how many companies can i lease with

Discussion in 'Lease Purchase Trucking Forum' started by hiii98, Aug 17, 2014.

  1. damutt

    damutt Road Train Member

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  3. G/MAN

    G/MAN Road Train Member

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    There is a $300 filing fee to obtain your motor carrier authority. There is NO cost for a dot number. Starting out most states use estimated miles to determine the cost for your base plate. You can expect somewhere between about $1,100-2,200 for your first year. The number of states you put on your cab card will also impact the cost. But, the figure I mentioned should be within range. As far as insurance, prices can vary widely from one individual to another. According to my insurance agent, most new authorities are paying between $10-12,000 their first year. I have spoken to some who have been quoted over $36,000 their first year. Where you live, your credit history, mvr and experience are all factors insurance companies consider when quoting rates. If you plan on hauling cars you can expect to pay higher rates than those hauling general freight. I have a friend who does hot shot and I think he is paying over $6,000/year, but he has been doing it for a number of years.

    I would recommend that you either find an insurance agent who writes for several different companies or to check with several different agents. You might be surprised at how widely rates can vary on truck insurance. If you are going to get your authority you will also need to pay your UCR and have registered agents in every state in which you plan on doing business. It isn't as complicated as it sounds. Finding affordable insurance will be your biggest challenge. I would start with insurance and then go from there. You will need insurance before you can do anything.
     
  4. hiii98

    hiii98 Light Load Member

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    you understand i want to pull loads for several seperate companies. each one has their own reloads....id always find a reload if i could call several companies im leased with. Not sure having mynown authority is what im seeking.
     
  5. G/MAN

    G/MAN Road Train Member

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    If you want to pull freight for more than one company then you will need to get your own authority. It is expensive to recruit and do all that is required to check out any new owner operator. Another issue is insurance. If you are involved in an accident or have a claim, who's insurance will be liable? I don't know of any carriers who will lease you onto their authority knowing you may take their signs off and haul for another carrier when you deliver their load. Even if you had a dozen carriers who would allow you to lease to them, you would need to attend all of their orientations and every time you switched carriers and signage, you would also need to change your cab card to be legal. The cab card is assigned to a specific company and their authority. When you change carriers you will need to change your cab card. If you want to lease to a carrier then you need to pick one and one only. If you want to haul for more than one carrier or broker then you need to dive in and get your own authority and insurance. That is the legal way to do it.
     
  6. hiii98

    hiii98 Light Load Member

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    What is a cab card? i have been hauling for a company and not familiar with that term. I havea
    Dot sticker on my truck with my name on it. Yes i would attend several companies orientations and switch decals when hauling for each one.
     
  7. damutt

    damutt Road Train Member

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    cab card=IFTA/Reg card
     
  8. hiii98

    hiii98 Light Load Member

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    i dont have a reg card now do ive been pulling for a month now
     
  9. G/MAN

    G/MAN Road Train Member

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    A cab card is your IRP. It lists the name of your company, vin number and each state in which you are apportioned or authorized to operate. It will have the year and tag number listed on the cab card. The IFTA is separate. It only has your account number and company name on the form. It has nothing to do with the IRP or cab card. The IFTA is a blanket permit for the entire fleet. Each truck has their own IRP or cab card. The cab card is specific to each truck. The IFTA is the same for every truck.
     
  10. hiii98

    hiii98 Light Load Member

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    i am a owner operator
     
  11. damutt

    damutt Road Train Member

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    are you leased on to a company? or do you you have your own authroity?
     
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