hi guys.. i have been doing a lot of towing for people and im thinking about getting a car hauler.. im going to get a 3 car goose neck, and a single vehicle recovery trailer that is able to load broke down cars/trucks with a winch.. now in my area and with the people i know those 2 trailers will keep me busy never mind the other stuff i do.. now seeing i will be doing a lot of towing i was wondering if i should make a small tow business out of it that way i can report my earnings and also have all the right paperwork and markings on my truck to make it legal.. my main thing will be hauling broke down cars to shops.. any info would help greatly.. also any laws i should know about for Rhode Island and Massachusetts
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2001 F350 SuperCrew Long Bed Dually.
7.3L turbo Diesel, automatic transmission, goose neck hitch, fifth wheel hitch, stainless steel back rack, 315/75-16 BFG A/T's, AUX back up lights, euro-lite driving lights, upgraded fog lights, dp-tuner, auto-meter ultra-lites, 5in stacks no muffler, whelen towmans light bar, DIY tymar intake, DIY coolant filter, 2M ham rig, DIY AIC,
( egauges )
I've been doing it for over 6 years without incorporation or business licensing, although I quit vehicle recovery/repair shop hauling except for occasional jobs for friends. I can't compete with the pro towing outfits except on long hauls to Indianapolis, etc. 90% of my hauling is launching/landing boats and RV trailer tows for private individuals/RV dealerships.
I report the earnings as "Miscellaneous Income," depreciate my equipment, and declare mileage and expenses. I just survived IRS audits for years 2002, 2003, and 2004 owing a total of $358.00 due to a couple of dumb miscalculations on my part. 1040X filings are no fun and be forewarned.
All of this info is relative to operating in Indiana, and sorry I can't help with your states. Good luck.
What about the insurance aspect? I bought a trailer for my boat and checked on insurance prices for hauling other people's boats and it was outrageous--over $5K/year for 150-mile radius, NC only. I would've had to made it my primary job just to pay the insurance bill!
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2008 Tundra Crew Max Limited 5.7
2004 F-250 CC Lariat FX4 6.0 PSD with 132K miles (traded)
I'm not officially towing for hire....my truck policy covers liability on the trailer/boat/vehicle towed; the owner's insurance covers his vehicle otherwise/additionally. I've never had a claim.
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I'm not officially towing for hire....my truck policy covers liability on the trailer/boat/vehicle towed
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You're fortunate because that's not how it works in NC. If something happens while I'm towing someone else's boat for a fee and something happens (wreck, damage to boat, damage to personal property, etc.) my automobile insurance company will quite possibly deny coverage for any damages...including that to MY TRUCK. I'm just not willing to take the risk without the proper insurance, but then again I'm in the insurance business and have seen large claims denied by carriers due to an insured's misrepresentation. Insurance claims adjusters don't won't to pay out claims for uninsured losses and they WILL dig deep to see what is compensable and what is not. What's worse than that is the personal injury attorneys who will jump on a claim like that and take you for what they can.
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the owner's insurance covers his vehicle otherwise/additionally. I've never had a claim.
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There is the issue of Care, Custody and Control. If something happens to my boat while it is in the care, custoday and control of another individual (marine transport, boat yard, mechanic) then my insurance carrier is going to try to go against whomever that may be to recover damages. Othewise they are going to increase MY premiums due to an uninsured/under-insured claim so I'm going to want them to be aggressive in collecting from the individual at-fault.
All I can say is be careful, because even if an accident or damage to the load it is not your fault, things could get smelly REALLY QUICK.
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2008 Tundra Crew Max Limited 5.7
2004 F-250 CC Lariat FX4 6.0 PSD with 132K miles (traded)
[ QUOTE ]
[ QUOTE ]
I'm not officially towing for hire....my truck policy covers liability on the trailer/boat/vehicle towed
[/ QUOTE ]
You're fortunate because that's not how it works in NC. If something happens while I'm towing someone else's boat for a fee and something happens (wreck, damage to boat, damage to personal property, etc.) my automobile insurance company will quite possibly deny coverage for any damages...including that to MY TRUCK. I'm just not willing to take the risk without the proper insurance, but then again I'm in the insurance business and have seen large claims denied by carriers due to an insured's misrepresentation. Insurance claims adjusters don't won't to pay out claims for uninsured losses and they WILL dig deep to see what is compensable and what is not. What's worse than that is the personal injury attorneys who will jump on a claim like that and take you for what they can.
