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Insurance???WOW

Discussion in 'Business Fundamentals' started by BOSSMAN21, Nov 11, 2011.

  1. BOSSMAN21

    BOSSMAN21 Senior Member
    Messages: 281

    Hey guys, the group I had do my insurance through last year was a very prostegious group. In July of 2011 they filed bankruptsy and has closed the doors all together. I bought a new truck Yesturday and decided I would call another organization about putting commercial insurance on the new truck, I planned to add it to me existing plan.....I call, and the lady says, "you can add the truck but the rates on young drivers have really gone through the roof". I say, give me a quote. So a half hour later I get a call. I have been paying around $4500 for one truck on commercial insurance, she comes back and gives me a quote of $14,800!!! I burst out laughing thinking she was kidding, and she wasn't at all. What does everyone else pay for their insurance?? is this really outrageous or is it just me? I thought that was a little unreal for 2 trucks that are almost 7 years old. Any input? Thanks guys! p.s. Needless to say I put the insurance on the truck. LOL :dizzy:
     
  2. Mick76

    Mick76 2000 Club Member
    from Maine
    Messages: 2,157

    Quirion Insurance out of Augusta (207) 622-6784 Speak with Ryan... I have my workers comp, GL, Auto, and some investment policies with them......Tell them Mike Foster refered you to them.
    HIH
     
  3. PTSolutions

    PTSolutions PlowSite.com Addict
    Messages: 1,533

    I'll let you know my prices when my agent gets back to me in a couple days.

    my brother has to be on a separate policy b/c of his drag racing ticket. for 6 mos. commercial on his 06 f350 w/ plowing operations it is 1600 with liability coverage only.
     
  4. BOSSMAN21

    BOSSMAN21 Senior Member
    Messages: 281

    Thanks guys, and yeah, PM me youre quote if it makes it easier. Thumbs Up
     
  5. Wilnip

    Wilnip Senior Member
    Messages: 583

    Just got a quote today for full coverage on a 02 F250 and liabality on 99 Ram 1500. Right around $2200 for the year. It was thru Progressive.
     
  6. just plow it

    just plow it Senior Member
    Messages: 131

    It's going to be hard to make any money with those rates. Especially with only one truck and $4 fuel. Good luck . I don't know what I pay off hand exactly but I think it's around $2600.
     
  7. Raymond S.

    Raymond S. Senior Member
    Messages: 513

    I pay $2500 & change for a 2000 F350 crew and a 2011 F350 single cab with full coverage on both through Auto Owners. I have all my insurance with them. (home, auto, GL, comm. auto, equipment, etc)
     
  8. Wilnip

    Wilnip Senior Member
    Messages: 583

    Raymond, that's very interesting. I have had Auto Owners comercial for 2 years and now that I want to add snow plowing I have to look for another company. They told my agent they don't cover snow plowing. Something very fishy.
     
  9. tjlands

    tjlands Senior Member
    Messages: 577

    Its not fishy, its because alot of guys do not realize that their insurance does not cover snow plowing, or snow plowing liability.
    I have asked subs plenty of times in the past to give me certificates that state Snowplowing
    and most could not get it.
    I know one guy states Progressive, They had more restrictions for snow plowing than anyone,
    Couldnt even consider them.
     
  10. BPS#1

    BPS#1 2000 Club Member
    Messages: 2,407







    Please elaborate on the restrictions.


    So far my Farmers policy hasn't informed me of restrictions.
    Maybe they aint got around to it yet.
     
  11. tjlands

    tjlands Senior Member
    Messages: 577

    Progressive had few restrictions on residential,
    Commercial was very high and had restrictions on Types of commercial , additional insured
    extra charges,locations, hours of operation etc. Maybe just NJ?
    Farmers down right denied coverage at some locations( has to see every snow contract)
    additional insured +$300 each and do not offer a special rate for multiple certs.
     
  12. Laszlo Almasi

    Laszlo Almasi Senior Member
    Messages: 326

    The restrictions my carrier stipulates are: "no snow plow activities in hospitals or nursing homes or public roads."

    Rates thru this company start at $1500/year though and since I don't do hospitals, nursing homes or public roads it was not an issue.
     
  13. BPS#1

    BPS#1 2000 Club Member
    Messages: 2,407

    Interesting.

    I hadn't heard of such things, I will be asking my agent about that today when I meet with him.

    I'm curious as to why no hospitals or nursing homes. Do the ins companies feel that some one sick or elderly might be prone to run out into the path of a plow truck?

    Location and hours of operation restrictions? wow, I sure hope I'm not in for a huge surprise today.
     
  14. BIG JIM

    BIG JIM Junior Member
    from CT
    Messages: 18

    You have to shop.I had an agent the last 5 years I became suspicious of this year.I got on the phone and started making calls.Most places wont even quote me because i also do tree removal.Make a long story short a stranger came in $2,500.00 cheaper on my GL.Comp was the same and the BA was around the same. $1,000,000.00 / $2,000,000.00
    on 2 mason dumps (94/95) F650 And a F750 is around $7,800 a year with the F750 @ $2,500.
    The reason i became suspicious was after my audit I got a refund of $800.00 .# weeks later i got a bill from the agent :realmad: stating they had to amend my policy and the bill was for $852.00. WTF!!!!!! POS yuppie .That $852.00 cost him a 20grand a year account.
    BIG JIM:drinkup:
     
  15. BPS#1

    BPS#1 2000 Club Member
    Messages: 2,407

    Just left my agent's office.

    2/2 million including snow plowing BOP premium is $1655 annual.

    No matter the cost its more than I want to pay but its a necessary evil to doing business.
    And I feel that I have good coverage. Thats part of the battle.
     
  16. BIG JIM

    BIG JIM Junior Member
    from CT
    Messages: 18

    I will make a simple statement that insurance in a more rural setting will and should be a hell of a lot cheaper than in the urban(city) locations. I am not complaining about my costs for the coverage I have. The coverage I carry puts me into a better class of work opportunity.EVERYTHING is expensive in the northeast and thats why you get the big bucks.
    I HATE insurance companys but I would not even think about not having enough coverage no matter what the cost.
    BIG JIM
     
  17. BIG JIM

    BIG JIM Junior Member
    from CT
    Messages: 18

    Forgot to mention I got a 3:15 appointmentment today with my new agent and he said to bring the checkbook.LOL:p
    Big Jim
     
  18. fireside

    fireside Senior Member
    Messages: 661

    I pay 3014.00 three trucks full coverage on all plus 1/2 liablity with snowplowing. Additional insured is free. progressive went from 4000 to 8200 with all new restrictions based on income from snowplowing audit at end of year
     
    Last edited: Nov 16, 2011
  19. Wilnip

    Wilnip Senior Member
    Messages: 583

    Progressive doubled the premium on your sales? That's b.s. I'm going with Progressive this year but may need to shop again next year.
     
  20. tjlands

    tjlands Senior Member
    Messages: 577

    Snow plowing insurance is changing,
    Thanks..yes in part to the national snow companies.
    I have met with 4 different insurance companies and my lawyer about it.
    They all say the same thing, Sh!t flows down hill.
    the contractors are paying the price.
    I was told in the Northeast that Slip and fall claims are up dramatically over the past couple years.
    Problem,(part of the problem) as they see it is they were covering people(just about anybody) to work for the USM's of the world and their ridiculous contracts and then when the contractors couldnt handle the work they were given for whatever reason, there were accidents and slip and falls
    and breach of contracts, and even many many claims that shouldnt have been snow related,
    the contractors were sued and sued and sued.

    If you have snowplowing insurance you will be affected , count on it