Steps to Becoming an Owner Operator Truck Driver

If you’ve decided that you’re able to meet the necessary qualifications to become an owner operator and you’re ready to start the process of becoming an owner operator.

Step 1: Determine if this is the best option for you.

The thought of becoming your own boss has been on all of us at one time or another. The dream sometimes is more important than the work involved. As a business owner you have to consider the amount of time and dedication that is needed to run a business. As trucker, you’re working a lot away from your home. If you’re a business owner, this can increase your time away. If you are a driver for the company your responsibilities are limited to the specifics of your work. However, this isn’t the case when you become an owner.

Step 2: Get Your CDL

The next step in your path becoming an owner is obtain the commercial driver’s licence. While getting a regular license is an easy task, much more effort is involved in obtaining the CDL. You’ll need to be able to pass an DOT physical, identify the kind of freight you’ll be transporting, think about any special endorsements, pass the knowledge test, and then take road skills tests.

Step 3: Make the Financial Investment

There are a few additional costs that come with becoming an owner-operator. In addition to the above mentioned costs the weight tax along with registration fees and you’ll need to pay for endorsements and licenses. But, you must also to budget for the maintenance of the truck’s equipment and taking care of any leases or loans as well as tackle insurance. You must the savings you make to cover the living costs.

When you are your boss, you will must also take on your financial obligations.

Step 4: Buy Your Rig and the Necessary Equipment

This is the first step everybody wants to know about when it comes to the best way to become an owner-operator. It’s an exciting, yet terrifying moment when you put your money or take out loans to buy your vehicle. It is important to think about each aspect of operation you’re planning to manage. Once you’ve identified the items you’d like to transport then you’re ready to buy something that is worthwhile.

Step 5: Choose Which type of Owner/Operator You Will become.

Once you’ve received the CMV You’ll need to determine if you’re planning to lease your car to a corporation or operate with the authority of your personal.

Most owner-operators are able to lease their business to motor carriers. This arrangement makes it easier to find work, and it covers certain costs related to transporting the freight. If you’re just beginning your journey in the field of trucking it can be beneficial in your learning the ropes of trucking.

Working under your own authority allows you to earn more cash. Be aware, however that some of the gains could be offset because you’ll need to allocate resources to find loads to move.

Step 6: Get Insurance Coverage

The kind of insurance you’ll need will be contingent upon whether you’ve decided to lease your truck to a firm or to do it yourself. Be aware that the case that you decide to contract with a motor vehicle insurance, it is usually restricted in terms of its coverage.

The coverage generally is limited to the primary responsibility. Therefore you might require additional insurance that covers:

non-trucking liability insurance It will protect the driver even if they’re not performing any duties exclusively for the motor company.

Physical Damage Insurance is a policy that covers the cost of any damage that is caused to the vehicle in the event that it has been involved in a crash.

Motor Truck Cargo Coverage The coverage covers the cargo you transport in the event of theft or damage.

Lease Gap Protection It covers you in the event that a totaled car’s value is lower than the remaining amount due under the lease.