Hazmat insurance

[dhirocz]

Did some looking into things. Truck is about paid off, company offers plate and insurance services it's owner ops we pay for but from what I'm seeing they are making a handsome profit compared to if I handled the tag myself so I have to wonder if insurance is the same way.

As of now I will need hazmat insurance, since that is about half of the tank loads that I pull.

I know there is probably alot off shady companies out there, there certainly is questionable car insurance companies anyway. Any recommendations for a decent insurance company that also offers hazmat coverage I can get a quote from?

I'm not good with someone making a handsome profit off of a 'convenience' that is so simple a caveman could do it.

[Rawze]

Take everything you made last year and add up what your net costs (after fuel and all settlement expenses only, not maintenance or repair costs) were for the HUB miles/odometer readings (not paid miles). That is where your actual base-line reference profit really is when considering who you are leased onto and what you do. Put it into its proper perspective first and stop sweating all the detailed BS for a bit.

DIVIDE How many miles on your odometer last year by every penny that was deposited into your checking account from the carrier. <<-- Simple as that! -- because THAT is what you actually got!.

Use your Odometer readings (they can be found by looking at your fuel receipts in January and December).

then ...



Go to your On-line banking and add up all deposits by them last year.

then ...

If you have insurance, tags, fees,.. Insurances, etc. you had to pay yourself (not repairs or maintenance) add them all up and subtract that form what you got paid.


Divide it all out -- No sense in BS'ing yourself, Those numbers don't lie!. -- That is what you actually got to take home and paid for what you do!.


If it is decent, then your doing ok, if it is not,.. Then you are either doing something wrong with where/how you drive it, or you are getting screwed. I now guys who say they make a ton of money,.. yet when you put it into that perspective, they ain't got squat at the end of the day... And some guys who think their getting screwed with low per-mile rates and percentages who actually take home more money than some guys with their own authority.

Most of the time, breaking down their costs and net profit reveals they aren't driving it right first and foremost, but you would be surprised at how many truck owners simply get ripped off that are on a percentage basis and thought they were doing well.

I will give you a base line to compare against... Back during the 1.5 years that when we were making truck payments, it was about $0.71c/mile. Last year we made about $0.83c/mile when added up the way I described. Pretty decent for no-touch dry/reefer freight, and last year we drove roughly 177k miles in total with 2 drivers, about 88k miles each. We don't drive a lot of miles any more on purpose, but rather take more time off to be together and enjoy life. Back in the first couple years with our truck, we would bust 240,000 miles a year even driving 55-60 mph. That is how we paid off our house and everything else we owned. We don't kill ourselves on the roads and only go 55 mph any more to keep miles minimized and profits maximized instead. I.E. -- We don't need to kill ourselves and our truck with a lot of miles to be profitable and make ends meet any more. The truck sits at home about half the year in total on purpose, and that is really nice on us. 177k miles also meant roughly about $146,000 directly in our pockets last year before any maintenance expenses. -- A pretty decent living, not killing ourselves, lots of time off, and doing as well as many with their own authority running their butts off in the dry-van low-rent market. It don't matter what dipsey-doodle games they play up at the head office, it seems fair so I could care less.

I have met guys who haul flat-bed or tanker that are making 80% or even 90% of gross, and work their arsses off, who only take home about $0.53 - 0.60c/mile net at the end of the year when it comes out in the wash. -- I feel sorry for them, yet they will argue with me for hours on how they are doing "better than me", barely making ends meet because they got it all figured out.

Never fool yourself. Evaluate what you do and weigh it against the efforts and time away from home and family. -- Find out how much actual worth you get from it and what it will take to improve it in a realistic way that makes sense instead of chasing the details and pennies/year that aren't going to make much difference.

[kmk]

Hazmat insurance will largely depend on where you are based out of and the types of cargo you are hauling. You mentioned tankers, if its more than 300 gal capacity the feds require 5mil liability coverage for interstate carriers, which will be rather expensive. Very few companies will even consider providing you with coverage during the first 3 years.