One year in business; need advice

If you can’t afford the insurance. You can’t afford to run at all. You are trying to throw more good money against bad. You almost went under from what you were doing. Now you are just chasing the sinking ship. Good luck. And remember this. A good car hauler can make over $100,000.00 per year driving someone else’s truck.

 

You are a failing Business.

If you are smiling at the bank big time borrowing badly to solve a problem that refuses to be solved, you are done.

Wrap up your business and chalk it up to learning in life. Go back to hauling as a basic company driver. Let someone else lie awake in bed with the questions you posed.

 

You are spot on Ziggy! I think of the saying that says “it takes money to make money”. No statement is more true especially in hauling cars as an owner op.

I feel for the Op but maybe this will help the next person looking to buy a used 9 car stinger that may look like a bargain for $30,000-$40,000 and start a car hauling business. There is a reason we usually make good money because I laid out $300,000 for a rig and still can spend thousands of dollars a year maintaining it. There can be awesome money in hauling cars as an owner op, but there are also huge costs that come with this business. In my opinion if you don’t have the money for the very worst case scenario you are living on borrowed time. Just my opinion.

 

I'm hearing that Haulers based in Florida are getting slammed with high insurance rates. I would park my stuff and haul for an out of state Authority as a driver to build your bank. Running under someone else's Authority is an option but only viable if you have the cash on hand to operate as a business (including insurance down payment).

 

Some people from FL posted they are getting quotes for over $40k even for dry van operation

 

Heard a rumor that the increased rate was due to a large increase in fraudulent claims coming out of Florida.

 

That's what I was told by an agent out of MI.

 

IT really is because there are so many claims with the new drivers. There are threads in the new driver section about hitting things and the drivers don't think it is a big deal but it is. One if I remember right blew it off as a big "so what? I hit something".

 

I'm in FL and securing affordable insurance is the wall I have hit. I've received 3 quotes, all Progressive through different agents..$35k, 33k and $29,210.xx. I was also told that they were the only ones doing policy's for new entrants.
Thankfully for once my stubbornness is paying off. Refusing to believe they were the only game in town, I finally found a company that will write a policy for me. Not really affordable but much lower ($24k..ish) than the quotes I've already received. My only hope is that after a year I will be able to find a policy cheaper..
My operation is for reefer.

This is the best I could do with 2.5 years otr experience. One no-fault accident (hit a cow), no tickets and very good credit. Florida is tough and if I could do it all over again I'd have set up shop in another state...Or purchased an existing Incorporated trucking business.. Not quite sure how one could get into this business and be successful without a great deal of cash set aside..Unfortunately now I will have a monthly insurance payment..

If I could go back I'd have financed the truck and paid the insurance cash..