I am currently hauling crude oil, own my own truck and trailer, and running under the carrier's authority I am leased onto.
I am paying $3500 per year for my bobtail insurance, and comprehensive and collision on my truck and trailer.
The portion of the insurance I am paying to cover my business and the carrier I am running for while I am under their load has increased recently. I am trying to determine:
a) If I apply for my own authority, how difficult will it be for me to obtain insurance for hazmat loads? (My business is 1.5 years old, I currently do not have my own authority, and I have 7 years of safe crude oil experience and driving experience)
b) Approximately how much more money will I spend to operate my own authority? (Drug testing pool, compliance, etc)
c) Are there any other advantages to running under someone else's authority as opposed to obtaining my own I may be missing
Thanks for you input and feedback!
Your insurance cost with your own authority- hazmat loads
Discussion in 'Ask An Owner Operator' started by Rockdoctor, Mar 2, 2019.
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I just started my own authority (building my own Fleet) and the insurance was probably the biggest upfront expense next to buying the equipment. Granted I had a fair amount of capital to start with so I didn't have to shy away from the exuberant insurance (23k for the year for 2 trucks... was 17k for 1). Experience didn't seem to play a factor in the rate at all but age of the business did. It was a pretty lengthy process. If you're not starting a fleet, I would recommend just leasing on and minimizing your expenses. Unless YOU really have some deep inner desire to be a one-man-band, it's a lot of hassle to keep up with.
338-Dark-Knights, GreenPete359, Orange713 and 1 other person Thank this. -
Rockdoctor and spindrift Thank this.
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Went to a broker this week and I received a very competitive rate from Progressive.
Rockdoctor Thanks this. -
So what are the typical expenses (deductible?) that have taken a rise over the last years? - Compared when running as O/O, but under firm's authority? List of standard deductions?
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What I learned is from my own research is that you'd better get out there talking with your local producers to see if they'll even give any work to a one man band.
Socal Xpress Thanks this.
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