Insurance Rates Going up?

Date 11-21-2012 14:48

Got a call from my agent, we searched different companies and ended up staying with the same one as it was still cheaper than other GL.

Have you guys noticed your GL going up? Mine jumped $500, got the call a week after the election(odd, but lets not get into the the political side). My workers comp and truck insurance jumped as well, almost $1000 overall on my premiums. Never had a single claim for any of it and I'm paying more? My agent was telling me that that it didn't matter what type of welding I did that it was an across the board jump for welders. You guys see anything in your GL? Just curious to see if things are actually headed up or if it is just my carrier.

By welderbrent (*****)

Date 11-21-2012 15:12

Shawn,

You must be kidding!! I think mine goes up every year even when my volume and payroll goes down.

But, remember, depending upon many factors they do audits of your company every year as to sales/volume, payroll, etc and determine if you paid enough last year. Then, they adjust your rates for this year and maybe next year. All said and done it is rather like your property taxes, they are three years behind. Thus, all the factors may be going down but your rates still go up because of where you were two years ago. Clear as mud but they make it difficult for us simple welders to figure out and keep track of.

Have a Great Day, Brent

By Smooth Operator (***)

Date 11-22-2012 01:36

Cummins, My insurance was up beginning of Nov. (gl went up from $4000.00 to $6000.00 for $2 million of coverage) (auto went up $200.00 on the liability side per vehicle) Agent said liability side of insurance going up for EVERYBODY period :yell:

Some days being in business sucks and its just better to go home and have a therapy session with Dr. J.D. Insurance day is one of them!!!!! :sad:

By Cumminsguy71 (*****)

Date 11-22-2012 11:30

Just about the same wording my agent used, no reason, just going up "across the board for welders". Yep, gotta have it so you just roll with it! I prefer a session with Mr. Jameson or Mr. Guinness or Mr. Murphy. :grin:

Figured I would check with the fella's on here see what the word around the school yard was!

By Stringer (***)

Date 11-22-2012 16:13

Fire your insurance agent every chance you get.

By Cumminsguy71 (*****)

Date 11-22-2012 18:09

I've checked other agents in the big city and they are more expensive or cannot find a carrier to cover what I do. Suppose I can lie but that won't happen.

By Smooth Operator (***)

Date 11-22-2012 19:04

Cummins, Hear a company called CNA ?????? is writing policies for welders/ fabricators jumping into this area with both feet !!!! :smile:

By Smooth Operator (***)

Date 11-23-2012 04:16

Fired my agent once..... :red:

Came back to bite me in the arse!!!!! :yell:

New agent that had a lower price ended up fixxing the numbers!!!! :eek:

Took my estimated payroll and cut it in half..... Didn't catch it till I was gettting ready for my end of policy audit!!!!!! Bottom line: sleazy way of doing business went back to original agent :red:

At least I'm prepared to get hosed with him :roll:

By strother (***)

Date 11-23-2012 04:52

I know from experience, if you don't pay upfront you'll pay after the audit!! I had my GL with Meybohm Scarborough. I filled out the self audit honestly . They said I went over my estimated payroll. Not only did they adjust my premium for the next year but the sent a bill for $1200.00 additional premium for the year that the audit covered.

By Tommyjoking (****)

Date 11-23-2012 17:44

I have found it is always just a good idea to shop your insurance at least once a year if not twice. I encourage my kids to do the same, it is a hassle but when you find the right agent/company you really can save some cash. There can be a risk/darkside to it as spoke of above. My main agent is independent and has an exceptional track record of finding new policies and discounts for us on our home car etc. on a regular basis. When it came to my business policies it turned into a nightmare...they do not handle my GL anymore.

I have not been hit with in increase yet, but I am expecting it. Might turn out interesting because I was going to hit them with some policy changes and additional coverage without an increase. :grin:

I don't want to but if fuel or insurance goes up any more so will my rate.