Commercial Truck Insurance

[DFW Area Landscaper]

Is everyone else getting raped on commercial auto insuyrance?

Here's what I had with Geico:

$300,000 Liability for Bodily Injury
$100,000 Liability for Poperty Damage
$300,00 Uninsured Bodily Injury
$20,000 Uninsured Poperty Damage
$500 Deductible on Comprehensive
$500 Deductible on Collision

$906/Year

Same truck with lettering:

$50,000 Liability for Bodily Injury
$50,000 Liability for Property Damage
$50,000 Uninsured Bodily Injury
$50,000 Uninsured Property Damage
$1,000 Deductible on Comprehensive
$1,000 Deductible on Collision
$10,000 Personal Injury Protection

$1,424/Year

It's just an absolute screwing. I actually drive FEWER miles per year in this business than I did when I drove 22 miles each way to work in Dallas through traffic. Unreal. What a F___ing! I've called three different companies. They're all the same ballpark.

Never had a ticket or wreck either...in my entire life!

Later,
DFW Area Landscaper

[mtdman]

Skip the lettering, get magnetic signs. Problem solved.

[LawnPerfect]

Ahhhhh the cost of doing business......
I do agree that it sucks and can be a hell of a waste of money but you have to remember what some people will do when they are in a wreck. If its just bubba in his ole pick-em-up-truck then they can go on with a tiny scratch on the front bumper. However, if its Bubba's Business, then they start yelling and screaming about the pains in thier backs and necks.

[CHAN]

I changed my insurance from farm rate with alfa which is farm bureau to commercial rate and increase from 250,000 to 500,000 on the liability along with increasing the others and it went from 480 to 640 per year.. check gieco and they were way to high for me. sounds like you need to do some shopping.

[Fantasy Lawns]

I pay $1600 for a crew cab with Progressive in FL ... each state is different .....

Think that bad .... my W/C is $12 on every $100 of payroll that like 12% !! of yearly payroll

[SodKing]

16$/100 in NH for mowers; the landscapers are cheaper at $13/100

[DFW Area Landscaper]

++++I changed my insurance from farm rate with alfa which is farm bureau to commercial rate and increase from 250,000 to 500,000 on the liability along with increasing the others and it went from 480 to 640 per year.. check gieco and they were way to high for me. sounds like you need to do some shopping.++++

I just don't understand how the rates can be that different from one state to another. Are you positive that's commercial auto coverage? I know for sure Geico doesn't even sell commercial auto in Texas. I got the impression they didn't sell it anywhere, but I could be wrong.

From what I've seen today, $640/yr is CHEAP.

I have quotes from three different insurers: Nationwide, Progressive and Mercury. All three are $1,400 to $1,500 per year with the limits I outlined above. No rental coverage either. That's another $115/yr if they even offer it. AND the rental is capped at 30 days at $30/day. If you pay for rental coverage for 7.8 years without a claim, you're losing on the gamble. And that assumes you need the rental car for the full 30 days.

All three companies also charge a minimum $55 extra per year if you don't pay for the full year up front with cash.

The only people insured to drive my truck are me and my wife. Employees aren't covered under this policy. I'm sure that will double the premiums if/when I get to that.

This insurance purchase is reminding of me of a really, really, really bad decision. It feels like a cash advance on a credit card at 18% with a $50 transaction fee. Or a roulette wager. Or the scratch off state loto. Yes, players can win in the short term, but play with 'em long enough and the house will eat your lunch.

Later,
DFW Area Landscaper

[ArchiesLawns]

Hey DFW, Can you say Hotty Toddy!!!?

[Mudmower]

Hey DFW, I was bidding a Commercial job last month and noticed in the companies requirements that I must have commercial insurance on any vehicle that travels onto their property to do work. I checked thru my agent, Farm Bureau Ins., and it would have taken mine from just under 1250.00 per year for two vehicles, to over 2050.00. I questioned the property manager I was working with and she said that ALL vendors who work for them carry it. I promptly said thanks but no thanks. I refuse to let anyone dictate how I do business.

