Your insurance cost with your own authority- hazmat loads

Discussion in 'Ask An Owner Operator' started by Rockdoctor, Mar 2, 2019.

  1. Rockdoctor

    Rockdoctor Medium Load Member

    I am currently hauling crude oil, own my own truck and trailer, and running under the carrier's authority I am leased onto.

    I am paying $3500 per year for my bobtail insurance, and comprehensive and collision on my truck and trailer.

    The portion of the insurance I am paying to cover my business and the carrier I am running for while I am under their load has increased recently. I am trying to determine:

    a) If I apply for my own authority, how difficult will it be for me to obtain insurance for hazmat loads? (My business is 1.5 years old, I currently do not have my own authority, and I have 7 years of safe crude oil experience and driving experience)

    b) Approximately how much more money will I spend to operate my own authority? (Drug testing pool, compliance, etc)

    c) Are there any other advantages to running under someone else's authority as opposed to obtaining my own I may be missing

    Thanks for you input and feedback!
     
  2. Midnight_tim

    Midnight_tim Light Load Member

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    Dec 19, 2018
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    I just started my own authority (building my own Fleet) and the insurance was probably the biggest upfront expense next to buying the equipment. Granted I had a fair amount of capital to start with so I didn't have to shy away from the exuberant insurance (23k for the year for 2 trucks... was 17k for 1). Experience didn't seem to play a factor in the rate at all but age of the business did. It was a pretty lengthy process. If you're not starting a fleet, I would recommend just leasing on and minimizing your expenses. Unless YOU really have some deep inner desire to be a one-man-band, it's a lot of hassle to keep up with.
     
  3. Jim007

    Jim007 Bobtail Member

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    Dec 3, 2017
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    Call an insurance agency. They will be to help u more. But first get your story together. If u owned your truckntrailer getting your own full authority would be the "cost saving" way to go. Than having another carrier do it for u plus added fees. Call one of these insurance agency they will help u with the matrix involved in getting a policy coverage.Good luck bruh#
     
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  4. spindrift

    spindrift Heavy Load Member

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    Went to a broker this week and I received a very competitive rate from Progressive.
     
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  5. 338-Dark-Knights

    338-Dark-Knights Light Load Member

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    Jan 27, 2011
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    So what are the typical expenses (deductible?) that have taken a rise over the last years? - Compared when running as O/O, but under firm's authority? List of standard deductions?
     
  6. npok

    npok Light Load Member

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    Sep 26, 2015
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    What I learned is from my own research is that you'd better get out there talking with your local producers to see if they'll even give any work to a one man band.
     
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