we shut down our business, and want to reopen in the future. any tips?

Discussion in 'Ask An Owner Operator' started by icemerg, Aug 14, 2020.

  1. icemerg

    icemerg Bobtail Member

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    Apr 11, 2019
    Athens, GA
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    Hi everyone:

    We closed down our one truck business due to COVID in April, as flatbed freight in our area was abysmal, and we canceled our insurance to save money. Of course, our authority has been revoked for now. Usually around this time I'd be renewing our IRP. While we aren't currently in business, I plan to open up again in the near future. Do y'all think I should go ahead and renew the IRP? Also, does anyone have experience in closing and reopening your trucking business? How easy is it? Any tips are appreciated. Thanks!
     
    nitetride379x Thanks this.
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  3. icemerg

    icemerg Bobtail Member

    13
    8
    Apr 11, 2019
    Athens, GA
    0
    Edit: Turns out I can't renew the IRP without an insurance policy. I'm guessing I can let it expire, and then start the IRP process over again whenever we start our insurance again.
     
    rachi Thanks this.
  4. Gdog66223

    Gdog66223 Road Train Member

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    Coal Town
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    My experience has been with Dryvan and my contact at Landstar told me that if my authority lapses over several months brokers will consider me a new venture and I will have to start over again. Flatbed may be different, not sure.
    @PPDCT
     
    Last edited: Aug 15, 2020
    rachi and icemerg Thank this.
  5. Cat sdp

    Cat sdp . .

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    Apr 8, 2012
    Orion's Belt
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    Can’t register without authority, can’t get authority without insurance .......and you will be rated as a new venture by the insurance companies......

    Whatever your premium was it’s gonna be more....
     
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  6. KB3MMX

    KB3MMX Road Train Member

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    Yeah like significantly more
     
    rachi Thanks this.
  7. 86scotty

    86scotty Road Train Member

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    Appalachia
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    You just missed one of the most amazing months in history. What've you been doing???
     
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  8. Cummins_444

    Cummins_444 Medium Load Member

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    Northwest, IN
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    Hey how come you stopped doing your YouTube videos? They had potential. You and your partner seemed to regret the cabover purshase? I couldn't quite tell with how they ended.
     
    rachi Thanks this.
  9. Ruthless

    Ruthless Road Train Member

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    The City.
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    “Saving money by not buying fuel!”
     
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  10. bigguns

    bigguns Road Train Member

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    Omega,GA
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    You have already closed your business and now you are asking how to reopen it. You should have looked into all of this before closing up shop. Sorry to tell you and maybe you have figured it out by now but you have screwed up royally. Get prepared for major headaches.
     
  11. Accidental Trucker

    Accidental Trucker Road Train Member

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    Change to a private carrier, then get a farm policy on the truck. Should be all in less than about $500 per year.
     
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