MC Numbers: Get One and let it age? Buy one?

A lot of people have been asking whether its ok to get an MC number, activate it, and let it age while you lease on to another carrier. Here are my two cents on this topic!

[stevenj.kasperski]

Hey, Trucking insurance specialist here. You can age your MC with a personal vehicle first. If you originally do your FMCSA and list one vehicle under 10k. Then you can get a fairly inexpensive 300k CSL policy while it ages (way cheaper than 750k on a big tractor). You just need to make sure you update your FMCSA with the proper form and be sure the insurance gets the updated forms filed before you start running under your own authority. It can ket you age your MC at a discount.

[dflogisticsllc]

Wow! I should just spend most my time here. Very detailed and easy to follow. 🙏

[davidkang]

wow!!! I'm so glad I found your channel, you're everything I was looking for, thank you for doing this.

[joemalinak]

I've kinda accidently done that. I got my mc activated only to find out the company I was leased on to has a clause that would make it very expensive to complete the lease purchase of the trailer early. I only had 2 months left to complete it so it wasn't worth pausing the insurance or leaving without the trailer. 9-22-22 is so far away :(

What I did discover is once my mc went active the telemarketers for factoring and dispatch companies blew my phone up. It was kinda nice at first because it saved me the terrible of looking up companies myself.

In speaking to multiple dispatch services, they all emphasize that they have plenty of brokers they deal with that will work with new mc #'s.

In my case all the insurance was costing me around $950/mo for my authority. It is costing around $1450/mo for the insurance through the company I'm leased to. Most of the dispatch services were charging around 4-5%. I figure on an $8k week that's $400/week or so on the high side. I figure with what I'm saving in insurance plus not having a much kept by the company Il still come out ahead.

Way I see it, it stinks to pay the dispatching services but I see that as an optional way of the authority agree hurdle. I figure using dispatch service and factoring (which takes 3%) I'm keeping 92-93% vs the 88% that the company I'm lease to pays. But with my authority I have the option to use or not use the factoring and dispatch services at my convenience. I don't have that option with the carrier in leased to. I only am dealing with factoring and dispatch services that charge for when I actually use them rather than a flat fee whether I use them or not. In theory I could book my own load and use factoring which will only cost me 3%. Or I could use dispatch services to book the load and not factor out and only cost me 4-5%.

That's my 2 cents and how I plan on dealing with the new carrier hurdle for what is worth.

[zydanefinancialjourney.]

This is what I needed. Your content is everything!!!

[ulianabobina]

Thx so much for the video u making, I watched all of them, I just stared to open MC company and ur information helps me a lot!!! You the best!!! Waiting for more videos from you😍🥰🎉🎉🔥🔥🔥🔥🔥🔥🔥

[damonisatdamon_x]

Exactly what I've been wondering about for weeks thanks!!

[fedboy]

You are so beautiful and smart . I have just started my company by following your videos . Thanks again .

[archersoutdoors]

Thanks for the video/info! We are in the process of getting our authority (3/1) and have been leased onto another company for 4 years. The way the insurance was explained to me was “it’s ok to be OVER-insured, but you cannot be UNDER-insured.” So the overlap is no problem. Not sure if that is 100% correct but makes logical sense. Thanks again!

[_enriquerios]

You are a saint😭 Always giving us some awesome info!

[DanielPena-nqbc]

This is what im curently doing with my company right now. In January no broker weren't taking us in. So we used a close connect of ours to let us work under his DOT and he put us on his insurance policy. Looking forward to August when we finally have 6months of DOT

[robertabbott]

Hi, Miranda, thanks for all your great content! Learning a lot. I am a new driver, but do plan to go O/O within the next two years. In one of your videos you mentioned aging your MC and DOT #s, and I thought, "wow, great idea...I'll do that, but in this video you talk about having to have insurances tc. so the cost to do so while no owning or operating a truck and generating revenue, seems to make "aging" something you can't really do unless you're ready to drive as O/O. But in one guy's comments he said the following:

(cut/pasted)

[j-nr]

It is possible I know people that have done it but first get leased on to the carrier and then get your MC number like that if you have a problem with your insurance you can always shop around. It’s more expensive that way since you will be paying for two insurance policy’s.

[edkspilot]

Thanks for the information! Thanks for taking it to the board!!!!

[trentmsteel]

I did this, but not on purpose. I did my first year this way while my truck was insured with my authority's policy and I was leased on to a Mega company, the one that likes the color oranges. My insurance agent was cool about it, but did warn me if anything happened to the truck, neither my policy I was aging would pay out nor would the one with the Mega company. Because I can not "double bind a truck on more than one policy." Luck has it nothing ever happened, no accidents.

[vakhtangsutidze]

Amazing all you videos is like reading my mind great videos!!! Thank you 🙏

[robertabbott]

Miranda, seems the comment length was limited.
So I will reference the comment by author: Steven J. Kasperski...he stated he was trucking insurance specialist

[fransleeuwe]

so interrestng to watch your videos, i am from Europe and hired as a Driver of a Reefer .
thumbs up miss ... LETS GOOOO..

[luismontelongo]

Thanks for the great info like always! What ELD do you use and whats the cost per month? Also do you have a cam on your drivers? TIA

[meier]

THE SHORT ANSWER IS YES YOU CAN INSURE AN ASSET THROUGH MULTIPLE POLOCIES