What’s it gonna run me?

Discussion in 'Ask An Owner Operator' started by Driftwood1990, Jan 3, 2018.

  1. Driftwood1990

    Driftwood1990 Bobtail Member

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    Jan 2, 2018
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    Man I need some questions answered about O/O. I’m going to get my MC number and run in as O/O but #### is insurance really going to run me $1200-$1500 a month? Seems a bit steep to me but I wouldn’t really know. Also, are you having to run a business license as O/O? Not a big deal but I just need to make sure I have it alon with my insurance before I file for my MC #
     
  2. Slavi

    Slavi Bobtail Member

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    Think about it this way.....When you have 500k-1mil+ of product in your box/on your deck and s..t goes upside down, your insurance will have to foot the bill for the said product.
    Shop around, but 1200-1500 a month for a new authority isnt unheard of.
     
  3. mrbamcclain

    mrbamcclain Light Load Member

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    Rules may vary from state to state, but you should very well be fine registering a dba and operating as is. If you plan to expand then an LLC may be better fo the long run.
    File for your MC whenever you're ready. Insurance won't go active until after that anyway. You're a month maybe 2 away from going active. And that's at least 2 weeks after your down payment for insurance.
    Everything is gonna be kinds high in the beginning. Just keep your nose clean and your renewal should be much cheaper
     
  4. Gearjammer79

    Gearjammer79 Road Train Member

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    Llc is needed for the new tax codes. To get the max savings.
     
    mrbamcclain Thanks this.
  5. BoostedTeg

    BoostedTeg Road Train Member

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    1200 to 1500 is about right for new startups. I know couple drivers that paid about 1800.
     
  6. windsmith

    windsmith Road Train Member

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    Insurance is a lot less expensive if you limit your coverage to a 500 mile radius.
     
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  7. Doing_flatbed_nc

    Doing_flatbed_nc Light Load Member

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    Insurance wise, I run a 300 mile radius with a daycab and insurance is not too bad.

    Agent says that after the first year I should be able to increase my radius with no rate increase.
     
  8. nax

    nax Road Train Member

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    You wanna get in the pool? or naaah?

    Insurance is one of those things that you WILL NOT be able to control, as a new entrant.

    That said, then you need to adjust what you can control, so that any realized savings, are applied to the insurance pain.

    I fuel @ KROGER....I know, I know, the pumps are slow, but hey, 2.56/gal beats $2.99/gal at Truckstop. 200 gallons saves me $85 per fill up X 4 trips = $320+ which I slap into my insurance pain.

    Every lil bit helps, esp when getting into the game.
     
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  9. danny23tx

    danny23tx Medium Load Member

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    Yup i pay around 1500 for my first year , 3500 to 4500 down . Not many will insure you but Progresive will . Make sure you have deep pockets .
     
  10. Dino soar

    Dino soar Light Load Member

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    It depends where you are, but I think the insurance companies have tightened up on new entrants and the rates have gone up.

    Average rates are probably 12 to 15 thousand. When I was calling around for insurance one of the agents told me she just signed somebody for $26,000 a year.

    Insurance rates are high right now, at least that's my opinion.
     
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