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Insurance costs for a new company

Discussion in 'Ask An Owner Operator' started by Sorrythisusernameistaken, Jan 25, 2020.

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  1. Jan 25, 2020 #1
    Sorrythisusernameistaken

    Sorrythisusernameistaken Bobtail Member

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    I've been playing with the idea of going o/o for some time now. I could get a tractor and trailer outright in cash and still have a nest egg for operating/unexpected expenses. One of the biggest obstacles holding me back is my inability to find insurance estimates, I'm well aware that operating under a new mc number would drastically increase costs coupled with the fact that I have only a year behind the wheel.

    I've considered the possibility of finding a more experienced driver to run for me as a company driver while I continue driving for my employer. As a company driver I clear around 2k/wk after taxes and think that income might help to offset the costs of insurance and paying the driver .

    Any thoughts on the matter are greatly appreciated
     
    Sorrythisusernameistaken, Jan 25, 2020
    Sorrythisusernameistaken, Jan 25, 2020
    #1
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  3. Jan 25, 2020 #2
    Rubber duck kw

    Rubber duck kw Road Train Member

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    You clear 2k a week, as in after taxes? I'd stay where you are unless it's unbearable and horrible.
     
    Rubber duck kw, Jan 25, 2020
    Rubber duck kw, Jan 25, 2020
    #2
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  4. Jan 25, 2020 #3
    DUNE-T

    DUNE-T Road Train Member

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    X2
     
    DUNE-T, Jan 25, 2020
    DUNE-T, Jan 25, 2020
    #3
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  5. Jan 25, 2020 #4
    Svmuel

    Svmuel Bobtail Member

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    Sep 11, 2019
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    Brand new authority I’m paying 19k a year. It might be high but it is what it is. I knew it wasn’t gonna be cheap getting into the o/o business. I’ve read that it should lower each year so there’s that.
     
    Svmuel, Jan 25, 2020
    Svmuel, Jan 25, 2020
    #4
    Sorrythisusernameistaken and rachi Thank this.
  7. Jan 25, 2020 #5
    Sorrythisusernameistaken

    Sorrythisusernameistaken Bobtail Member

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    Yeah after taxes. I get paid biweekly and gross about 6k which ends up being about 4k. It's not unbearable, I'm actually quite fond of the job but it's oilfield and I miss the days when I was otr though I couldn't take the pay cut to come back as a company driver.
     
    Sorrythisusernameistaken, Jan 25, 2020
    Sorrythisusernameistaken, Jan 25, 2020
    #5
  8. Jan 25, 2020 #6
    Hurst

    Hurst Registered Member

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    The problem with hiring a more experienced driver is not necessarily the experience needed to operate the truck more efficiently.

    You as the O/O need to be able to have the business and truck earning income week after week in order to support an experienced driver and his family. Thats your responsibility,... not the driver. Simply buying and owning a truck does not generate an income. This is a business that requires constant resources in order for it to be sustainable.

    I started out by buying a truck from the carrier I worked for (Cash) and initially pulling from his contracts until I sourced my own. And even then I waited almost 7 yrs before I was confident I could support another truck and driver. I was fortunate enough to do this during the glut of late 2017 through out 2018. There was a learning curve to hiring a driver and having him learn how you need him to drive and operate the truck. I was also lucky to have a driver that was willing to put in the effort needed for us both to succeed.

    With out this experience and knowledge of the business side of things,.. I would personally wait until you learn how to be self sufficient. 1 year is not enough time. There is much more to being an O/O than just driving the truck. The majority who fail and go bankrupt came into this business with out that knowledge.

    Hurst
     
    Hurst, Jan 25, 2020
    Hurst, Jan 25, 2020
    #6
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  9. Jan 25, 2020 #7
    Rubber duck kw

    Rubber duck kw Road Train Member

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    Wondered what you were doing that take home was that good.
     
    Rubber duck kw, Jan 25, 2020
    Rubber duck kw, Jan 25, 2020
    #7
  10. Jan 25, 2020 #8
    Chinatown

    Chinatown Road Train Member

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    Chinatown, Jan 25, 2020
    Chinatown, Jan 25, 2020
    #8
  11. Jan 25, 2020 #9
    danny23tx

    danny23tx Road Train Member

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    Keep doing what your doing x3
     
    danny23tx, Jan 25, 2020
    danny23tx, Jan 25, 2020
    #9
  12. Jan 25, 2020 #10
    Sorrythisusernameistaken

    Sorrythisusernameistaken Bobtail Member

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    Apr 15, 2019
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    Cement in the Permian basin. It takes 140-150 hour weeks to maintain what I'm pulling in.
     
    Sorrythisusernameistaken, Jan 25, 2020
    Sorrythisusernameistaken, Jan 25, 2020
    #10
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