Will I Have To Start Over? Advice Needed

Sorry for not giving you an answer you want but I see this as a mess for you. I could give you a bunch of what if’s that actually happen, one is the cost of recovery seems be greater than the cost of working your own company. It really comes down to seeing that you have to maintain the insurance, say at $20k a year, where is the real advantage of going through the process of selling the truck and then working for someone else when they are not covering your cost of idling the authority?

I don’t mean to be mean but starting to expand into another niche seems to be useful to hire drivers and just expand.

If they give you a piece of the action, then just lease your truck to them and get paid the percentage of both ends of the load, you as a owner of the truck and you as an owner of the company.

 

What active insurance means in order for your to have a active DOT number that you currently have you need to have General Liability Insurance on file with the DOT in the minimums of 750,000 (most have a million) and a current BOC3 filing.

You could talk to your insurance agent and get a quote for the bare minimum to keep your authority active. Just insuring a trailer wont be enough if you dont carry General Liablity requirements. And that is the most expensive part of the insurance.

 

Just keep one power unit insured at the bare minimum to keep your MC number active.

 

No idea, on the other, but its

"Nitpicking"
As in
"To pick nits"
Nits being essentially small bugs, lice come to mind, the term is likely from observing a primate behaviour called "reciprocal grooming"

 

Please don't take it the wrong way because I'm not trying to be an a hole, but I don't understand how you have trucks and your own authority and you don't understand what your insurance is that you're paying for or how your Authority works.

The minimum liability that is required is $750,000, that is auto liability, has nothing to do with your trailer.

 

One problem I see is if you have regular freight now and you sell out to go work for this other guy and then things go bad so you buy trucks again there's a good chance that your current regular freight has already found as new regular carrier. So you'll probably end up starting all over again.

I know your question is more about costs when you say starting up again but in reality you will be starting your company all over again even if the costs are the same. Everything you've worked to build will be gone when you sell your trucks.

I wouldn't do it unless it was my way out of owning trucks. Good luck with your decision.