Trucker Insurance Costs | Lease-On vs. Own Authority | Semi Trucking | Hotshot Trucking
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- Опубліковано 28 сер 2024
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An amazing presentation with knowledgeable and wise demeanor, also calm communication. I think this young man is brilliant!!!! BRAVO
I appreciate the feedback
I would have 2 AGREE
David McGill guyot lllllllllllllurlj
Factual !
He is definitely a great example for some of the young guys on here that act like Clowns! Very mature and knowledgeable. I’m calling you young because I’m 73. Just about everyone is young to me.🥲
He is 100% right but luckily I got a good price for full-coverage insurance policy for $1360/ month for 1m and 100K cargo. I just started this business with my own authority. Hopefully, it will be beneficial.
What insurance company did you go with?
What company did you go with?
Question brother:
I’m purchasing a truck. I have established a LLC and applying for DOT and MC. Am I now working under my authority. Or i have to do something else ?
In all actuality you’re still paying for your own insurance the 10-20% lease on percentage is being taken out from each settlement so every week your giving away 1200-1800 depends on what your truck grossed
Yes it’s unfortunate that he didn’t mention that
Waw thanks man you're a wealth of knowledge I work for a small crooked company that the boss been trying to get me to but into a owner operator but says I need to pay $2k a month for insurance and no fuel surcharge and a flatbed trailer 1200 a month when online I see 700 a month and the sad part is he has 5 guys struggling and paying all that I need to let this people know I hate to snitch but knowing and not saying anything is making me feel complicit and I don't feel good morally to not say anything
Appreciate the professional presentations that you bring to us on a regular.👌💪
Yea but the company is also making a "percentage" off of the loads that owner operator is carrying, which is anywhere from 25% -30% plus the 500 a month for the insurance that the company is supposed to pay in the 1st place...but instead they threw that cost at the O/O. But I digress. FYI a load paying $1000 the company is getting $250. The driver more than pays for the cargo liability insurance easily.
could you please make an update video for 2023? thanks in advance, and also you are one of the best, if not the best at explaining trucking related information, right to the point, with no B.S, good sport.😊
son how about some info on recommended insurance companies,both interstate vs intrastate. also what do insurance companies look at when they insure you? prob experience, past record etc? keep the videos coming son i enjoy watching
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They MUST insure by the mile! NEVER by the month, since that makes drivers pay to sleep, which will force them to crash!
Hey, how can I contact you directly. I'm really looking to start a trucking business, I just want to learn before I start. My name is Priscilla.
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@@carrasco4712 I would look for another company. They are clearly ripping you off.
No thank you. There is plenty of help offered out there than to pay you for your advice.
@@carrasco4712 I'm bringing home after deductions and fuel $3200+ a week. If I can do this anyone can. If everyone else is NOT doing this than the company they are leased onto is eating into your pay too much with whatever bs fee they are saying you have to pay (insurance, percentage, ECT)
@@carrasco4712 you as well.
David thank you for the great tips!
What do you think of $1470. A month for 1million general liability, 1million Auto, and 100k for cargo.
Two drivers? Good or bad? Progressive
Absolutely correct! 👍
And another reason to protect your CSA score.
Also what you didn't mention is the 25% that is taken by the company your leased to. If you gross $5k per week that company is deducting $1,250 right of the top. How hard is it to make that insurance payment? It takes you just over a week to pay it when you add the other $500 to it.
I’m planning on starting my own trucking company. Thank you for the information , I most definitely will keep watching your videos
Listen if you paying 2 a month for 1 truck with the exact coverage he placed on the white board find you another insurance agency
Bey bud you got the wrong... insurance i find this very uncetain. Unless diferent state . In az it will cost you no more then 1200 bucks a month for everything he mentioned on the video. It can be discouraged for some one whos struggleling to start up with a limited buget just saying.
Does age matter im 25 about to take over my family trucking business but have to drive for 3 years before i take over so i truely know every aspect but i was calculating me at 500$ a week for insurance because im young and new but have my own authority ect owner operator status
Thanks this is the answer I was looking for...
With all respect thats incorrect.
The reason why the leasing company gives you their dirrect cost is because they have a bond involved and thwir fleet cost is approximately 800-900 dollars per month. They also use a insurance manager that bills them small accidenta or incidents before going dirrectly with insurance. Sort of like a accident forgiver but you have to pay for that accident below 5k
When I was going to lease-on a few owner operators, my insurance agent gave me the breakdown of what coverages & costs were going to be. I don’t have a bond & I don’t have an insurance manager. I’m not sure what part you’re saying is incorrect.
good info there Ervin. My premium went from $20k to $32k for a $1500 damage.
