Update on my "getting into the trucking business" business

[Tobin S.]

I think it's harder to get into the trucking business than actually being in the trucking business. Today I lined up automatic bank transfers for all of my bills I could do that with. I bought physical damage and non-trucking liability insurance for my truck. Physical damage is collision insurance that I have to have to drive the truck off of the lot and maintain for as long as I have the loan. Non-trucking liability is for when you are operating the truck without being under a dispatch. I also bought a $10,000 policy to cover medical expenses should I get hurt just working around the truck. Falling out of it is a good example and a lot of drivers get hurt that way. And I bought uninsured motorist insurance. All together it comes to $1770 a year and that's just for a $35,000 rig. Those last two policies weren't very expensive. It's the physical damage that's the most costly.

Now I have to buy occupational accident insurance at $139 a month. That's kind of like worker's comp but it covers a few more things. And, finally, health insurance. I'm guessing about $150 a month there. The carrier I'm leasing to provides commercial liability insurance and cargo insurance.

My dad expressed an interest in riding along with me on a few trips out west. There will probably be a fee for some kind of insurance for him.

If everyone has done everything that they were supposed to do today, which is questionable :D, I should be able to close the deal on the truck tomorrow morning. Then I will have to buy a 48 state apportioned commercial license plate that's probably going to run me around $2000 if I have to pay up for a year. I'm not sure how they renew those though, so if it goes from January to January I might just have to pay for a half year.

After all that stuff is done I should be ready to lease on and get a trailer. There are several personal things that I still have to take care of.

On edit: Tomorrow I will have pictures of the trucks I've been driving for the last 3.5 years at my current employer.

[petronius]

1. Damn - sounds like a full-time job just to start a full-time job

Sounds like you're pretty close, though - congratulations!

[JustABozoOnThisBus]

10. Full time? that would be nice

It's probably a lot more time than "full time" to start a business. All before seeing the first dime of income.

Sounds risky and nerve-wracking.

Salud, Tobin.

:fistbump:

[CaliforniaPeggy]

2. My dear Tobin!

Wow, what a lot of work...

I do expect that this will pay off...

I'm looking forward to your pictures...

Happy driving!

:hi:

[auntAgonist]

3. I remember the excitement

of getting a new truck and hiring on.

Congrats Tobin. Many happy motoring miles to you!

:hug:

aA
kesha

[zabet]

4. Sweet!

You are almost there! Kudos to you and your initiative. :hi:

[MiddleFingerMom]

5. To avoid falling...

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...you might wanna bungee jump outta the cab.
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[Inchworm]

6. For some reason the word "escrow" comes to mind

Dad used the words insurance, permits, fuel, tolls, and escrow in one of his common rants.

Keep on Truckin!

:applause:

[david13]

7. Well, you are almost there. And it looks like you have everything

covered. We have a trailer. But it's too far away for you. Plus I have no idea what condition it's in.
Anyway, it takes money to make money. So you are in business. Almost.
Good luck, and enjoy.
dc

[Ikonoklast]

8. I Love Me Some Paperwork!

I keep repeating that mantra, at the very top of my voice, for hours on end until I either finish doing all that needs done, or hyperventilate and pass out.

I am currently finishing up my first quarter receipts for tax purposes, putting them away until the end of this year, and doing my second quarter IFTA miles for April and May...I'll have everything ready for the end of June and the end of the second quarter, ready to be filed.

Then there is NY HUT, and KYU, and, and, and...I LOVE ME SOME PAPERWORK! I LIVE ME SOME PAPERWORK! I LOVE ME...

[kayakjohnny]

9. Your relentless pursuit of and total dedication to this idea is amazing, Tobin S.

I read all your posts. You are an inspiration to anyone who would chase a dream.

Good luck and thanks for the posts.