Insurance Cost ... What Do You Pay?

J

jbankO

New member
I have recently been quoted a few prices for garage keeprs insurance & commercial auto insurance. I'm still looking around to try and get some better quotes. If you have any recommendations please let me know!



I'm 25 y/o married w/ no tickets within the last 5yrs. The commercial vehicle is a 2011 Chevy Silverado 1500 crew cab (fully wrap which is I guess why I need commercial insurance) but was quoted 290$ per month. Which is 3x what I pay for the truck on my personal auto insurance policy. Does that sound right?



I was also quoted from what I beleive is a 2,000,000$ garage keepers insurance policy for 163$ per month. Is this a good rate? I thought I have read before about people getting better rates than this. I'm located in Texas as I think it differs by state.



Thanks in advance!
 
We have just recently finalized our policy in Texas. It was about $1600/year. $2,000,000 general aggregate, $300,000 garage keepers.
 
kakeuter said:
We have just recently finalized our policy in Texas. It was about $1600/year. $2,000,000 general aggregate, $300,000 garage keepers.
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Do you mind if I ask who you guys went through?
 
jbankO said:
I'm 25 y/o married w/ no tickets within the last 5yrs. The commercial vehicle is a 2011 Chevy Silverado 1500 crew cab (fully wrap which is I guess why I need commercial insurance) but was quoted 290$ per month. Which is 3x what I pay for the truck on my personal auto insurance policy. Does that sound right?
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What does the policy include ? How much liability coverage ? Collision ? Deductable for collision ? Comprehensive (fire, theft, vandalism) ? Deductable on that ?
 
This is the breakdown of my policy through State Farm in CT. Very reasonable for the amount of coverage, though I don't have a commercial vehicle to insure.



Basic Policy Deductible: $500



Policy Coverages & Amounts

-----------------------

Coverage B - Business Personal Property

$5,000

Tenant's Improvements & Betterments

$0 - Included in Coverage B

Tenant Building Coverage

$0 - Included in Coverage B

Coverage C - Loss of Income - 12 Months

Actual Loss Sustained

Coverage L - Business Liability - Per Occurrence

$1,000,000

Coverage L - Business Liability - Annual

$2,000,000

Coverage M - Medical Payments

$5,000



BASIC POLICY PREMIUM: $506.00





Optional Coverages

-----------------------

Equipment Breakdown

Amount: $5,000

Premium: $30.00



Garage Keepers Insurance - Direct Coverage

(comprehensive, $500 collision deductible)

Amount: $50,000

Premium: $529.00



Garage Liability $250 Deductible

Amount: Included in Coverage L Limit

Premium: $50.00



Utility Interruption - Loss of Income

Amount: $10,000

Premium: $20.00





Credits/Charges which have been applied

-------------------------------------

Deductible Adjustment

Operation of Customers' Auto on Particular Premises

Property Damage Liability $250 Deductible



TOTAL PREMIUM: $1,135.00

TOTAL MONTHLY PREMIUM: $94.58
 
WAS said:
What does the policy include ? How much liability coverage ? Collision ? Deductable for collision ? Comprehensive (fire, theft, vandalism) ? Deductable on that ?
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I'm actually unsure, I asked her to basically mirror my personal insurance which I know is a 250$ deductable but actually unsure of all the coverage.



ExplicitDetails said:
This is the breakdown of my policy through State Farm in CT. Very reasonable for the amount of coverage, though I don't have a commercial vehicle to insure.



Basic Policy Deductible: $500



Policy Coverages & Amounts

-----------------------

Coverage B - Business Personal Property

$5,000

Tenant's Improvements & Betterments

$0 - Included in Coverage B

Tenant Building Coverage

$0 - Included in Coverage B

Coverage C - Loss of Income - 12 Months

Actual Loss Sustained

Coverage L - Business Liability - Per Occurrence

$1,000,000

Coverage L - Business Liability - Annual

$2,000,000

Coverage M - Medical Payments

$5,000



BASIC POLICY PREMIUM: $506.00





Optional Coverages

-----------------------

Equipment Breakdown

Amount: $5,000

Premium: $30.00



Garage Keepers Insurance - Direct Coverage

(comprehensive, $500 collision deductible)

Amount: $50,000

Premium: $529.00



Garage Liability $250 Deductible

Amount: Included in Coverage L Limit

Premium: $50.00



Utility Interruption - Loss of Income

Amount: $10,000

Premium: $20.00





Credits/Charges which have been applied

-------------------------------------

Deductible Adjustment

Operation of Customers' Auto on Particular Premises

Property Damage Liability $250 Deductible



TOTAL PREMIUM: $1,135.00

TOTAL MONTHLY PREMIUM: $94.58
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Thanks this actually sounds more in line of what I was looking for for the garage keepers. I'm actually pending a quote from state farm now pending their underwriting to compare it w/ the farmers thats almost double this price. So hopefully its similar to the rates they offer in CT.
 
You can't make the assumption if your premium is good or not until you compare it against other quotes. I personally can't see a reason to have more than $1,000,000 liabilty unless you have some pretty valuable client and they request thi much coverage.
 
I'm paying $361.9 per month, for $1,000,000 liability including the commercial vehicle insurance on a Cargo Van for my mobile business here in Canada. It's not cheap!
 
OnTheSpotMobile said:
I'm paying $361.9 per month, for $1,000,000 liability including the commercial vehicle insurance on a Cargo Van for my mobile business here in Canada. It's not cheap!
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Collision as well ? Comprehensive ? What deductables ?



Guys, it's so hard to analyze your premiums if we don't know the particulars of the coverage.
 
I finally got everything setup w/ farmers



Ended up getting garage keepers with:



Aggregate Limits of 2,000,000.

Garage Liability of 1,000,000.

Garage Keepers of 50,000. w/ 500$ Deductible



For: $1954.00 annually



As far as the commercial insurance on the truck I got:



Liability of 100,000

Deductible of 500

Rental @ 50 per day

Uninsured Motorist



For: $2353.00 Annually



Not to bad, took a while shopping around to find decent rates some people for the exact same coverage were double the price!
 
mcodp said:
this helps, I am insurance shopping in Ft Worth now
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I went w/ State Farm, their office was in downtown ftw. I was able to get the best prices from there. I can give you Tiffanys info from State Farm and she can get you a quote if you like. BTW I was searching some of my competition online and ran across your site & now I see you on the forums, welcome aboard!
 
jbankO said:
I have recently been quoted a few prices for garage keeprs insurance & commercial auto insurance. I'm still looking around to try and get some better quotes. If you have any recommendations please let me know!



I'm 25 y/o married w/ no tickets within the last 5yrs. The commercial vehicle is a 2011 Chevy Silverado 1500 crew cab (fully wrap which is I guess why I need commercial insurance) but was quoted 290$ per month. Which is 3x what I pay for the truck on my personal auto insurance policy. Does that sound right?



I was also quoted from what I beleive is a 2,000,000$ garage keepers insurance policy for 163$ per month. Is this a good rate? I thought I have read before about people getting better rates than this. I'm located in Texas as I think it differs by state.



Thanks in advance!
Click to expand...



Is this a quote for a mobile detailing business? If so, your agent could have put you in the wrong catagory as there is no "on the books" catagory for a mobile detailing business. In fact, there is not one for a fixed location either.



You have to be sure the agent knows what they are doing and has options and works to find out where your business best fits.



The closest common insurance coverage to mobile detailing that is quite active is mobile washing. They do houses, buildings, that type of thing. You should contact those in that industry and see what they are paying.



We find that often detailers get taken advantage of with insurance because they are not clear in what they need nor is the agent they are using.



I find that most agents are nothing but "salespersons" and they leave the "figuring out" to clerks that work for the national company. In fact, a good friend is a State Farm agent and he told me that the company was forcing him to do nothing but sell. I was upset because everytime I called him I got referred to someone at national headquarters to answer my questions. That is the game he pointed out.



You sometimes are better off dealing with an insuance broker because they have no alligance to anyone company. They work for you and find the best insurance company to handle your needs.



Regards

Bud ABraham
 
RLI CORP



$5,000 Business Personal Property on premises or temporarily off premises, $300,000 Liability, and $250 Deductible.



$1,000,000 policy.



Garage keepers $30,000 per



Total annual premium: $ 475 due in full at time of sign up.



----------------------------------------------------------------------------------





As for my 09 cargo van, I have geico commercial with $250 deductibles, PIP, towing,rental, uninsured/underinsured, and I think my coverages are $100k/$300k, but could be a step above this, don't remember.



I pay $142 a month
 
mcodp said:
this helps, I am insurance shopping in Ft Worth now
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I too am in Fort Worth and have just recently paid for our insurance for a year. If you are still shopping around and would like another quote for comparison, I would be happy to give you the contact information for the agent we used. Who knows, you may have a better deal and I can switch providers next year.



Also, wouldn't mind getting a few of us from Fort Worth together sometime for a meet and greet. Take care and good luck.



-Kody-
 
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