how much do you pay for insurance?

[bearmtnmartin]

I am going over my year end and I see that my insurance went up again. I have never had a claim of any sort, yet it jumped 6000 dollars last year to $22,000:realmad: What the he**? I insure my house(one acre new house) wifes minivan, my pickup, my tandem gravel truck, my box van, my mini skid, my tag, my rubber tire hoe, and liability and Workers Comp. This is apparently worth almost 2 g's a month. I sit down with the insurance guy every spring, and he tells me what I need to carry, and he's a good guy, so I do as I'm told, but this is getting stupid. What are you all paying for insurance? Am I overdoing it?

[ksss]

I am going over my year end and I see that my insurance went up again. I have never had a claim of any sort, yet it jumped 6000 dollars last year to $22,000:realmad: What the he**? I insure my house(one acre new house) wifes minivan, my pickup, my tandem gravel truck, my box van, my mini skid, my tag, my rubber tire hoe, and liability and Workers Comp. This is apparently worth almost 2 g's a month. I sit down with the insurance guy every spring, and he tells me what I need to carry, and he's a good guy, so I do as I'm told, but this is getting stupid. What are you all paying for insurance? Am I overdoing it?


I insure 2 hoes, 2 skid steers, roller, vehicles 1500,3500, 5500, Mack dump, a couple trailers, shop, and Gen. liability to 3 mil. 8.5K a year. I was bitchin about that.

[bearmtnmartin]

I lied. WCB wasn't in that figure. The total last year was $24070.42

[Gravel Rat]

Holy crap :dizzy:

Who are you dealing with for insurance ?

Your getting royally screwed.

Any vehicals could be under ICBC the house under a insurance company your mortgage holder approves off as for equipment and liability insurance shop around.

For your wifes car and personal vehicals keep them as personal insurance.

If your insurance jumped from 6000 to 24,000 somebody has to explain what in the h*ll is making it increase that much.

[BigDigger]

Holy crap :dizzy:

Who are you dealing with for insurance ?

Your getting royally screwed.

Any vehicals could be under ICBC the house under a insurance company your mortgage holder approves off as for equipment and liability insurance shop around.

For your wifes car and personal vehicals keep them as personal insurance.

If your insurance jumped from 6000 to 24,000 somebody has to explain what in the h*ll is making it increase that much.

I keep my equipment/business policy seperate from my vehicles. My vehicles are now commercially registered and insured.....it actually went down in price when I made the switch. Funny that. I wasn't paying much before. I don't have as much equipment as you guys but I pay around 3000 or less a year, helps that I no longer have a location to insure as well.

[Gravel Rat]

I can see if you had a fleet of P/U trucks you could put them on a commercial insurance plan. For a personal vehical here ICBC gives you discounts for safe driving. I think I'am close to max discount.

[bearmtnmartin]

I have listed the total for all types of insurance, including E&O, liability, house, contents etc. Even life is in there(89 dollars a month for my family)I am on a fleet plan with ICBC with a 50 per cent dicsount. If you are comparing, be sure you look at everything you pay. It really adds up.

[YellowDogSVC]

I insure 2 hoes, 2 skid steers, roller, vehicles 1500,3500, 5500, Mack dump, a couple trailers, shop, and Gen. liability to 3 mil. 8.5K a year. I was bitchin about that.

I pay what you pay for equipment, 2 mill insurance, and workman's comp on myself and life insurance at around 8k-8.5k. I was griping too!

[bobcat_ron]

$850 a year for 1 million liabilty, theft, fire, vandalisim, rental coverage, cosmetic demolition, if I need 2 million or bog insurance, just add another $50 per week until the job gets done.
$1400 a year for the F450 and $440 for the trailer.

Total, $2690 per year.

Koch Insurance does my insurance for my business, they beat Barton Insurance by $1500 for the same plan, no demo coverage.

[CAT powered]

I only carry insurance on my OTR trucks. My equipment isn't worth enough to make ensuring it cost-effective.

If I paid 10,000 a year and didn't have any issues for 5 years it'd be cheaper for me to replace a piece of equipment because I don't think I have any equipment more expensive than that.

For just OTR trucks and general liability I pay 3500 a year. I go through Farm Family insurance.

I've also got workers comp. and all that other happy jazz.

[RockSet N' Grade]

I am about where BobCat Ron is. I was with Progressive for a long time and being with them was ok, if you like paying through the nose. I started shopping real hard and ended up with the Farm Bureau. Bottom line in a nut shell: twice the coverage, 1/2 the price. You gotta shop............BearMtn, if I was your agent, I would be wanting you to stay with me too........you, in my opinion, are either over-insuring or being bent over or both

[YellowDogSVC]

looking at some of the prices I see that we are all in a competitive disadvantage starting at the bidding process. A number of my competitors do not carry the liability insurance or workman's comp. Heck, I am the only one of 2 contractors that I know of around me that have a sales tax permits but there sure is a lot of tree work going on (taxable service) but that's another subject! You would think homeowners would want to hire an insured company when they have someone on their property but often it is the cheapest bid. No worries other than frustration. I stay busy. It "feels" good to carry quality insurance so I know that Lloyds of London has my back.

[bearmtnmartin]

I know that some of the numbers mentioned are quick estimates, but I imagine that if you add up ALL your insurance it would be somewhat higher. I have a good bookkeeping program and every penny I spend is on there, and sometimes the truth hurts. I had no problem with my rates until I went looking for the total. I am painfully aware that some of my competition do not bother with anything other than vehicle insurance, but its funny how those guys still seem to bottom feed and barely scratch out a living.

[ksss]

I know that some of the numbers mentioned are quick estimates, but I imagine that if you add up ALL your insurance it would be somewhat higher. I have a good bookkeeping program and every penny I spend is on there, and sometimes the truth hurts. I had no problem with my rates until I went looking for the total. I am painfully aware that some of my competition do not bother with anything other than vehicle insurance, but its funny how those guys still seem to bottom feed and barely scratch out a living.

True I did not include payroll type insurance.

[RockSet N' Grade]

I included two autos, dump truck, horse trailer, two equipment trailers, tractor, skid, excavator, house with animal insurance with replacement values for home and outbuildings, liability of 3 mil., but no workmans comp or unemployment...........shop rates, there is a huge difference between carriers.....

[bobcat_ron]

Mine's all there, I keep my business real simple.

[SiteSolutions]

Workman's Comp is the real killer. Insuring myself and my trucks / equipment is pretty cheap, 2m general liability, etc... but workman's comp is just obscene, it's basically 8 or 10 percent of your gross if you have employees... which is a big reason I have no employees.