Very helpful I’m getting my own trucking authority 2k a month isn’t a lot if your making 20K a month to
first let me say how impressed I am with all of your informational videos you're doing a great service and it's much appreciated my question is How much will a policy increase with each truck you add
1) Is it better to start the startup business paperwork before you get the truck or first get the truck? 2) How easy is it to get financing for a 3 or 4 axle dump truck?
i lease as an owner operator and i still pay cargo and liability i think thats normal i know so many people that does too
Good job. Very simple and comprehensive.
Smart young man💪🏾💪🏾
As always bruh… your videos are trump tight! Thanks bruh!
Thank you
My respect brother
If I’m a owner op and I’m only doing power only , drop n hook . Do I need cargo ins?
Great job on the video👍🏻
Thank you David. This was very helpful
brilliant explanation, keep trucking
Just bought my first used truck. I would like 2 pick your brain about getting started
McGill I congratulate you, you have made brave videos with excellent real content. Which state and if we come to that side to help me search and find a sponsor company for chauffeuring.
With your own authority,will you have to pay additional insurance for every truck that you add to your fleet?
If you leased a truck would you pay for each additional truck? And are there any advantages to leasing?
Just got a consultation from him amazing information and really answered questions that help me save a lot of money wish he still the mentorship’s still going great dude didn’t rush me off of the phone and gave me great information thanks again will be rebooking a consult soon
Very helpful and insightful.
Appreciate the help you provide here !
What insurance is the best insurance for owner operators?
You be considered a carrier if you have your own authority a owner operator if you work as a lease
Excellent presentation bud! So informative, im sharing this video and subscribed
Always good information
Thanks for clearing this us up for me.
Bro you should have your own trucking school
Hey David two questions
1. Would this be per truck?
2. What other difference are there from owner authority and lease authority or is that the only one ?
Great breakdown. Really appreciate it.
Thanks you so much for the info I will be definitely passing it on to my husband 🙏🏾💯
Been following for a while .... start my company soon...
I appreciate the time you took to break this down. My questions is what if you're running box truck O/O? Are those numbers still the same or lower because its a box truck. Thanks
I’m not sure about the box truck insurance costs. You will want to get with an insurance agent on that.
Nice video man 200th comment for ya boy
PRICELEZZ KNOWLEDGE
Thank so much for all of your videos!!! Very informative and detailed 💯🔥
brilliant
Thanks for your educating us I learned alot bro
If your a new MC you will expect to pay over $3000 per month. I have heard stories of quotes exceeding $4000 per month for new DOT/MC.
How and when do our quotes start decreasing ?
I just got my new own authority and I'm paying $2,485 a month for the first year with progressive insurance. I'm a new authority from scratch. That's with a 2016 peterbilt 579 and with the $million coverage
@@nascar8and20 I was referring to a non-CDL Hotshot operation based in Florida. Your insurance cost is state specific, so you may be in a state with lower risk.
@@rctjacksonville
I'm from Miami Florida and live in Dallas Texas now. But all I know is if your truck and trailer, hotshot weigh greater than 26k+lbs especially a loaded trailer than you will need a cdl regardless
@@nascar8and20 wow that's alot, I was quoted about 1900 a month for insurance with my own authority but I have a way older truck. When I tell all the intrastate owner operators in my area how much insurance would cost me they always laugh at me and call me crazy 🤪 but it looks like these are all ballpark numbers
good stuff my man... great job... now you have me thinking... will I save money leasing my self and truck or not with my own authority... after what I've seen so far... seems like own authority will end up making 5x more a month than a leased out LLC...
You will pay more for insurance most likely if you start your own authority. Insurance drops as you are in business longer so that's the benefit of leasing on to someone else's authority. Their company is aged and the insurance rate will be lower already.
Thanks for all that info, i really appreciated, God bless you., from glennville GA!!
Thank you for your insight, David!
Thanks for posting. Very informative!
thank you david awesome as usual !!!!!!!!!!!!!!!
Thanks for sharing your experience and knowledge. Much appreciated. God Bless You.
Very helpful. Thanks man!
Very helpful and important information.
Great video thank you for the information
Good information, keep it coming. God bless!!!
WoW!! this information is very helpful
Thanks bro
How do you insure the drivers of your truck? I’m going to be in a similar situation as you and will be an owner vice driver
What do you guys think of $1470. A month for 1million general liability, 1million Auto, and 100k for cargo.
Two drivers? Good or bad?
That is a decent price. It’s best to work with an insurance brokerage who can locate the best price from various insurance companies.
Mr Miguel you didn't talk of the %ge most carriers deduct on the gross because of me the o/o leasing my truck to their authority. If say they take 1500, a week that is $6,000.00 a month
ALL MY OWNER OPERATORS LEASED ON TO OUR COMPANIES PAY THE CARGO AND LIABILITY. I DON'T KNOW WHAT COMPANY OUT THERE WOULD EAT THOSE COST FOR ANY OWNER OPERATORS. MAYBE IF THEY ARE CHARGING 20-25% TO LEASE ON THEN YEAH YOU ARE PAYING IT IN THE PERCENTAGES. I CHARGE MY GUYS 12%
LUIS PEREZ where are you out of?