[ QUOTE ]
the owner's insurance covers his vehicle otherwise/additionally. I've never had a claim.
[/ QUOTE ]
There is the issue of Care, Custody and Control. If something happens to my boat while it is in the care, custoday and control of another individual (marine transport, boat yard, mechanic) then my insurance carrier is going to try to go against whomever that may be to recover damages. Othewise they are going to increase MY premiums due to an uninsured/under-insured claim so I'm going to want them to be aggressive in collecting from the individual at-fault.
All I can say is be careful, because even if an accident or damage to the load it is not your fault, things could get smelly REALLY QUICK.
[/ QUOTE ]
How true, and I'm taking a risk; however, I did talk over some relative issues at length with my agent and a home office rep. That's why I stay with the carrier I have. On longer hauls and with people I sense are a bit iffy, I take some extra precautions in spelling out liability/damage issues on paper. It still rests at the back of my mind that, no matter how careful I am, I can still take a hit. Knock on wood.
I'll cosign that....makes me tickled plumb pink that my truck's fine except for scratchin' 1st-2nd shifts. [img]/ubbthreads/images/graemlins/biggrin.gif[/img]
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My God boatingncst8fan, what the hell did you do to get your truck like that(how its described in your signature)??????
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Drive it for work mostly, >75% highway. [img]/ubbthreads/images/graemlins/shrug.gif[/img] And I'm not hard on vehicles!
That's just a few of the problems it's had since I bought it with 13K miles in Jan. '05. Now it has 43K on it. That list doesn't include two new radios, a new driver seat track assembly, new back-up safety sensors, new EGR valve, new EBP sensor, new VGT solenoid and the three or four recalls and re-flashes and total of three weeks it's been in the shop. But that's for a different forum on this site. [img]/ubbthreads/images/graemlins/phoney.gif[/img]
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2008 Tundra Crew Max Limited 5.7
2004 F-250 CC Lariat FX4 6.0 PSD with 132K miles (traded)
some times, but seeing i don't have a trailer of my own not all that often.. mostly the only cars/trucks i tow are going to the junk yard. right now sense im not doing it full time and im not using my own trailers its pretty cheap fuel plus my time $10-$20 a hr starting from when i show up to where the trailer is until i unhook, with a 2 hr minimum. right now i got a little thing going for some of the people i know that have older trucks that tow, i have a list of people about 10 people right now that if they call with and emergency like they broke down on the road and are having there truck towed but have there trailer and need to have it brought home ill tow it for the price of fuel and a coffee!! [img]/ubbthreads/images/graemlins/cool.gif[/img] i have a buddy of mine that owns a lawn business and when his truck goes into the shop i haul him around for price of fuel plus 5$ a hr and 2 coffee's. he also has me tow his kubota for him sense its easier for me and it don't beat up his 83 1/2 ton. another guy pays me 100$ to drop off and pick up his ford backhoe witch is pretty big, the trailer itself is a dump truck trailer.. im not out to get rich just make enough to pay bills.. i have a full time job so any thing else is play money, now granted if i get into this more i will not be charging the same prices but because of what i charge right now i do get a lot of calls for different things and it keeps a little extra play money in my pocket..
__________________
2001 F350 SuperCrew Long Bed Dually.
7.3L turbo Diesel, automatic transmission, goose neck hitch, fifth wheel hitch, stainless steel back rack, 315/75-16 BFG A/T's, AUX back up lights, euro-lite driving lights, upgraded fog lights, dp-tuner, auto-meter ultra-lites, 5in stacks no muffler, whelen towmans light bar, DIY tymar intake, DIY coolant filter, 2M ham rig, DIY AIC,
( egauges )
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