Insurance costs

[meburdick]

I know what you meant, it is just one of those threads where I feel like I am getting baashed because this is what I do for a living, and we are easy targets, just like lawyers. There are a lot of professionals out there that do a good job and a lot of consumers out there who make accusations and generalizations about the industry that are baloney, but everyone buys it for some reason.

Just like when buying a house or any other business transaction, educate yourself and deal with people who have a solid reputation and you won't have a problem. If you want to get garbage, go buy your insurance from a 1-800 number and best of luck to you. If you treat insurance as a commodity you will certainly be treated as a commidity on the back end. Just like tractors, if you go in and buy without educating yourself I would wager you will be getting a product that doesn't exactly fit your needs.

Please know that I wasn't bashing. In fact, you could really say I was supporting the industry.

When a consumer goes out to buy any product or service, they look at the cost and make their decision. That's NOT the way to buy insurance. You have to understand what is explicitly included and what is explicitly excluded in the policy. Only then can YOU (the consumer) decide which policy offers the appropriate level of protection and at the right cost.

I'm sure you'd be happy to sell $100 policies all day long, but would be completely uncomfortable with people actually buying them (because they don't actually cover much). When the consumer understands what their dollars are buying them, they will make the right choice. And you will be able to know that they have the right policy as well.

 

[kootch88]

Please know that I wasn't bashing. In fact, you could really say I was supporting the industry.

When a consumer goes out to buy any product or service, they look at the cost and make their decision. That's NOT the way to buy insurance. You have to understand what is explicitly included and what is explicitly excluded in the policy. Only then can YOU (the consumer) decide which policy offers the appropriate level of protection and at the right cost.

I'm sure you'd be happy to sell $100 policies all day long, but would be completely uncomfortable with people actually buying them (because they don't actually cover much). When the consumer understands what their dollars are buying them, they will make the right choice. And you will be able to know that they have the right policy as well.

I've been doing this long enough to not bother selling to people who won't accept proper limits or buy the right policy for their needs, and this happens many, many times a month. I just do not need the hassle down the road. I also tell people who think we are trying to "rip them off" to take a hike. It is nice being your own boss at times, even if it costs you money.

 

[Storm56]

I've been doing this long enough to not bother selling to people who won't accept proper limits or buy the right policy for their needs, and this happens many, many times a month. I just do not need the hassle down the road. I also tell people who think we are trying to "rip them off" to take a hike. It is nice being your own boss at times, even if it costs you money.

Not selling to the types that are not interested in buying the proper coverage actually saves you money in the long run because they will be the first to cry foul when something goes amiss, and it will...

 

[bindian]

In recent emails, I had been given a cost of $750 for my tractor liability insurance in my new start up business....Big RED Beast Excavators. Now the Farm Bureau agent just sent me quote of $2806. My question is what insurance do Y'all have and how much do you pay for digging in the dirt?
hugs, Brandi

Please reread my original post, above. I am asking folks WHO are in the dirt digging business where they get coverage. I am not asking for opinions from others who do not do this business. I appreciate all the comments, but there are too many to respond to.
Thanks, Brandi

 

[meburdick]

Please reread my original post, above. I am asking folks WHO are in the dirt digging business where they get coverage. I am not asking for opinions from others who do not do this business. I appreciate all the comments, but there are too many to respond to.

Brandi,

While I understand how you're trying to gather information (from those that are consumers of the product), unless someone sends you a copy of their policy to review, getting input from them on how much they pay doesn't help you. This sort of item isn't a "black box" commodity that you can buy at any retail chain. Policies are individualized and customized to suit the needs of the consumer.

What everyone here is trying to do is help you understand *why* you may be getting price quotes that are so different from one another from those two entities and you'll be empowered to work from there.

 

[kootch88]

Everyone wants it simple enough to explain in one sentence. No wonder newspapers are going out of business.

 

[Storm56]

Let me see if I have this correct...OP claims to be starting a landscaping business, gets a quote for about $750, then is upset when it comes back at $2806....and her business name is Big Red Beast Excavators......

And she wonders why......

And then when people that worked in the industry try very nicely to explain it, she thinks we are off the main post topic....she wants feedback from people who are in the "business"....

 

[meburdick]

Let me see if I have this correct...OP claims to be starting a landscaping business, gets a quote for about $750, then is upset when it comes back at $2806....

I thought it was more a case of getting two different quotes from two different "vendors" and having them be so far apart. But, it isn't completely clear which of the two scenarios is accurate.

And then when people that worked in the industry try very nicely to explain it, she thinks we are off the main post topic....she wants feedback from people who are in the "business"....

I can follow her wanting to get feedback from people in the excavation business (as opposed to being in the insurance business), but what she should REALLY be concerned about is actually understanding what ANY quoted policy covers her for and then understanding what COVERED PERILS others in the excavation business carry.

As a well-informed consumer of insurance [I carry equipment coverage on my tractor that includes use on my property as well as in transport, auto, general liability, umbrella liability, homeowner's (with specific items riders), and life], I know that it isn't about what you pay as much as it is about what you pay for.

Your position as an "industry insider" allow you to provide an even deeper understanding of that.

 

[kootch88]

So a great way to educate yourself is go to a plummer to explain complex insurance policies. That way you will get 100% opinion and insufficient information so you can make a really stupid decision. I know when I have a medical question I would always ask my bodyshop first, because they always know exactly what I will need.

If I sound sarcastic, maybe you can understand why. If you want real information, go ask someone who knows what they are talking about, not the plummer or doctor about insurance. Trying to get an idea of cost from anyone outside your zipcode, especially Texas, since they have unique insurance laws is a waste of time.

 

[lilranch2001]

Let me see if I have this correct...OP claims to be starting a landscaping business, gets a quote for about $750, then is upset when it comes back at $2806....and her business name is Big Red Beast Excavators......

And she wonders why......


And then when people that worked in the industry try very nicely to explain it, she thinks we are off the main post topic....she wants feedback from people who are in the "business"....

I was a bit curious about that as well
:confused2: