that you need to register or get set up. For instance, if you run New York, you will need a NYHUT. Kentucky requires a KYU and New Mexico requires a Weight Distance Account. There is a fee for NY and NM. The KYU is free. Each requires you file quarterly reports like IFTA. You will need active authority and insurance before you can do anything. Once active you can get your IRP and IFTA. You need to make sure you pay your UCR. The UCR can be paid online. I would use OOIDA for the BOC3. I have used them ever since I first got my authority. There are a lot of services that will assist you for a fee. But, you can do everything yourself and save the money. I am amazed how much some of these services charge. It is much easier to get authority today than when I first started. Back then, everything had to be done through snail mail. OOIDA sells insurance, but not all brokers will accept their liability and cargo insurance. Find an independent agent who writes for a number of insurance companies so that they can shop your insurance. You want to make sure to have insurance with a company that is rated A or better. There is a thread somewhere on this forum where everything you need to know is listed. Good luck.

 

I don't know if this will help you, but I checked with an insurance agent where I live and getting my radius cut to 500 miles from my truck parking got me a full year rate on a $58k truck and a $6k trailer for $8800 if I make payments or $7800 if I fork it all over at one shot. I start in the Minneapolis-St. Paul, MN area so I have no idea what it would be like in New Jersey or if you would get a better rate for driving away from the NE?

 

That is not a bad rate, crazyk.

 

Where you park (garage/terminal location) can definitely affect your rates, especially cargo and physical damage. Which would be the things big city crime might be likely to create a claim for. Fences and cameras can soften this impact somewhat. Keep that in mind when you're considering what location you use as your "home terminal."

Most will also consider what geography you serve for the same reason. As a new business, that's a risk since you have no established lanes. When you reach the renewal time, you'll be providing them your IFTA mileage and maybe even a checklist of cities that you routinely pick up or deliver at. Don't waste a lot of time trying to mold your business to reduce insurance rates. It's better to consider that when quoting loads. That is, don't pass up potential profit when you can bake that higher cost into a better rate.

Your problem now is that most of the top tier companies will not even look at your application until you've been in business at least two years, and have established a low safety score and have a clean loss run (no claims).

That usually leaves you with Progressive, and maybe one or two other companies of questionable reputation. Without a lot of competition in that market space of new carriers, they pretty much take advantage.

That said, when you look at those higher rates on a business plan there is certainly an impact, but nothing you can't overcome. Your hand will still cramp up each month making that big payment of course LOL.

 

What part of Virginia? I'm in Virginia Beach and I had to go to my local treasurers office to let them know that I'm for hire. This is to avoid paying personal property tax on my rig. After you get you tags expect a property tax bill in few months (I don't know if you have gotten one already for you personal auto but expect one as well for your auto)
Do you know where your going to get your loads from? Loads boards cost around 35 a month. Also OOIDA insurance is not accepted by some brokers because OOIDA has had lawsuits against them.

 

Awesome another east coast trucker gal,, I'm from the poconos of PA O/O. But running under the company i was a company driver for,, they are very good to me, I'm making 85% of load value and i self dispatch...