After purchasing a truck

Insurance ain’t do joke these days. I remember when I first became O/O in the early 80’s, I was paying around $1500.00 within PUC requirements $750,000.00. Now I carry 2 million plus GL and lots of other Mombo jumbo I don’t understand and I’m paying $7500.00 a year and my agent says those rates are aren’t heard of in other words cheap compare to others. This is doing business in California only.

 

Again another one that worries me.

Hey OP, get it together before you even consider purchasing a truck. I just bought a rather new in fair condition 2018 Pete from the lender for a lot less (a LOT LOT LESS) than the guy paid for it, he bought the truck first then tried to figure out how to be an owner/operator and failed. The lender is talking about going after him for the balance of the loan.

 

Step one: talk to the company you'll be "hauling for", and find out what that means. Who's authority, who's insurance, pay rate, pay schedule, work schedule and a lot of other things.

Then, write your business plan. How are you going to run this business, what's the equipment, how are you going to pay for it, who is going to maintain it, who's the customer, who's going to do insurance, compliance, accounts receivable, accounts payable, etc. What's it all going to cost (multiply that number by 2) and what's it going bring in (reduce that number by 40%). Then you can make a decision.

 

Than you would run under their authority, insurance.

 

Y'all bein' hard on him.

I can barely find my nose in the dark and I did it.

 

good question.

you don’t own a full size mirror do you?

never knew you could lease to a computer. How’s that work?

fify

good advice...for a different thread.

nah, i just shake my head at how fast y’all can jump on someone.

Well Congrats. You made a few people look like septic tanks with keyboards. Now to your original question. You’ll need to set up your business (llc) before you buy the truck. That way the business can buy it. After you buy it. You run paperwork from the dealership or title from the seller down to dmv to get it titled. At this point, you’re ready for tags & ifta. You need to know, are you supplying your own tags or running the carriers tags??? Same with ifta. If their tags give them a copy of the title & they can apply for tags with that. If your own, then then you need visit your states irp office. Same goes for ifta. All you need is bobtail/non-trucking liability insurance. Again you’ll get that before you drive the truck off the dealers lot

 

Yes,while No Joke thosa Are Good Rates.I knew an OOP in 2005 that was running regional in the Midwest and paying $8640 a Year.

 

My opinion is that he should have all those answers BEFORE purchasing the truck.
He asked about AFTER.

Hence my statement about putting things in the proper order.

And a LLC isn’t one of the things on that list, unless he’s hiring drivers.

 

No, not being harsh. Just pointing out the obvious, and trying to help a fellow driver.