$10,000 EIDL GRANT

That’s silly. Pretty much everybody has 1m already anyway. Reminds me of when the broker bond went from 10k to 75k. Everybody freaked out and it actually ended up costing not all that much more. Certainly not 7 times more.

Do you have your own truck and authority?

 

That change is going to be in thousands for me. I'm not like you driving under my own authority for years. I opened in February. First, I had it at $750, OOO. My policy went up by almost $4,000 when it was changed to $1 million. So while some won't feel much difference, others like me will pay $10,000 for this change or more.

 

I suspect that going from 1 million to 2 million in auto liability will have more impact than going from 10K to 75K in surety bond. I think it is a valid point of the statistics showing that only a fraction of settlements or law suits exceed the current limits, which validates the claim where the limit should be. I, personally, would want it to stay where it is at.
2 million is even high for most medical malpractice settlements.

 

I know alot of owner operators that start with nothing . Sometimes saving money before is not an option . I came from nothing . My parents are nobody and and the family name has a criminal record attached to it .
I saved just enough to put a down payment on a truck and here I am 5 years later , Haven't bankrupt myself yet . I have also seen people with and without money come and go. Ideally you should have money getting in to this but hard work gos along way.

Their is nothing wrong with taking a loan to get thru this - many people are just starting out or have worked hard and were just starting to make money when this all started.

 

Yup and you cant tell me someone with no money whatsoever isnt taking any load they can get their hands on. Say no to cheap freight right?

 

If God forbid you hit someone and killed them, killed their children, etc. That horrible situation that none of us ever want to imagine happening but sadly sometimes does. This is when your SOL with 1m insurance. Just so you know... those 400k homes that feel so good and accomplished to own, now will need sold.

Id rather just pay for 2 mil of insurance and feel more secure in the things I’ve worked decades for.

Maybe I’m wrong about all of this but it made sense to me when put like that.

 

Forced foreclosure, sure.
No collection action will strip the meat from the bone quicker than the Feds.
When they sense a pending closure, they will take everything including that glimmer of hope every small business owner has.

We're from the government and we're here to help.

 

Just asked my agent to check how much my insurance will increase with 2mil policy.
He will check with Great West and let me know soon hopefully

 

Probably sol with 2 million coverage also.
I think $1 million should be required amount. Market will dictate if higher coverage is needed. Such as brokers and shippers will require more.

 

Brokers and shippers don’t care if you go broke and lose your house that your family lives in. They only care about cargo and their own liability.

Your right, could be sol with even 2 mil. Which is a good reason why we know 1m probably isn’t enough coverage. Remember, liability insurance isn’t fun to pay for but end of the day it’s there to protect you. People that have no assets or liquidity probably would hate it though I suppose. If it got more dollar haulers off the road and trucks held together with zip ties then that’s not bad.