Insurance (Again)!

[SuiteSuccess]

My policy with National General through Miller Insurance Agency is up for renewal next month and true to form is up $150 this year ($2200).  My truck and trailer are under an RV policy and was wondering any advantages to shopping a commercial policy and get the same coverage on truck and trailer?  Commercial more expensive?

Edited February 2, 2023 by SuiteSuccess

[rickeieio]

My (limited) experience with commercial truck insurance is that it tends to be very expensive.  On our farm truck (Mack tractor with several various trailers) was that it cost me about $2,000/yr, for just over 1,000 miles/yr.  Mind you, this a policy just for farm use.  No commercial activity other than my farm.  Of course, that was in OH and IN.  States differ.....

[Darryl&Rita]

We've ran a commercial policy underwritten by a commercial company since day one. 13 page application, listing cargo value, border crossings per year, miles per quarter, etc. Filled (honestly), and sent in. Payments were, and continue to be, less than anyone else in Alberta was willing to quote. Given that the population of Canada is 10% that of the US, and Alberta is 11.5% of the total, we're a pretty small market to underwrite. We were glad to have any coverage, at one point.

[Av8r3400]

Lest we devolve into a conversation of politics, a 7% increase IMO, is more than acceptable considering the current economic conditions, especially in the insurance sector.

My business' insurance went up approximately 18% this year.

[SuiteSuccess]

31 minutes ago, Av8r3400 said:

Lest we devolve into a conversation of politics, a 7% increase IMO, is more than acceptable considering the current economic conditions, especially in the insurance sector.

My business' insurance went up approximately 18% this year.

Thanks Larry.  I’m just always trying to save a buck if I can.  If I don’t ask the questions, I’ll never have the answer.  😊

[mike5511]

I really feel lucky reading everybody else's insurance woes. I forget what I'm paying exactly, but when I changed from the 1 ton to the HDT, my insurance dropped about $40 a year. (2015 1 ton to 1998 Volvo, full coverage) My HDT is registered as non-commercial. They put "pickup" on the title. They didn't know what else to call it, lol.  The non-commercial fee was the same for a pickup or a motorhome, so it didn't really matter what they called it. (all they are interested in is the revenue). Southern Farm Bureau has had all my insurance needs for the past 30 years or so. I had to explain what I was doing with the truck, but there were no problems getting a policy. And, there shouldn't be! (I'm in Arkansas) FWIW

 

[rickeieio]

It would be simple for the consumer if insurance was the same everywhere.  Of course, that wouldn't be fair.  Some areas of the country have higher claims rate, more congestion, more aggressive drivers, etc.  It opened my eyes when a long time agent told me that your credit rating affects your insurance rates.  People with poor credit tend to have more claims.

When we sold the 2001 Volvo and insured the 2018 KW, our rate dropped by nearly $400/yr.  I was shocked, to put it mildly.

[rpsinc]

6 hours ago, SuiteSuccess said:

I’m just always trying to save a buck if I can.  If I don’t ask the questions, I’ll never have the answer.

And why wouldnt you.  Heck, the price of diesel is a valid indicator of prices doing what they do, and then we pay for it in the tank, the grocery store and every other place where we buy things, cuz diesel gets it there.

It is unfortunate to see BUT really does SHELL and other oil companies NEED to make lifetime record prophets???

[rickeieio]

37 minutes ago, rpsinc said:

It is unfortunate to see BUT really does SHELL and other oil companies NEED to make lifetime record prophets???

Yes, because that's what the shareholders expect.  Nearly anyone with a retirement portfolio or 401-k is a shareholder in petroleum, and many other industries.  And these industries need to make a profit to stay in business.  They'll have lean years, and good years.  Anyone who's ever owned their own business should understand this.

Diesel isn't any higher, adjusted for inflation, that it's been many other times in the past.  Adjust, or stay home.  We all get to make that choice.  That played into our sitting in one place for 5 weeks this winter.  Cheaper cg fees, and no fuel in the truck for that time frame.

