Insurance renewal problems

Don't get mad at me for saying this Brian, but I think you guys were getting off pretty cheap in the past, I was with GW for almost 10 years, but the last 3 years my rates just kept climbing and we were not having any claims per say.

So last year I took my business elsewhere local independent guy that been writing my properties, he saved me about 15,000 over what I was paying. Now you saying that GW is getting out of Auto Haul kinda makes sense.

With that said I think we were at 100,000 last year for nine trucks and trailers, BUT, keep in mind we do run all 48, we do run newer trucks and of course new trailers and we do carry a bit more insurance than most 3/4 guys.

I think most in my segment carry one million and 100,000 to 150,000 on cargo, we are at two million and 250,000 on cargo, some of the bigger units and buses I carry can get expensive.

I also have an additional rider option that probably costs something, but it comes in handy, as we do get some really high dollar stuff, about a month ago we delivered a new custom Sprinter to a celebrity, it was a 600,000 unit, we move several a year like that.

I know it's apples and oranges, but at least it will give you some insight as to where I'm at.

Good Luck with it all,


Stan

 

Curious, and I am not sure if this has any bearing on it but, is/would insurance be more expensive for you multicar (read that as having to climb and load up in the air) vs. us always on the ground guys?

I DO know that when I bought that 8 car last year the insurance company balked at insuring it until I told them it was a ground load unit and sent them pics? I don't know, I am just asking?

 

I had a same problem with renewal of mine insurance, mine agent told me that no one want to insure car haulers. I'm sure the reason for such high rates is because that a lot of drivers are not careful with cars(I see all the time chains laying on bottom cars, just an example) and all the claims go thru insurance before any one even tries to use compound and buffer. Those kind of drivers are raising the cost to insure car haulers. I own one truck and so far never had any claims but mine insurance goes up every year, I'm guess I'm paying for other drivers damages. Insurance company will never lose money.

 

I think you could look at that a couple of different ways, yes there are more newbie's in AH than ever before, but let's be honest, with over the tire straps you have to be a complete idiot to have damage due to securement, no pulled out holes, no bent rear axles on FWD vehicles, no twisted frames.

Besides, you would "think" that an insurance company that you have been with for years and no claims would kiss your ### in town square and give you three days to draw a crowd, since all you are doing is throwing money at them.

 

Im in the mobile home transport business. The only thing that people in my business are doing is higher ( and I do mean MUCH higher) deductibles. Insurance companies group your cargo and liability in a group of thousands of others in the same business. If other car haulers are damaging a lot of cars and you are not, take a chance, instead of a $1,000 deductible, do a $10,000 deductible, your premium will be way less if they know you have skin in the game. As long as you really are not damaging a lot of stuff, it shouldn't matter. I went 5 years without a single cargo claim, so playing the odds, Im good if I do 10K or more damage every 5 years, essentially, if I save $2,000 a year then Im even money. You could save $5,000 a year so, go two years with no damage... Even money. More companies are willing to insure you with a higher deductible BUT you need to check with your customers, some shippers require a lower deductible.

 

We went from a 1,000 to 2,500 several years ago and have stayed there, I suppose if it was just me I would go higher, but when you have company drivers, I'm just not sure they see the big picture as clearly as an O/O.