Commercial Truck Insurance

Discussion in 'Business Operations' started by DFW Area Landscaper, Jan 6, 2004.

  1. DFW Area Landscaper

    DFW Area Landscaper LawnSite Silver Member
    from DFW, TX
    Posts: 2,116

    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
     
  2. mtdman

    mtdman LawnSite Gold Member
    Posts: 3,137

    Skip the lettering, get magnetic signs. Problem solved.
     
  3. LawnPerfect

    LawnPerfect LawnSite Senior Member
    Posts: 318

    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.
     
  4. CHAN

    CHAN LawnSite Member
    from AL.
    Posts: 132

    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.
     
  5. Fantasy Lawns

    Fantasy Lawns LawnSite Bronze Member
    Posts: 1,913

    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
     
  6. SodKing

    SodKing LawnSite Bronze Member
    Posts: 1,648

    16$/100 in NH for mowers; the landscapers are cheaper at $13/100
     
  7. DFW Area Landscaper

    DFW Area Landscaper LawnSite Silver Member
    from DFW, TX
    Posts: 2,116

    ++++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
     
  8. ArchiesLawns

    ArchiesLawns LawnSite Member
    from Alabama
    Posts: 124

    Hey DFW, Can you say Hotty Toddy!!!?
     
  9. Mudmower

    Mudmower LawnSite Member
    Posts: 102

    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
     
  10. CHAN

    CHAN LawnSite Member
    from AL.
    Posts: 132

    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.
     

Share This Page