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What are you guys paying for insurance?

Discussion in 'Business Fundamentals' started by kevinwebster1, Sep 14, 2006.

  1. kevinwebster1

    kevinwebster1 Member
    Messages: 31

    So this season I will be plowing. I bought out another company and got all their lawn accounts, plow, and plow accounts. I called my insurance agent to get a quote and they told me that with the few accidents ive had and having to switch my truck from a personal to a commercial vehicle and putting a plow on it, the insurance would jump from about 1,500 a year to $4,500!!! and thats if i pay it all at once, other wise it would be like $5,500 bucks a year. 457 dollars a month or something. It blew me away! thats only a hundred buck less than my freakin truck payments. with the totally unpredictable kansas winters i am very hesitant to go ahead with plowing this winter. im afraid i would barely even break even. I have general liability on my lawn n scape company and full coverage on my truck right now. I thought that if something happend to the customers parking lot my business's gen. liability would cover the damages. anything that happens to the plow im not to concerned about. especially if my insurance would be going up 3000 dollars. It just seems outrageous to me. anybody have any thoughts or advice for me?
     
  2. kevinwebster1

    kevinwebster1 Member
    Messages: 31

    anybody got any advice? or is this website a waste of time
     
  3. cet

    cet PlowSite Fanatic
    Messages: 7,202

    Phone around for a few different quotes. Around here if you do grass cutting then snowplowing is much cheaper but if you only plow snow then insurance is high. If you have a bad driving record and you want insurance on a 350 or 3500 then it is expensive. I was going to give someone my 1989 3500 but the insurance was over $3,000 because of their driving record. Unfortunatly most of the cost has something to do with your age. My son paid $1600 for his car and his insurance is $300/month.
     
  4. kevinwebster1

    kevinwebster1 Member
    Messages: 31

    yea the crappy thing about all that was i had 2 accidents in one week do to faulty trailer brakes, with an 18foot trailer and 3 commercial mowers (kind of a lot of weight) and frekain idiots that just slam on their brakes to make a left turn from the driving lane instead of the left hand turn lane. apparently people dont understand we cant stop as fast. but thats beside the point. so that def. didnt help out much in bringin the price down. i guess my question is, does everybody here have commercial truck insurance on their vehicles? or do they just get the general liability upgraded with adding plow coverage to protect the parking lots and such. i was quoted only 350 bucks more to add the plow to my gen. lia. but 3000 more to change my truck to commercial.
     
  5. Mick

    Mick PlowSite.com Veteran
    from Maine
    Messages: 5,546

    MOST people who use their vehicles for business have:

    1. Commercial Vehicle insurance and
    2. General Liability insurance

    Most insurance companies will not issue a General Liability policy unless the vehicle is under a Commercial Vehicle policy and vice versa.

    However, I understand that there are exceptions to every rule and each state has its own laws regarding insurance. Always check with your agent and get any claim IN WRITING - especially when you get told that plowing snow for pay will be covered under a regular (personal) insurance policy.
     
    Last edited: Sep 15, 2006
  6. Grn Mtn

    Grn Mtn PlowSite.com Addict
    Messages: 1,644

    Like Mick was saying, and if you have read any of the hundreds of threads posted here about insurance, prices will be across the board and lots of guys have found out the hard way that they would be covered with their personal insurance. If your agent does not specialize in business insurance, switch. Get out your yellow pages and call all the brokers who say they do, and get written quotes-this can take some time, it took about a month for me this time of year. I pay $3400 for 2Mil GL, Comm Veh, Rental/Tool coverage. Mine is higher because I make more money plowing commercial lots versus residential.

    BTW insulting the board won't get you far here:nono:
     
  7. bounty21

    bounty21 Member
    Messages: 30

    just got mine yesterday only paying 1300.00 a year for it i had to get a landscaping policy and then add plowing that was the only way
     
  8. Mick

    Mick PlowSite.com Veteran
    from Maine
    Messages: 5,546

    I think you mean "... they would NOT be covered with their personal insurance." Correct me if I'm wrong, though.
     
  9. kevinwebster1

    kevinwebster1 Member
    Messages: 31

    alright, sounds good. Monday ill call around to some different brokers and see what they have to say. I appreciate everybodys help.