[Deezl Smoke]

 My rv policy with PEMCO just came up and was near $1700 annual. High limit, actual cash value. $1,000 comp col deductables.

 I went shopping, and found my very same independent agent is also a premier Progressive agency. I priced, same limits and deducts etc., down to $1088 annual.

 This is in western Oregon and for a 2021 custom Peterbilt.

 My "commercial" policy I had on my low gvwr T plated truck was over $1,000 annual for just liability. In my area, "commercial" is not an option that I would consider for an rv with an rv trailer. There are so many gray areas in the fine print.

 I've never even been in an accident, and have'nt had a ticket since 1983. My new Progressive policy does ask the approximate days in a year that I expect to drive it, and I can not live in it. So there are variables to consider when pricing policies including if you had a claim in a commercial policy and they found you were living in the trailer.

[jenandjon]

My Freightliner, Tahoe and Suburban all went up just a little bit. Camper and minivan stayed the same. It went up $15 every 6 months. 

[DJohns]

I just got my new medicare supplement price. Blue Cross went up 18% They never miss an opportunity to raise a rate.

On another topic, I saw a video by a financial guru on interest rates. 30 years from 1950 to 1980 interest rates trended up then 40 years to 2020 interest rates trended down. They contend the next 30 years interest rates will trend up. This is good for retirees with money out at interest.

[rickeieio]

1 hour ago, DJohns said:

. This is good for retirees with money out at interest.

It's a two edged sword.  Higher interest rides on the coat tails of higher inflation, bad news for retirees.

[rpsinc]

17 hours ago, rickeieio said:

Anyone who's ever owned their own business should understand this.

I have owned my own business since 1988 and do certainly understand profitability BUT really, I wish I could have had a captured clientele.  Not saying they dont deserve to make a good profit, and yes there are fat and lean years, but ....

[jenandjon]

I was wrong in my previous comment. It went up $15 a month. 

[ddm502001]

Just paid mine, for a YEAR, $286 for the KW as is considered a Farm vehicle with a weight tag, no mileage limit in MO.  Will be a second Policy for a RV Trailer as is considered Separate by our Insurer MoFB.  Estmate was under $500 for additional Trailer so long as kept purchase expense below $45,000.

Have to Mark PRIVATE CONVEYANCE NOT FOR HIRE was only stip.

Now License was a different consideration.  48,000 Beyond Local (NOT L or F Tag) was $556 for a year.  MO RV tag requires Towing machine be registered RV where cannot be used for any other purpose, EVER.  No other trailer except a RV to get basically a Automobile License Plate, as well the machine would require meeting certain criteria as RV style Fifth Wheel, no Connectivity points for any other trailer, and Title would reflect RV not Truck Tractor.

[vacationer]

Well i put myself in a pickel after seeing all the hdt on here and talking to all kinds of people. I went out and purchased a 2015 volvo 730 not knowing that they will not insure here in ontario canada anymore. I no we have a few guys from my area that have them but seems iam at a stand still . They just dont recognise the conversion from class8 to rv

[SuiteSuccess]

15 minutes ago, vacationer said:

Well i put myself in a pickel after seeing all the hdt on here and talking to all kinds of people. I went out and purchased a 2015 volvo 730 not knowing that they will not insure here in ontario canada anymore. I no we have a few guys from my area that have them but seems iam at a stand still . They just dont recognise the conversion from class8 to rv

Understandable, and not trying to be critical, but a lesson that anyone looking to pull with an HDT should learn.  1.  How will your state (Provence) register the vehicle?  2.  What license is required to drive it in its intended use?  3.  Cost and availability of insurance?  4.  Costs of conversion and ongoing expenses…can you afford it?  All these things should be answered BEFORE purchase IMHO.  Hopefully if you are forced to sell, it won’t be at a substantial loss.

[Nigel]

I think vacationer will be okay.  We’ve conversed off line and I think the biggest problem is terminology.  If you say heavy duty truck or class 8 you get an immediate no.  Say motorhome and at least they will listen.  

[Cotreker]

I just received renewal from Progressive Commercial for $1300, $1m in liability coverage.