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Insurance Rate Hike

Discussion in 'Business Fundamentals' started by Dogplow Dodge, Jan 9, 2013.

  1. Dogplow Dodge

    Dogplow Dodge 2000 Club Member
    from NJ
    Messages: 2,984

    The last two years, I paid $1362.50 per year for my single truck plow insurance. This included:

    $2m General Aggregate Limit
    $1m Personal and advertising Injury Limit
    $1m Each occurrence limit
    $50k Damage to premises rented
    $5k Medical

    $1k deductible.

    Last year was a bust, and the previous year, I did.... well,.. Breaking even was about all I can say...


    So, I get a call from my brokerage from some dude I never spoke with before. I guess he works for them, and decided to give me a "heads up" courtesy call. Why ? I don't know. Maybe he's trying not to lose a customer.... or whatever.


    So this year, I get my policy, and all the limits are exactly the same. The only thing that's changed is now my policy is $1635 payable by the end of the month.

    *I've never had any claims
    *Last year, I hardly plowed even my own driveway.
    *this year, looks to be another snowless year, but who knows ?


    So, I told the rep I was looking elsewhere before I sent him a check, and his reply was that the competition that used to keep pricing where it was has bailed out. As of 12/31/2012, the only other snow plowing insurer stopped selling snow plowing insurance.

    So, I guess my one truck, with one plow has little or no options but to pay the insurance (non canceling paid in full as you all know) or go without and be done with snow plowing. $300 isn't a ton of cash, but if I can't at least break even, then what's the point ?

    I have very little time to devote to finding another carrier, as I'm dealing with a parent who's severely ill. I guess I have to make a decision over the next few days..:mad:


    After doing some googling, I guess what I'm paying isn't unusual... except that these guys can't even provide snow plow insurance anymore.

    http://franchinoinsurance.com/snowplowing


    Maybe I'll just become one of those guys with a truck and a plow......
     
    Last edited: Jan 9, 2013
  2. underESTIMATED

    underESTIMATED Senior Member
    Messages: 188

    I assume you are not a landscaper in the summer?

    I will check my GL policy tomorrow, but my policy is for 12 months and I believe its around $1200/year. Brand new equipment, marine equipment, additional insured addendums, and hired autos (sub contract trucks).

    I might have overlooked it, but who do you use? (Or who did you use).
     
  3. Dogplow Dodge

    Dogplow Dodge 2000 Club Member
    from NJ
    Messages: 2,984

    Correct, I'm a NJ HIC.

    Western World.
     
  4. scott3430

    scott3430 PlowSite.com Addict
    Messages: 1,004

    My Health ins, goes up every spring right around my birthday, - it's like clockwork!

    For my commercial policy I paid $372.00 every quarter for my 04' chevy, plow, 4 mowers, enclosed trailer, small equipment, leaf vacuum, + a 2M $ liability Ins. It's going up 700. a year for adding my new truck.

    Otherwise it rarely goes up in price, seems like you should shop around - that's a big increase in your policy. :eek:
     
  5. White Gardens

    White Gardens 2000 Club Member
    Messages: 2,665

    Agreed.

    We have tons of stuff on our policy including our general liability and it's around 200/month.

    We have Auto-Owners. Rarely a price increase and if it is, it's relatively minimal.



    ...............
     
  6. underESTIMATED

    underESTIMATED Senior Member
    Messages: 188


    I found mine...and listed as follows.


    $4m General Aggregate Limit
    $2m Personal and advertising Injury Limit
    $2m Each occurrence limit
    $100k Damage to premises rented
    $5k Medical

    Cost for above GL policy is: - $411/year
    2012 GMC 3500HD Dump ($250/$500 ded.) - $674/year
    Inland Marine Coverage (Approx $25k in equipment): $378/year

    Total: $1,463/year


    I have Westfield Insurance. Been with them 2 years now.

    This is primarily a lawnscaping policy because it's more than 51% of my business model.

