A "self-insured" company

So should I just go with progressive and put the 8k down ?

 

You don't have any other choice.

 

I would check around. Explore all your options

 

Been looking around but not really getting anywhere. How would it work if I put the insurance in my wife’s name and I just drive ?

 

Most likely that will not work.

When they write the policy they look at who is going to be driving the truck. And also look at where the truck is going to operate and where it is going to be housed.

You get a better rate if you had your license for a longer period of time, if you have experience, and if you have a clean driving record.

 

I think the question is can you make money paying the monthly insurance fee. You will probably make more leasing to a carrier or being a company driver . When I started nobody was writing new policies for new companies, a month later my insurance agent called and let me know Progressive started new policies again .

 

I should be able to make the monthly insurance fee. I know owner operators who are making anywhere from 3-5k a week depending on the loads.

 

Think its potful of money and very expensive bond put up,but can save them money in the long run as long as theres no huge lawsuits .Several companies are self insured.like Penske for one.

 

Well just remember that's when there is work. Dump truck work generally is known as feast or famine. 12-hour days anywhere you want to work or zero work anywhere.

The dump truck business generally works on seniority. So if you're the new man, you will be the first laid off and the last to get called back.

Not trying to deter you, but it's something to think about if you went through the year and have some costly expenses and got knocked off first and maybe you have to make your insurance payment for 4 months or so... and your tag coming up due and etcetera Etc.

These businesses look like they make a lot of money but sometimes when you look at the overall thing of it over 12 months or two years or three years the expense can be staggering especially if you're paying $25,000 a year for insurance. The old rule of thumb is that whatever you grows 1/3 goes to the truck. Then money has to get put aside for the truck and then you have a little bit of money in your pocket but if you're smart you'll save it because the truck will probably need something else.

And through all of this you need to make sure you have a large maintenance account in case you need an in frame or in case you need a clutch or in case a rear gets blown out, or Turbo or tires or radiator... there is always expense. There is not always income.

Just something to think about.

Good luck buddy.