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mrj7500
03-27-2010, 09:19 PM
Insurance - Business owners what do you pay for insurance per year? (http://www.autogeekonline.net/forum/how-make-money-detailing-cars/24416-insurance-business-owners-what-do-you-pay-insurance-per-year.html)


Thinking of starting a detail business, so I called my insurance agent to get a quote.

$1400 a year to cover cars up to 30K in value, if I would get a more expensive car I could increase coverage for one day at a time.

This would be a home based business (to start), so this is just coverage for customer's vehicles. Is this a good rate?

Derrick
03-27-2010, 10:04 PM
Thinking of starting a detail business, so I called my insurance agent to get a quote.

$1400 a year to cover cars up to 30K in value, if I would get a more expensive car I could increase coverage for one day at a time.

This would be a home based business (to start), so this is just coverage for customer's vehicles. Is this a good rate?


That's expensive. That amount of money should cover a car that worth over a $100k, which is the kind of car you should desire to be detailing. Keep looking around and you should find a better rate.

Derrick

C. Charles Hahn
03-27-2010, 11:35 PM
That's expensive. That amount of money should cover a car that worth over a $100k, which is the kind of car you should desire to be detailing. Keep looking around and you should find a better rate.

Derrick

Agreed. For coverage on a $30K car you shouldn't be paying anywhere near that for basic liability. What exact type of coverage are you having quoted?

zackslapshot20
03-31-2010, 09:44 AM
I have a $1,000,000 umbrella policy that covers both the customers car and boat. Also any damage that happens as a result of an incident. (Up to $1,000,000 of course)

Rate- $350 every 3 months, $1400 a year. I have no idea who you are going through but that is out of the roof! Or maybe i got a smoking deal. I dont know

coldfirejt
03-31-2010, 11:30 AM
I carry a "garage-keeper's" policy with $600,000 aggregate liability and $300,000 per incident. $80,000 limit per car. The policy costs about $1,200 per year and the limits can be increased at any time and then decreased again if I need them
to be.

EliteImageDetailing
04-24-2010, 06:19 PM
if you don't mind me asking I'm currently looking for insurance, where did all you get yours from?
Thanks,
Alex

BimmerFerret
04-27-2010, 12:10 PM
I got a quote for about $1,430 from my insurance company for a similar policy as the OP, so I'm shopping around. What is worse, is I have tried getting ahold of other companies and no one is even calling me back! What customer service... Jeez.

jwellsii
04-27-2010, 05:07 PM
I carry a "garage-keeper's" policy with $600,000 aggregate liability and $300,000 per incident. $80,000 limit per car. The policy costs about $1,200 per year and the limits can be increased at any time and then decreased again if I need them
to be.

Could you please tell us what company your using. :hotrod2:
Thanks
John

mtmebnj
05-03-2010, 07:28 AM
I got a quote for about $1,430 from my insurance company for a similar policy as the OP, so I'm shopping around. What is worse, is I have tried getting ahold of other companies and no one is even calling me back! What customer service... Jeez.

I sell business insurance and no one is calling you back because the premium is so small. We get paid based off of premium so a $1,000 policy makes us only about $50 which bascially makes the agency lose money based on time, etc. Thats why no one is calling you back.

jwellsii
05-03-2010, 08:42 AM
I sell business insurance and no one is calling you back because the premium is so small. We get paid based off of premium so a $1,000 policy makes us only about $50 which bascially makes the agency lose money based on time, etc. Thats why no one is calling you back.

WOW!! I'm glad all agents don't think like that. Although it seems like a lot of agent do. I found an agent that I called Thursday morning and had my policy that evening for under $800. And that is for a $1,000,000/$2,000,000 policy.:buffing:

BimmerFerret
05-03-2010, 08:52 AM
I sell business insurance and no one is calling you back because the premium is so small. We get paid based off of premium so a $1,000 policy makes us only about $50 which bascially makes the agency lose money based on time, etc. Thats why no one is calling you back.

I see. Thanks for letting me know. I'm calling a "smaller" insurance company instead of the big names. Maybe they can help me out!

Does anyone here use more of a local insurance company, and does it have any particular advantages/disadvantages I need to be aware of.

This is the big hurdle that holds me back from advertising. I do NOT want to advertise unless I'm insured.

jwellsii
05-03-2010, 09:07 AM
John,

That's what we did. The big name companys are the ones that weren't calling back.

krzdimond
05-03-2010, 10:24 PM
I am completely mobile (I do not drive the customers vehicle) and the cheapest I could find was $1600 a year for $1mil/$90K. So, I am self insured. I have been in business for 3 years, so IF I have a claim tomorrow and it costs $3K to fix, I am still $1800 ahead.

The $3K is a guesstimate if I burn through the paint on a fender....

O.C.Detailing
05-04-2010, 07:12 AM
I actually have a gentleman who's looking into business insurance for me as we speak. I'm licensed, but business insurance was the last thing I needed to be truly legitimate. Now I'm getting home/auto/business all in one, I hope. I'll let you all know how much I'm going to be paying for it. lol.

BimmerFerret
05-07-2010, 12:43 PM
Well guys I think I'm going to go with who I currently hold my insurance with (USAA). It seems that no one around Louisville will even talk with me unless I have my cars with them or my house. I was even told it would be a "bad business decision" to insure me on the general liability policy only.

The policy USAA wants to give me is a Gen Liability + Garagekeepers. It may be a little pricey ($1.3k / year), but hopefully after some decent revenue and history I could get this rate lowered perhaps.

I'm open to all opinions on this move....