    Perhaps you should look into that, with a smaller percentage of plowing for you?

    Hope this helps.
     
  7. scott3430

    scott3430 PlowSite.com Addict
    Messages: 1,004

    ^^^^ That's a very good price your getting on your policy, especially with the liability coverage you get with it. Thumbs Up
     
  8. underESTIMATED

    underESTIMATED Senior Member
    Messages: 188

    I was hoping to hear that! Especially after seeing your post, and me checking my own policy...I was a little concerned. But after checking I guess it isn't terrible at all. I just don't like paying it every month. :realmad:


    Sidenote:

    I pay $678/month for our health insurance, which covers my wife and myself on a group policy.

    1k deductible, and 100% after that.

    That's through Summa Healthcare (might be large local around here).

    You mind sharing/comparing yours?
     
  9. Dogplow Dodge

    Dogplow Dodge 2000 Club Member
    from NJ
    Messages: 2,984

    Thanks, but they don't service NJ .... Geesh, I wonder why ???
    :cool:
     
  10. underESTIMATED

    underESTIMATED Senior Member
    Messages: 188

    Probably because you guys can't pump your own gas? [​IMG]


    :salute:
     
  11. 4x4Farmer

    4x4Farmer Senior Member
    Messages: 948

    Takes money to make money.....and some snow I suppose.
     
    Last edited: Jan 15, 2013
  12. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    If you are a snow only company your rates are always higher as opposed to lawn/snow company.Other considerations is your age,credit where you live.
     
  13. Dogplow Dodge

    Dogplow Dodge 2000 Club Member
    from NJ
    Messages: 2,984


    The money spent wouldn't be an issue if my weather climate wasn't turned into North Carolina's coastline.....
     
  14. scott3430

    scott3430 PlowSite.com Addict
    Messages: 1,004

    My wife is on her own health plan. I have a 5k deductable - so basically only if something major happens, and I pay : about $165.00 per month.

    I gotta have some sort of health coverage - even though it wont really kick in much til 5k.
     
  15. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Why are you not riding her coat tails?
     
  16. scott3430

    scott3430 PlowSite.com Addict
    Messages: 1,004

    Yeah I looked into that - no go. I'm actually better off on my own, instead of us together.

    How about you GV?
     
  17. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    She drags me along.Thumbs Up
     
  18. MSsnowplowing

    MSsnowplowing Senior Member
    Messages: 711

    I just switched from western to;

    Per Project Insurance Agency
    License #0C05445
    350 10th Avenue 10th Floor
    San Diego, Ca 92101
    888.269.0992 x106
    619.344.2537 (DJ's Direct number)

    $1m General Aggregate Limit
    $1m Occurrence Limit
    $1m Products/completed operations Limit
    $1m Personal and advertising Injury Limit
    $1m Property Damage Limit
    $1m Bodily Injury limit
    $50k Fire Legal limit
    $5k Medical

    $1k deductible.

    For this policy it is costing me $1,300.

    you make a $400 dollar upfront payment and then pay installements.

    No having to pay the whole thing upfront like western insur.
     
  19. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 156

    Be very careful with these GL policies. Rates are high and very few good carriers are writing here in NY. It's likely similar where you are. I strongly recommend you read through your policy and pay particular attention to the "Exclusions" section to see what's not covered. Even better, have a meeting with your insurance agent and go over the policy in person. If you are a "sizable" landscaper or contractor (several trucks, equipment, etc) it's best to include your snow removal GL insurance coverage on your main policy wherever possible. We have been very successfull with that approach.
    Ben
     
  20. JimMarshall

    JimMarshall Senior Member
    from NW PA
    Messages: 785

    $2M Gen. Aggregate
    $1m Each Occurance
    $5k Med Exp/person
    $1M Personal & Adv Injury
    $2M Products Comp/Op

    $1M Commercial Auto

    $4M Excess/Umbrella per occurance

    Statutory WC

    Inland marine on a LOT of other equipment

    $3200/Month