Are the good times really over for good?

I was at Progressive to buy truck insurance a few days ago. I wanted non-trucking liability (bobtail insurance). But she brought up the price for full truck insurance with a million dollars liabity I assume. The price was $6600. But that wouldn't include cargo insurance. I got my 1 million dollar bobtail liability and $25k in comprehensive/collision insurance with a $500 deductible for about $1400.

 

I worked in insurance for almost 30 years. It was always common practice for new companies to come in and try to build a book of business with low premiums. They then either start creeping the rates up or they hit you with a huge increase depending on how badly they got beaten up with the soft market rate. Most rely on it being too time consuming to pursue getting another quote. A lot of times they are right.

 

No, no, no.... each state government has an insurance commissioner and every company has to get approval for rate increases from the state insurance commissioner. Been that way for years so government has always had the last word of saying the increase is unjustified. If you could get $5,000 for a load, would you take $1,000? Insurance companies are no different but THEY can be controlled by the state insurance commissioner's office.

 

i started out with progressive. they were the only ones i could find to write me non trucking liability without a dot number for more than a 3 day insurance type deal. then when i was ready to start running i went to 1mil liability 40k comp 10k cargo ran me almost just shy of 10k for my first year then after first year with no claims they lowered me to a bit over 6k per year. and im now insuring closer to 80k in equipment. then recently i was needing a 1 mill general business liability policy, progressive couldn't write that policy for me and after a lot of shopping around i found a really good insurance agent. she was able to find me a stand alone policy for 1k per year or a policy 1mil general liability 1mill trucking liability 10k cargo, comp on 80k of equipment for 4800 per year for everything.

 

I just finished the "kicks and giggles" of quoting out my policy. Most of the companies I checked OOIDA, Progressive, Northland and others were from over $10,000 to a little over $13,000 a year. I finally got a quote from Matt at Heritage Insurance Services. It was through Great West Insurance Company (A+ rated company) and the premium was a little over $7,000. I jumped on that one. When the application was submitted to the company, they gave me an additional credit of $700, so the premium came in at just a little over $6,000. KY policy - $1m on liability, $100,000 on cargo, $50k physical damage on truck and $16k physical damage on dry van trailer hauling general freight. Unlimited radius and covered in all 48 states - just don't go to Mexico. They have some very unique coverages including towing for breakdowns, diminishing deductible and combined deductible. They are licensed to write coverage in most states except Alaska, Connecticut, Delaware, Hawaii, Massachusetts, New Jersey, New York and Rhode Island. They have an online quote request you can fill in online at www.heritageinsuranceservices.com and they called me back the next morning and I had coverage bound by the end of the day and all filings, insurance cards and certificates of insurance the next morning. Super nice and easy to work with. Well worth the time to check their rates.

 

I have to agree

 

Insurance companies are rapist. I have no blemishes on my driving record for probably 10 years now. Couple of years ago I accidentally let the insurance lapse on my 3/4 pickup. It sat in the driveway mostly anyways so it was about a year before I finally got around to more coverage on it. Local independent agent who my family has done business with for decades before it lapsed was about $750 for full coverage in a year. It shot up to $2,000 because of the lapse so I ended up going to state farm and paying about $1,800. Fast forward a year later state farm generously only wants $1,600. My old agency $800. So back to the independent insurance agent. These big companies and their NASCAR sponsorships what a fricken racket! I don't get the justification for it doubling for just a lapse, my driving record is perfect. And state farm lied telling me it could be years before it got much cheaper.