Losing my authority

Ok, let me try to explain it a better way. I’m leased onto another carrier right now. They have a power only division which requires you to have your own authority. Your authority must be at least 90 days old and you must have your own insurance, not their insurance.

My plan was to transfer from being leased unto them to their power only division along with several other carriers that have power only divisions like, J. B. Hunt 360, Schneider, Prime, Convoy, and others.

That was the plan. My truck finance agreed to this transfer at first but later backed out by saying that I needed to provide insurance and place a payment of $12,000. I added $1,000 because I was quoted that I would need $1,000 for my tags on my truck. I understand there are more expense which I have already factored into the equation.

I’m still leased unto the same company right now. I still have my truck. I’m just losing my insurance and this is what will result in me losing my authority if I cannot find other insurance in time.

The quotes that I have gotten so far are more than what I would be paying should I stay with Progressive. But they also want like $5,000 down. I don’t have $5,000 just yet. I can get it, but just not right now.

So, if I loose my authority, I’ll have to start over again by just applying again and save $8,000 for the down payment for insurance since I’m sure the only company that will insure me will be Progressive again.

 

It’s easy to have your authority and be leased on to another carrier and there are lots of trucking companies that do it. I simply use their numbers and don’t use mine. I use “Operated By” preceded by their numbers. That way my company name stays on my truck and the DOT is happy. Nothing illegal about this and in my opinion for what I’m trying to do, it was a perfect plan had I not lost my insurance.

 

This is what I’m thinking of doing. I’m working it out now.