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Surety Bond

Discussion in 'Freight Broker Forum' started by RocketScience, Nov 6, 2020.

  1. Nov 6, 2020 #1
    RocketScience

    RocketScience Bobtail Member

    5
    1
    Nov 5, 2020
    Tampa, FL
    0
    I am looking to start an auto transport business starting off as a broker. I had a question about the surety bond. Does any one have a good guess as to how much a surety bond can cost you per month w/ the $75,000 coverage?

    Also, does anyone have any tips of the best way to get yourself off the ground after all legal requirements have been met?

    Any tips or advice on starting up would be helpful as well...
     
    RocketScience, Nov 6, 2020
    RocketScience, Nov 6, 2020
    #1
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  3. Nov 6, 2020 #2
    Michael H

    Michael H Medium Load Member

    466
    1,022
    Nov 3, 2015
    Arizona
    0
    From all the surety bonds I've had to have, each of them requires payment in full up front. However, the rate is reasonable. It's not like you're actually paying $75k for the bond.
     
    Michael H, Nov 6, 2020
    Michael H, Nov 6, 2020
    #2
    RocketScience Thanks this.
  4. Nov 7, 2020 #3
    User666

    User666 Medium Load Member

    346
    887
    Sep 22, 2020
    Northeast Ohio
    0
    Your credit is the most important factor in determining your payments.
     
    User666, Nov 7, 2020
    User666, Nov 7, 2020
    #3
    Midwest Trucker and Lite bug Thank this.
  5. Nov 8, 2020 #4
    Midwest Trucker

    Midwest Trucker Road Train Member

    5,771
    20,598
    Aug 31, 2018
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    Probably 3500 to 5000 depending on credit and starting out.
     
    Midwest Trucker, Nov 8, 2020
    Midwest Trucker, Nov 8, 2020
    #4
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