Insurance

I was actually thinking you work to #### hard if you spent that much money on fuel

 

Insurance companies are one of the biggest problems in this business. None of them that really understand the business over that to read what is on paper. They have no experience about driving or the industry, just book knowledge and computers. All of them reaching out each year during renewal to try to get your money. The only thing to keep them in check is another insurance company that will undercut their prices. Its a money grab operation!

 

It is a HUGE problem. Not only is the pricing beginning to follow health care, but the insurance companies regulate, control, and dictate everything in this industry. And we thought government regulation was bad...

 

I understand it one cash could cost insurance $100,k how many years would it take for them to recoup their money charging $8,000 a year? And what happens in five years when another accident happens? I think it should be around $15,k a year per truck.

 

My old agent would talk shop every now and then, for example, he had to go through a brokerage to get insurance from say Empire. So you have Empire, a middle man & then the agent getting paid off of your premium. It is a guess at how much each persons percentage was. Then you have financing, whether the insurance company takes that on or subs it out to a different lender.

Also insurance companies invest the money from your policies into markets(stocks, bonds real estate). While they are on the hook to pay out for claims, a remaining balance is being invested elsewhere for profit. The spin on that is to help keep YOUR premium down.

Then you have elected lawyers. Lawyers know that due to regulation, there are deep pockets to go after & litigate until there is no blood left. Last week there was a large crash on I94 with multiple trucks & a lawyer within the article preaching more truck safety & more insurance is needed to cover damages. We all should know #### well his concern is not safety nor clean up, he is only worried about how much he can go after.

 

I live in Chicago and was told that next to Miami, it's the most expensive place to get insured. Thought I would check to see if changing to Indiana would help and was told by my insurance that at this point it would cost more because the rates just went up in January, so best to wait. The rate she quoted was about $1,000 more than what I'm paying now and that was to have been the IN rate, so not sure how much more the rate will be in July when my year is up. Hopefully it being my second year will help, but rates seems to be sky rocketing. I'll find out too soon...by the way, check out OOIDA. Yes, there are a couple brokers you won't be able to work with, Landstar being the biggest I guess, but they've been good to work with and I think fair with their rates, relatively speaking. Thing with insurance, you never know how good they are until you need them....and hopefully you never do.

 

Google OOIDA Insurance claims and see how many have never been paid.....OOIDA is not a insurance company and they are not backed by any funds..... Buyer beware!!!

 

bayou hotshot I normally agree with what you say but I googled this and ripoff report only has 2 claims, seems both were paid but didn't pay all of what were owed on the trucks. Seems like they may have been upside down on what the owners owed. 1 of these claims was in 08 and the other in 2010. Other than that couldn't find anything else negative. I have no stake in this one way or the other, I am an OOIDA member and was going to get a quote from them for my bobtail insurance but have not called for a quote yet as mine is still good through Aug. if you have more can you put it up so that I can rule them out. So far not enough to count them out. YET. Thanks.

 

I am also but would never consider them for insurance, also ask yourself why they or not rated...also that's just two you found there's way more than two.