Insurance renewal blues, rates jumping.

You need a new agent. GW did this to us and we switched away for a few years, back with GW now as the rates magically returned lower than before.

 

What's going on is the commercial auto market is in the toilet. Insurance carriers are running at a 103-105% margin, so they lose $3-5 on every dollar of premium collected. Be thankful you only went up +/- 10%. Compared to the inflation on other costs that is right in line with what it should be.

This is a direct result of all the shady, unqualified and illegal trucking companies driving up the rates for everyone. Just because you didn't have any losses doesn't mean your not paying for the misbehavior of others in the industry. It is a sad reality and nothing will change until we get the shady people out of the industry and get crashes under control.

 

mines going about the same. No claims. GW

When you see a wreck on a truck. Who pays, you do. They’re out of a job.

 

I have them and mine went up about $300 for the year. Maybe it is the power only thing or did you put your trailers on the new quote?

 

There’s a 50 truck pile up every time there’s a dusting of snow. That’s why your insurance has gone up.

 

My insurance has gone out of control as well. I was at 5k for my coverage 3-4 years ago. Now im at 10k pay in full or 12k pay monthly. I've never had an accident and never made a claim on my insurance. I agree we shouldn't be paying for the screw ups of others, but this corrupt evil system seems to be set on punishing us for others mistakes.

 

Never ceases to amaze me how time after time, we simply turn the channel, "A 50 vehicle pileup on the ( click) Wheel of Fortune",,,I look at it a lot differently. Now, I'm not cryin' for Flo (who makes a reportedly $1-$2 mil a year, Jamie a bit less) but the payout on these crashes has to be enormous. Not just the vehicles involved, but property damage, cargo damage, towing( a fortune itself) lawsuits, I mean, they have swanky lifestyles to uphold, that has to come from somewhere. That ^^^ is a hefty increase, and with fuel, I just don't understand how it works at all. All said and done, what do you folks make, $3.00/hr.? Now, I'm not stupid, was an O/O myself you know, from a clearly different time, and I understand, on a smaller scale, you can't afford to quit. My bills PALED in comparison to todays, yet on a different scale, bills were equally devastating, but I slogged on for 4 "in the red" years, until when fuel went over $1.49/gal. ( 1994) I sold the truck and was a company driver ever since until retirement..
My advice, while dated, still applies some, get away from the truck. Can you imagine the rates if you actually have a claim? I have Progressive on my Jeep, and was told they give you ONE, then raise the rates and you CAN'T cancel. Didn't you read the fine print? I think that certain O/O applications will be needed in the future, with bills paid by some company that doesn't want a truck, or outlaw loads at night with no insurance,, but to do this yourself is foolish today, as they ( ins. and gubment) clearly want O/Os out of the picture. Good luck.