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Help so confused with Insurance please give me some info!!

letzgoblues

LawnSite Member
Location
StL
I am just getting started and talked to my Insurance provider which has all my other policies house cars etc. He said the best rates he could find were $2100 a year just for the truck and $1200 a year for my trailer and all equipment + 1 million liability. This seems ridiculous there is no way I can afford these rates. Can anyone suggest any companies to use? I am located in St. Louis. We have switched our house and cars to him(travers insurance) because his rates were so low. I don't think he would rip me off. Any suggestions would help
Thanks
 
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letzgoblues

LawnSite Member
Location
StL
Can you suggest someone besides the usual farmers statefarm shelter?
Everyone seems high
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SangerLawn

LawnSite Senior Member
Location
indiana
I love posts like this because people can actually see there is more to this then mowing grass and it is virtually impossible to be legal with $20 customers.

These rates do seem high though. I know you said not to say this but gonna anyway ha-ha…we have been using state farm for years now and have been completely happy with them. If you haven’t called them you might want to.
 
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letzgoblues

LawnSite Member
Location
StL
Do you use your truck as a personal vehicle also? What all is included in your policy. I am just trying to get a ballpark figure of what is an average rate.
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Darryl G

Inactive
That's about what I paid at first for my truck, trailer and theft on my mowers. I dropped insurance on my trailer because it's insured if it's being towed by my truck...at least that's what I was told.

Your choices are limited when first starting out because a lot of companies want at least 3 years claims history before they will insure you. I use an independent agent and they shop the best rate for me every year.
 
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letzgoblues

LawnSite Member
Location
StL
That's about what I paid at first for my truck, trailer and theft on my mowers. I dropped insurance on my trailer because it's insured if it's being towed by my truck...at least that's what I was told.

Your choices are limited when first starting out because a lot of companies want at least 3 years claims history before they will insure you. I use an independent agent and they shop the best rate for me every year.
That was an independent agent he usually gets great rates for me. He also said if I don't insure the truck as a business truck if I am in an accident it won't be covered while pulling the trailer. Do you have liability insurance? Do you have to insure your truck seperately for personal use? What company do you use? I might just have to risk it on the truck business insurance and keep my personal. I can't afford $2100 a year when personal on the truck is $800. Thanks for the info.
 

Darryl G

Inactive
Only insurance on truck is business policy and I'm the only driver with spotless record. I'm with Peerless Inusrance Co. now. Was with National Grange Mutual at first. Yes, I have a 1mil/2mil aggregate liability policy. Replacement cost coverage for mower theft (hydro 48 walk behind and 52 inch zero turn). I was warned that if I was using my truck for business with just a personal policy they would likely entirely deny any and all claims. So essentially, it's not insured while you're working...what I was told anyway. That would not protect you or your customers. It's the cost of doing business...yah it sucks but ask yourself what you have to lose.

Look at the bright side, it's a legitimate business expense and tax deductible. Don't forget to figure that into the equation. If you sign your personal truck over to the busniess, you can deduct the depreciation and expenses for that too, maybe not all of it if it's your only vehicle. I expense all of my truck costs because I have 2 other vehicles available for personal use.
 
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letzgoblues

LawnSite Member
Location
StL
Only insurance on truck is business policy and I'm the only driver with spotless record. I'm with Peerless Inusrance Co. now. Was with National Grange Mutual at first. Yes, I have a 1mil/2mil aggregate liability policy. Replacement cost coverage for mower theft (hydro 48 walk behind and 52 inch zero turn). I was warned that if I was using my truck for business with just a personal policy they would likely entirely deny any and all claims. So essentially, it's not insured while you're working...what I was told anyway. That would not protect you or your customers. It's the cost of doing business...yah it sucks but ask yourself what you have to lose.

Look at the bright side, it's a legitimate business expense and tax deductible. Don't forget to figure that into the equation. If you sign your personal truck over to the business, you can deduct the depreciation and expenses for that too, maybe not all of it if it's your only vehicle. I expense all of my truck costs because I have 2 other vehicles available for personal use.
Thanks for the info! What sucks is I am only going to be part-time to start and have to pay full time insurance. I will not have the funds for everything since I am starting out and have to buy everything. I may have to wait till next season. To bad they don't give breaks for less usage. I don't want to cut corners and I want to be legit!!!
 

Darryl G

Inactive
Actually most liability insurance is based on gross revenue or payroll, so actually you are getting a break for being part time. Don't forget that loosing money is a tax write off :p
 
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