KW updates

[DMiller]

Called insurer this morning, just got off phone. Premium will be going up, had it insured since arrived was at $174yr basics should weather or fire or some other nasty have taken it away. New premium $500 deductible Coll and Comp $246yr FULL Coverage where based on repair moneys put in against mfr and model specs retail valuation's it is valued at $65k against total loss.
I was somewhat set back in my chair. Does make me happier. Also noted is 1/3 cheaper than my old Ford F250 SD.

 

[Labparamour]

That sounds like a deal!
I have my old ‘82 Ford 5yd dump and insure through Geico. Not for hire, local use and just for hauling materials for my own use. Went w 1mil liability. $1200/year. I’m happy with that as agent I have car and pickup insured through would only go commercial and be 1200/mo!
Best of all, the ‘03 Freightliner I picked up to swap the dump box over to will be same rate!

 

[Truck Shop]

Right now you could ask 65K and get, Value is pretty accurate for what one that year and specs are,
rebuilt or not in some cases.

Mine was insured as collector/with collector plates, State Farm $52.00 a year and keep mileage under 5K.

 

[DMiller]

Being as on a ‘Farm’, Farm Bureau relates to Primary use, not gonna state primary as RSH hauler!!
Can laugh will either have 48 or 54,000 Beyond Local(BL) tags not even to have a DOT number.

 

[cfherrman]

I had my rig insured for damage to the rig at 80k was 2000/yr, I renewed it for this year at 150k and was $3400/yr.

It just covered damage or theft to the rig like a fire or if it falls over. It being mobile equipment I can drive it down the road but won't have general liability. I didn't renew that as I'm waiting for my back to be better first.

 

[DMiller]

I had my rig insured for damage to the rig at 80k was 2000/yr, I renewed it for this year at 150k and was $3400/yr.

It just covered damage or theft to the rig like a fire or if it falls over. It being mobile equipment I can drive it down the road but won't have general liability. I didn't renew that as I'm waiting for my back to be better first.

My tags will run around $900/year for Weight Classification so CAN be legal to operate outside 150mi radius as is of "L" or Local MO Tags or MO "F" or FARM Tag, those are significantly Cheaper, and COULD present the truck into RV Only status but eliminate ANY use as a drayage for ANY task I have at hand on the property which is essentially a AUTO series Tag/license plate. That also requires a Title Reclassification to RV ONLY and lose the value of a Semi Tractor on resale.

Insurance is just based as Personal Use, NO Industrial or FOR HIRE value otherwise it does go ballistic.

 

[56wrench]

I’ve been with the same company for close to 50 years and every time the rates go up and we shop around they are still the least expensive.

 

[Spud_Monkey]

My tags will run around $900/year for Weight Classification so CAN be legal to operate outside 150mi radius as is of "L" or Local MO Tags or MO "F" or FARM Tag, those are significantly Cheaper, and COULD present the truck into RV Only status but eliminate ANY use as a drayage for ANY task I have at hand on the property which is essentially a AUTO series Tag/license plate. That also requires a Title Reclassification to RV ONLY and lose the value of a Semi Tractor on resale.

Insurance is just based as Personal Use, NO Industrial or FOR HIRE value otherwise it does go ballistic.

I would just tag it for the months you need it, it's what I do with the dump truck. I foreseen by December I won't be driving to town with it by then so tags run out till May/June where I get more.

 

[DMiller]

MO prorates but by Quarter, if license as late as March do not gain much, would have to wait into July to cut by 2/5. Not worth it here.
Can be licensed and take off taxes against Farm

 

[92U 3406]

I'm going to antique plate mine. Supposed to be very cheap since it can only be driven to/from events and for servicing.

 

[cfherrman]

My tags will run around $900/year for Weight Classification so CAN be legal to operate outside 150mi radius as is of "L" or Local MO Tags or MO "F" or FARM Tag, those are significantly Cheaper, and COULD present the truck into RV Only status but eliminate ANY use as a drayage for ANY task I have at hand on the property which is essentially a AUTO series Tag/license plate. That also requires a Title Reclassification to RV ONLY and lose the value of a Semi Tractor on resale.