Put ALL your equipment into a trust to keep someone from suing you and getting anything. You guys need to check with an attorney who specializes in this type of work. They call it asset protection, and it should be looked at.

Jim

[CHAN]

As for WC here in al. I was at 12% also and I read a thread on here about WC and it said that was like a landscapers rate not maintance rate. The rate for maintance was about half I want to say about 5.5%. It did save me more under the new rate. I had been paying the other for a while. I checked Progressive last year on my wifes car and it was 5 times higher than alfa. You must have a bad driver record or had accidents before for it to be high like that.

[DFW Area Landscaper]

++++You must have a bad driver record or had accidents before for it to be high like that.++++

Never had a ticket or accident in my entire life.

++++You guys need to check with an attorney who specializes in this type of work. They call it asset protection, and it should be looked at.++++

I think that sounds like pretty good advice. I've considered sending all my liquid assets offshore or something.

Later,
DFW Area Landscaper

[Mudmower]

DFW, you don't have to sell everything and go offshore, just structure it (trust or Corp.) to shield yourself. In the long run (over time) you will pay less on things like insurance, but initially it will cost more to get things set up. If you are in it for the long haul, it is well worth it. Plus, you shield yourself from here till you die. There are folks out in this world who make a living off of filing claims against anyone and everyone. There are attorneys who take cases that have zero merit, but if there is a slip up on wording of legal documents, they exploit it.

Just my opinion......Jim

[ProMo]

I had progressive with my 95 f150 and trailer and I just switched to gmac when I got my 01 dodge 2500 and its about 80 dollars a year cheaper than the truck that was paid for.

[Moguy]

I thought this was an intresting article...might help when talking to insurance companies about coverages...http://www.sentry.com/trucks_basics.htm

[lawnMaster5000]

my insurance is over $1200 per SIX months. Not as a company.
no wrecks, no tickets.
So keep on complaining buddy.

[DFW Area Landscaper]

Wow!!! I don't beleive it.

I decided to call State Farm since I have my home owners insurance with them. They're giving me:

$50K in bodily injury liability capped at $100K per accident
$50K in property damage liability
Same as above for uninsured
$10K in PIP
$1,000 deductible on Comp/Collision

$750.00 per year!!!!

She also said that if I hire an employee, there is no additional premium to add that driver. I just need to call them with his drivers license number and they either approve or prohibit. But it won't cost anything extra.

Later,
DFW Area Landscaper

[qualitylandscaping]

You guys think you have it rough...

17 year old, no tickets or accidents..

$5697.40 per YEAR.. Full coverage on a 95' ranger splash:nono:

[BravesFan]

Steve,

They must have read some of your posts from last year saying you had grossed a couple hundred thousand by late spring. Guess they figured you could afford it.

Dennis

[qualitylandscaping]

I can afford it..

Just pointing out that you guys spending $1,000 a year have the good life:waving:

[SodKing]

2 Years ago I had Liberty Mutual insurance for my business package, auto and workers comp. I then switched to Hortica Insurance and dropped my rates by over $13000 or so PER YEAR. Check them out.

Hortica insurance (http://www.hortica-insurance.com/)

[BravesFan]

Originally posted by qualitylandscaping
You guys think you have it rough...

17 year old, no tickets or accidents..

$5697.40 per YEAR.. Full coverage on a 95' ranger splash:nono:

Do you have epilepsy Steve? 20/80 vision?

You just aren't shopping around. I've never heard of that kind of rate unless horrible driving records/DUI's are involved.

Dennis

[LawnPerfect]

Originally posted by qualitylandscaping
You guys think you have it rough...

17 year old, no tickets or accidents..

$5697.40 per YEAR.. Full coverage on a 95' ranger splash:nono:


:eek: After your agent sold you that policy I bet he had a he11 of a night :drinkup: after you gave him all of thatpayup .

[promower]

Thats outrageous Steve! your getting raped, I would consider getting just liabilty for the truck if you can. When I was in my teenage years my insurance was high but what your paying is about how much I made when I was 17.

[qualitylandscaping]

Between living in NY, being a teenager, and having a "dangerous" truck on my policy + driving for business; that is the best quote I found.. Had some all the way up to $8900..:realmad: