Commercial insurance for business vehicles

Discussion in 'Trucks and Trailers' started by Ramairfreak98ss, Sep 15, 2006.

  1. Ramairfreak98ss

    Ramairfreak98ss LawnSite Silver Member
    Messages: 2,210

    What do you guys honestly pay? and for what vehicles?

    I for the last 3 years have used my 91 F150 Ford truck as a 4th vehicle on my personal auto policy, i dont have the Company name on the side or anything... yet... I plan to do this. I was told by my NJ auto insurer, NJ Re-Manufacturers, the subsidary of NJ Manufacturers insurance for "not so- safe drivers", that i cannot use my truck for any business purposes... INCLUDING PULLING A TRAILER WITH A LAWNMOWER ON IT! So i said fine, what do i need to do. I give them all the info to apply for a commercial policy JUST for my truck. 4 days later i get in the mail a denial letter notifying me that theyre underwriting dept. will not offer me a commercial rate because my Liscense isnt "clean" enough. I had to call 3 times just to find out im waiting on this letter.

    Ive been with this company since 1999 when i started driving.

    I call ALLSTATE for a quote, within the same day, 5hrs later, he calls back with my rates. I have a speeding ticket from VA from Sept 05 and one in Deleware on the highway from April 04... Thats about it recently. Both 2 point tickets.

    He calls back and gives me a price of $2475 for my 91 f150 LIABILITY ONLY, and $3,305 EXTRA if i plan to buy this 06 F350 Diesel Ford truck i was going to the dealer tonight to "hopefully" purchase. Not only is the truck payment setting me back $700-850 a month for 5-6years but now im going from $700 for a YEAR of insurance on my old truck to $500 a MONTH for insurance on Both trucks and the new truck payment! I havnt even got to purchasing the plow for it yet thats 4k+

    I also just paid for a business insurance for lawn care and snow work in the winter, plowing/snowblowing for $1680 i had to pay in full to start the policy.

    What do you guys pay or who pays these extreme prices that only does this job part time? As these costs are going to make my "good" business NON profitable by next season i may be forced to pay it and do this full time.:dizzy:
  2. mrusk

    mrusk LawnSite Gold Member
    Messages: 3,260

    I also live in NJ and have a Commerical insurance policy with NJ Manufactures.

    I have full commerical coverage on a 05 Dodge Ram, 18 ft haulmark enclosed trailer, and a 18 ft equipment trailer. I am 20 years old with no points, but 1 accident. I pay 1400 a year.

    To have commerical coverage with NJM you need to be a member of NJBIA.

  3. Ramairfreak98ss

    Ramairfreak98ss LawnSite Silver Member
    Messages: 2,210

    Is that their $150 fee per year? I knew about this. I currently have NJM Re-ins. I also work for the state and thats how i get it through my job.

    I just thought that for ONE 06 F350 truck worth 36k, that $3300+ just for the truck was way too much. Im 25 and have 2-3 points. I also have 4 other cars covered under my nj-reM policy. Ill call them to find out why they denied my coverage, maybe they wrote it off that i was not YET a member?
  4. landscapingpoolguy

    landscapingpoolguy LawnSite Senior Member
    Messages: 822

    My two single axles cost a little over $500.00 a month to insure if that gives you an idea. PLus I have snow coverage on them.
  5. mrusk

    mrusk LawnSite Gold Member
    Messages: 3,260

    ^^^^ Before i go run out and buy a dump truck i better check insurance rates!

  6. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Messages: 3,465

  7. landscapingpoolguy

    landscapingpoolguy LawnSite Senior Member
    Messages: 822

    Insurance is the death of us all. There is no way around it.You just have to charge accordingly to cover your expences including insurance. BTW 750 - 800 a month for a f 350 sounds crazy. My new single axle runs about that every month.
  8. hosejockey2002

    hosejockey2002 LawnSite Bronze Member
    Messages: 1,195

    I pay less than $1000 a year for full coverage on a 2005 Chevy 2500HD. It helps a lot to be over 25 and have a clean driving record. You can't help your age, but driving the speed limit pays off big time after a while.
  9. Ramairfreak98ss

    Ramairfreak98ss LawnSite Silver Member
    Messages: 2,210

    yeah i know, well i just turned 25.... and ive always been pulled over in my cars, never in the truck's lol. sucks.

    Im into racing so ive even limited that a lot recently but still i get nabbed on highways while traveling etc..

    The $800 a month was the truck payment guys not the insurance, it was $500~ for both trucks insurance per month, 91 f150 ford and 06 f350... im not a full timer yet, just 1-2 days per week and only myself as the driver... thats just too much per month JUST for insurance you know.
  10. Turtle II

    Turtle II LawnSite Member
    Messages: 152

    Thanks for the link to that insurance company...

    I have wondered about just having my standard joe blow truck insurance policy & then getting a million dollar liability policy for a small business, in case something really bad happened...

    I guess the best bet is to make the whole deal official and actually make the truck a "complete" company vehicle with commercial insurance and the whole nine yards...

    I Love this site.
    Starting out from ground zero in March - - -
    fine tuning the little details such as insurance, business plan, etc. etc. right now....

    Hope everyone is doing well,,,

    Turtle II:cool:
    Eastern NC

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