Insurance is just based as Personal Use, NO Industrial or FOR HIRE value otherwise it does go ballistic.

No tag needed! It's kinda like a tractor but you have to have a CDL to drive it and probably supposed to do log books. It's in a very weird place legally.

For the year once I start up again I'll be paying over 20k a year in insurance.

 

[mowingman]

I got rid of my last big truck and trailer rig about 7 years ago, due to increased insurance cost. I just wanted my dump rig for occasional use, since I was already semi-retired. I thought I might use it a couple of days/week for brush/topsoil/mulch. That worked out for the first year, and my insurance bill was about $5000/yr through Progressive. Then, they sent me a letter stating they had somehow reclassified the rig, and my new rate was going to be about $15,000/year. The heck with that. I would need to run about 80 hours/week to make that work. I immediately put the rig up for sale and cancelled the insurance. I promised myself to never again own a rig big enough to require commercial insurance. Liability was the majority of the cost.

 

[colson04]

I got rid of my last big truck and trailer rig about 7 years ago, due to increased insurance cost. I just wanted my dump rig for occasional use, since I was already semi-retired. I thought I might use it a couple of days/week for brush/topsoil/mulch. That worked out for the first year, and my insurance bill was about $5000/yr through Progressive. Then, they sent me a letter stating they had somehow reclassified the rig, and my new rate was going to be about $15,000/year. The heck with that. I would need to run about 80 hours/week to make that work. I immediately put the rig up for sale and cancelled the insurance. I promised myself to never again own a rig big enough to require commercial insurance. Liability was the majority of the cost.

I don't understand how insurance can triple a guys rate like that. A youtube guy called Tow Piglet closed his hotshot business after his insurance more than doubled year over year.

The insurance for my tree service business went up 44% this year, and I have a flawless insurance history. I shopped around, but that was still the best deal available to me.

 

[DMiller]

Commercial is a different breed, gets into all manner of suit capabilities so insurers work to protect themselves, this one is no longer commercial.
Yes to drive with a weight tag requires Class A CDL, not working or earning payroll so no logs are mandated, Personal Conveyance, Not For Hire.
Will keep a daily inspection report, will honor certain aspects the boys in Brown appreciate as miles driven per state likely fuel purchases by state. Gray Area is the size of a storm cloud where lightning strikes Both Ways.

 

[mowingman]

They reclassified my truck from some type of Commercial Landscaping, to just Commercial Trucking, or something like this. I never hauled a load of sand, gravel, or crushed stone, but, that did not seem to matter to the insurance co. I will never use Progressive again, for any type of insurance. They are thieves.

 

[DMiller]

Insurers are a SCAM but a essential one many times.

 

[Truck Shop]

If I towed for hire on a regular basis with the company truck-the added hook coverage would come
to an extra $8,000.

 

[DMiller]

More fun when mail arrived last night, Going to have to put the Beast on back burner until December. Personal Property Tax rate increase, went up close to 20%, Due 12/31, notice from bank on Home Loan, increase in Real Estate Tax and Insurance increase driving monthly payment up $250/mo, seems the County Appraisal for taxes went up 30%, also affected Insurance Appraised Value. Cannot pay the adjustments and get the machine licensed this year as need the PPT paid receipt for next years license. Get inspections done late December can move that to January. Weight Plate will be around $900/year.

So it Sits.

 

[cfherrman]

Property taxes went up $200 regular and $400 from school bond for me.

 

[Spud_Monkey]

Can’t hit like button to that post.
Might have to come out of retirement again. Sure looks that way here too if one wants to get anywhere now days.
Sucks to hear as it’s nice to read your progress and see it come forth. Do what you got to do, we will be patient while pacing the floor.