Van insurance......seems high
- Thread starter Mule
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Mr.Sparkle
Senior Member
- Location
- Jersey Shore
I just got my commercial policy, it is around $1200 a year bare bones just 1 van/me and I still have PIP under my personal policy which runs me around $600 a year for bare bones general liability only on my 1996 chevy p/u. So I think you are "In the Ballpark" I guess..........
growler
Senior Member
- Location
- Atlanta,GA
There are many things that can effect the cost of insurance. When you switched to commercial did you add your son-in-law as a driver ( employee )? If so this will cause and increase because of his age.
Another thing is that you never want to pay for insurance with a monthy payment. They will charge a very high interest rate on the policy ( you purchase insurance for a year and only make monthly payment so they get to charge interest on the balance and it can be 35-40%). Check your statement and see what they are charging you for.
This is something I learned in a class so I don't know how true it is but I followed the advise anyway. As a small business if you ever use the vehicle for personal use then you really should have the vehicle listed as commercial with some personal use on your insurance policy.
Insurance rates are based on your geographic area so it's very hard to compare rates with anyone not in your area. Shop around for insurance in your area because they are not all the same. If it doesn't get any cheaper then at least you will know that you are not paying to much.
I was just talking to someone that operates a Pizza business, he was saying it is better if he can find some young dumb kid to deliver then pay the 2000 a month for the insurance, only problem he has i when the kids insurance company learns he is delivering with his car , they cancel and he has to find another dummy.
What/how did you have it insured before? Did you just recently go into business for yourself?
Tom
FWIW I have 2 trucks insured commercial and it is <than that. Both have full coverage and are fairly new. One is a Chevy 3500 12' cutaway and the other is a Silverado Utility body Crew Cab.
What/how did you have it insured before? Did you just recently go into business for yourself?
Tom
FWIW I have 2 trucks insured commercial and it is <than that. Both have full coverage and are fairly new. One is a Chevy 3500 12' cutaway and the other is a Silverado Utility body Crew Cab.
A lot will depend on if the truck goes to a job and then comes back, or if you do stop and start all day as in service calls, so there is no one price fits all, the age of the truck, type, weight, and use all come into play, and the insured experience ratings, a tough question to answer. The delivery business fpr parts stores seems to be very high, and they tell me a food delivery business, is very high rate. So I guess shop around for same amount of coverage, and see if you can get better pricing.
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growler
Senior Member
- Location
- Atlanta,GA
There you have it, they think you are getting to old to drive, 51 in Mule years is like 300 in human years. Most mules end up in the glue factory by age 30.
ItsHot
Senior Member
- Location
- A little piece of heaven!
Rewire
Senior Member
- Location
- Lake of the Ozarks
Find an agent that can offer several different policys,our agents wife owns a seperate insurance company that offers a varietyt of policies this way when his "name" brand policy is to high he can get his wife to find a cheaper route.
I agree, I was stating that it was < than his price for both trucks for the year(1700+-/both) and there are no limitations on miles. So I would think it is a bit high. I'm in MA so insurance isn't cheap.lol
To the OP are you using a blanket commercial policy(I.E. averaging your employees) or are you using your experience rating? I was allowed to use my Experience rating(good driver).
Tom
Alden
Member
- Location
- Near Ann Arbor, Michigan
My E-350 w/ a utilimaster trademaster body was originally in my personal name. When it was transfered to commercial, my rate actually went down. My State Farm (shameless plug) said because in personal, they rate you for far more driving (from home to grocery to school and all the other errands a personal vehicle will do) as opposed to commercial where they said you will probably go to a customers house and park all day. I didn't argue because my rates went down. Also, in Michigan, your credit score is a factor in rates because the ins. companies say "the worse your credit score- the worse driver you are" I have an excellent credit score but still think this is wrong...
P.S. 373.82 per 6 mo. includes bodily injury 250k/500k, property damage 50k, codinated medical, 500 deductible. (MIchigan-- a no fault state)
Along with a multi policy discount (house and wifes car)
P.S. 373.82 per 6 mo. includes bodily injury 250k/500k, property damage 50k, codinated medical, 500 deductible. (MIchigan-- a no fault state)
Along with a multi policy discount (house and wifes car)
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stickboy1375
Senior Member
- Location
- Litchfield, CT
Hey that's not funny.................
Face it Mule! You are our whipping post!!
Hey, your forgetting why my father calls me Mule...........I pride myself, not doing what is considered the "norm".
alfiesauce
Senior Member
I'm not surprised at the rate hike. It's only going to get worse until insurance companies regain their savings vs liabilities ratio since they've been taking the same hit on their stock portfolio as the rest of the nation.
They have 3 choices-
Increase rates to make get more money into the savings
Decrease their liability by dropping customers
Or a mixture of both
They have 3 choices-
Increase rates to make get more money into the savings
Decrease their liability by dropping customers
Or a mixture of both
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