Dump truck insurance rate hike

[JPSouth]

So last fall I get a call from my insurance agent requesting all the maintenance and inspection records for my dump truck, a '97 Ford L8000 tandem. This hadn't happened before on my '97 IH 2554, so I asked why. She said insurers were weaning away from insuring anything older than 2005 models, considering them a safety risk. As I've been with the company and claim-free for some time now, I'm evidently grandfathered in. For now.

The other shoe dropped last week, as I got a polite notice in the mail that the biz liability on the truck had increased 3 times what it was. Apparently the reason being it's over 250K and over 20 years old. I called my agent, with whom I have a long history and is very good at her job, and asked for mediation, citing that the rig undergoes an annual DOT inspection, and at least one unannounced weigh station inspection plus an average of two surprise parties on the side of the road every year. Additionally, I've got a good relationship with a diesel shop nearby, and anything I don't see and they do, Tom knows to fix it.

Anybody else with older rigs have their insurance skyrocket lately? For a number of reasons, I don't want any part of anything newer than what I've got, suits me and my work just fine. But if the insurance industry is leaning towards slamming the door my options get real limited.

 

[Birken Vogt]

How much has the agent shopped around? Insurance companies are all over the map on this type of stuff, maybe another one has a better deal.

 

[92U 3406]

Insurance is getting crazy stupid everywhere and on everything this year.

 

[JPSouth]

How much has the agent shopped around? Insurance companies are all over the map on this type of stuff, maybe another one has a better deal.

She's been excellent as far as finding me the best bang for the buck. I started with her Dad nearly 40 years ago, regular homeowners and auto insurance. She bought the business several years ago after he retired, grew up working with him. Doubt very much I'd ever stray; I was having a tough time finding affordable terms when I got started a few years ago, and she came thru, got me going without breaking the bank.

 

[Junkyard]

The insurance market has changed a bunch the last few years. All of the new green drivers and fresh business startups have created a lot of exposure for insurance companies so they just pass the cost down the line.

 

[RenoHuskerDu]

Have your agent check National General Insurance. I saved 50% off the offer from (supposedly low-price) Progressive, which is involved in fighting 2A anyway.

 

[AzIron]

My inland marine policy just jumped 23 percent in one year I am currently shopping it I called around to some other guys I know locally said they are seeing premium hikes like a nightmare

Junkyards right green people and inexperienced companies are adding huge exposure i know of a few underground companies that have made some sizable hits on utilities.

 

[Jumbo]

The largest impact on insurance rates is the money they are not making in other places. University of Pennsylvania (if I remember correctly) did a case study on insurance rates due to claims made by political factions about 15 years ago. When insurance companies made money off their other investments, rates stayed stable. Whey their other investments lagged, rates went up. Claims paid out to people meant nothing, it was a perfect match for rising rates and lowering investment value. Something pointed out in the study that I innately knew, but did not realize; insurance companies are just banks. they need to keep their income up and when they cannot, they turn to us to pay more to keep the profits up. We as rate payers are like a reverse cash machine, when they need money, we cough it up.

 

[grandpa]

Unless your married to your insurance agent get another quote from another one. Maybe the price difference may be cause for a divorce.

 

[CM1995]

Our vehicle insurance cost passed our GL cost last year - first time that has happened in my 26 year career.

Our insurance agent said the biggest contributor to the increase was the "Have you been a victim in a big rig accident" billboards, TV ads, radio ads and all throughout social media. Around here those ads are on freaking every form of media..

Our GL and Auto policy are up for renewal in March - we'll see how it goes.

 

[Paystar]

Ontario, Canada too. Our dump truck rates went up. Snow plow insurance now makes it not worth doing also. Never ever had a claim.

And now the the other day had my agent call about my F550 Ford flatbed that I have licensed as personal use under 4500 KG. I use it as a pickup truck nothing more.
They said the insurance company called and told them they are cancelling my personal policy on it because it is a commercial vehicle. So I said "well then insure it commercial under my business."

To which they replied "we cannot insure it commercial because you are using it for personal use."

Does this make ANY sense to you???? LOL

 

[suladas]

I'm in Canada and my auto just renewed, about a 5% increase on my pickup, nothing on my trailers, 92 Western star costs a whole $235 a year to insure, the trailer costs more! However I told my insurance company it's only use is pulling my trailer, if I start using otherwise it may jump. About a 20% insurance in my commercial liability though, no issues or claims.

The big rate hikes i've heard on dump trucks is drivers without 2 years verifiable experience running a dump truck and you're hauling for others, you can't afford to insurance them.

 

[Dave Z]

Nuclear verdicts as they are called in the trucking industry. Link to the article and first 2 paragraphs of it below

https://www.freightwaves.com/news/werner-verdict-texas-crash

A Werner driver was westbound on interstate 20. The pickup truck carrying the family that suffered the fatal and non-fatal injuries was traveling eastbound–the mother was not the driver–lost control, went through a grassy median “and directly into the path of the Werner unit.” The pickup truck had turned around, so its rear was hit by the oncoming Werner truck.

“Werner’s driver did not receive a citation, and the investigating officers placed no blame on the Werner driver,” the company said in its filing. “The Werner driver was traveling well below the posted speed limit, did not lose control of his tractor-trailer, and even brought the unit to a controlled stop after the impact.”

"

 

[Welder Dave]

Wow! The jury was obviously looking for compensation for the family but the Werner driver did nothing wrong. Even going 30 MPH all of a sudden a car is in front of you, what are you supposed to do? If the driver would have had a CB then would claim he was distracted talking on it?

 

[suladas]

That is absolutely retarded. It makes you wonder how big trucking companies even bother when a few stupid people can ruin them.

They probably expected the Werner driver to swerve and likely kill himself and save the family.

 

[Dave Z]

Thinking about the nuclear verdicts takes me to my favorite lawyer joke. What do you call 10 lawyer's on the bottom of the ocean ? A good start