The Federal Motor Carrier Safety Administration (FMCSA) only charges $300 to issue and file an operating authority. However, you’ll also have to fund several other elements of your business, including insurance, monthly truck loan payments, fuel, IFTA filing, and taxes.
Use the cost breakdown below to get a better idea of how much overhead you need to drive under your own trucking authority:
Only apply for an operating authority once you’re ready to build a trucking company from the ground up. While the application fees cost very little, the insurance premiums, truck payments, and maintenance fees that come with being an owner-operator can add up to several thousands of dollars. Ensure that you have the necessary funding.
Do you plan to haul freight over long-distance routes? Assured Standard recommends looking for a suitable insurance policy first. Use our piece explaining the best owner-operator truck insurance policies for long-haul truckers.
Arthur started Assured Standard after seeing his sister struggle with finding insurance policies for her business. Thanks to his background in business administration, he knows exactly what small and big businesses need to keep operations running.