I've been lurking around here for about a week, and I've learned quite a bit from this forum.
Basically, I have a full time job that is right next to Dulles Airport in the DC Metro Area. I will be living near Arlington (across the river from DC proper), so I figure it would be kind of fun, and somewhat beneficial monetarily, to pick up passengers from the Airport and to take them to their destinations in DC or Northern Virginia after I get off work. (Or taking them to the airport before work.)
However, there are several roadblocks. The biggest roadblock is finding commercial auto insurance at a reasonable rate. I would hopefully only be doing these airport transfers 10 times or so per month (if I could even find that many customers), and the car (LTC or similar) would be a personally owned/financed vehicle used for business purposes and registered/permitted as a for-hire vehicle. However, the rate I got from GEICO commercial auto was something like $24,700/year, for a $1M CSL. Seems kind of ridiculous!
The other problem is getting a surety bond. Where can you get these? How hard are they to get?
I went ahead and bought "Wheels of Gold" book from that Goerl guy, and it should get here today. I also bought "LLCs for Dummies".
Does anyone know if this idea is even feasible? I think I could make it work if I could get an insurance quote between $1000-4000/year. My goal is not to profit, necessarily, but to perhaps make the car pay for itself. I figure I could get some business from www.limos.com.
Thanks for any help/advice!