I just applied for my own authority and I'm getting a bunch of calls from companies offering insurance. How do I know who to use?
Elston Kidd you got too look for a specialist. Not someone that does personal auto, life etc. But someone the specializes deeply in trucking insurance. They would be the ones who have all the appropriate companies to quote you with so you don’t miss the good price. I’m an agent working at U Trust Insurance, we specialize in trucking. If you need quotes or have questions I can help you out. 360-910-5810 Max.
Appreciate the info
Bad info. As a owner operator you pay more than 500 a month.
500 a month bobtail
285 a week
285 a week
285 a week
285 a week.
= 1640 for another 340 you can start building a company. The real killer is the initial down payment and having money to operate. A owner operator pays for every expense. EVERY EXPENSE!!!!!!!!!!
Nice, thank you for video
Thats not correct $2000 it’s very expensive I start my company 2 years ago start with 2 truck paying the insurance $1400 now I pay $950
Did you hear where I said "ballpark numbers for easy math"? My insurance is $1500 per month per truck. I have clients who pay over $2,000 & I have clients who pay anywhere from $1600 to $2000 per month. I picked $2,000 for my example for illustration purposes, but $2,000 isn't a an unrealistic number. Insurance costs are going to vary by person due to a number of different factors. The point of the video was to break out & explain the multiple components of a trucking business' insurance policy that may be unbeknownst to people who don't have their own authority. Thanks for the feedback.
McGill CFO My bad I did not hear that part all good thank you for the hard work
Who are you thru?
@@sb-sk5hv He won't say because that would be competing against him...
@@TheRealMemeKing I guess so he didn't really say the names of insurance companies.
Thank you!
Question is there a big difference buying new truck vs old in terms of finding someone to lease it from you
What type of insurance coverage is needed if I get a truck from Lone Mountain and Plan to pull power only loads off the DAT load board?
But add up that 25% you pay that Company year lease on to every month then you will see that company is not doing you a favor you paying 500+ 25% a week your well over $2000 a month stay woke out here drivers 💯💯
Facts! This video wasn’t too accurate
@@carrasco4712 91 cents? LMAO im almost making that driving for a company as a company driver LOL
Is the 2000 per truck or is this for all the trucks you own
Great information, thanks
THANX MCGILL.... I TELL GUYS ALL THE TIME TRUCKING INSURANCE IS VERY EXPENSIVE, IT HAS PUT A LOT OF COMPANIES OUT OF THE BUSINESS. I'M SAVING UP TO BUY MY 1ST TRUCK THIS TIME NEXT YEAR, REASON BEING TO HAVE SOME RESERVES PUT ASIDE FOR WHEN THE SEASON GETS SLOW.
@sam simon 💪🏾💪🏾💪🏾💪🏾💪🏾
Same here. This is why they say, “cash is king” I live in PA so I’m hoping the insurance is cheaper here.
Anthony Drummond let us know , I just got my cdl and what to see what’s cheaper PA or NJ
Am starting new in the business, 1 year cdl and they are giving me a qoute around 40,000, where can I get a good quote?
What up David, I’m in the process of starting my own trucking business. I would love to have you in my corner coaching me on the do’s & don’ts
So your saying basically that your paying 1,500 more to beable to have the freedom of picking your own loads and run wherever you want to run and also take off work whenever you can afford it? I think the 1500 a month is worth the freedom and I think your goal should be to pay off the truck as soon as possible so that 1500 is not much for your freedom, then after time as an owner operator your insurance lowers, then your paying even less for your freedom. I tell you working for a company where they don’t respect you and your dreading asking your 21 year old dispatcher for one day off is a biatch!
Good video man
Great content bro
I broker insurance rates for Berkshire and Progressive to name a few. I’m curious to know which insurance companies you’ve found to be the best? I rarely get beat in price in Arizona.
Great videos bro!
Many companies are making owner operators pay the liability and cargo while leased on and they take 17%. Can you please explain this to me?
My authority going active week do I need to get cargo insurance? To run my first load
Thank You!
Just bought a truck want to come in under my partner’s authority the insurance company is telling me I have a put his company on my title to get coverage. Does that sound right
Add trailer insurance too
Hey Brother thank Yo very much man
Thanks for watching
If you have your Own Authority but are running under someone else's Authority and paying your Own Insurance but they're taking 10 %.... is Your Authority still accruing time?
Great video ☺️
Great video!
How can I get commercial insurance, an MC number and DOT number with a truck rental from Penske or Ryder?
So what about a 2500 pro master should they go with a 100,000 or million dollar policy and why
I watched your video and my question is do you have some information on some of the insurance that actually cover box trucks and if you do can you send that information to me.
Great video
Can you lease on without driving the truck?