Truck Insurance went up 28%

[bigjoep89]

We called to check on our settlements and discovered our truck insurance went up 28%. I was just wondering has everyone? I did call our insurance company and inquired about it and was told " Yes that is a large increase but that is what it is" Our agent offered no explanation. This means I need to shop for a different insurance company any suggestions? Thanks Joe
God bless our Military and Vets!!!

 

[x06col]

Joe, we have had no increase in rates. If that helps.

 

[SPARKS_8]

Our settlement this past week also showed an increase. It went up $104.00 a month. I called insurance company and they told me i had to call FEDEX CC, which i did. I first called contractor relations and they sent me to safety. They said, yes it went up. Didn't have any reason. I've called one company and wasn't quoted any cheaper but i am still looking for a cheaper rate. If anyone finds it, please post.

Sheila Sparks
FedEx CC

 

[davekc]

A jump of $1200 plus per year is a pretty significant jump. Usually when there is a unexplained jump, it is because of a increase in claims. I believe I would shop around as there is likely a better deal. Just make sure you are getting the coverage that you need. Sometimes the cheapest lacks the coverage in certain events.
I don't believe it is a industry event as our rates haven't changed.








Davekc
owner
23 years
PantherII
EO moderator

 

[TeamCaffee]

One of the things we did to cut costs on our insurance was to check the market value of our truck. When you have a new truck the value drops significantly in the first year. If you have an accident the insurance will only pay you market value or declared value which ever is less.

To find the value of our truck we called the dealer we bought from. Reminded them of what we had bought, the current mileage and any changes we had made to the truck. First year and a half we did this every six months. Now it is just a yearly thing.

 

[bruchar]

Ours had an increase also. If you do find an alternate insurance company that will write a policy for Fedexcc please let us know. We've shopped around before and because of the way Fedexcc requires policy to be written...it's makes it impossible to shop around for rates.
Tried OOIDA and many others.

 

[arrbsthw]

I also noticed an increase in my insurance. Mine increased
from 94.00 in Junt to 123.00 for July. Not sure if the
work accident increased due to amount of money made or rate
increase.

I have had my own authority and had to pay for Liab, Phy dam and
Cargo to the tune of $1100.00 month so 123.00 doesn't sound
so bad to me.

 

[Booker]

You might check with CIS, Inc. in Akron, OH. Talk to Shelly Benisch at 1-866-864-1511. She helped us with the insurance on our new truck that is on leased on with FedExCC. Good Luck.

 

[RichM]

I second the motion about calling Shelley or her husband John. They are independent agents and run trucks through a Progressive policy which is acceptable to Fedex.

 

[nightcreacher]

As my truck depreciates,and value goes down.I also have the bob tail decreased.I didnt really notice an incease in ins. rate,guess going to have to check it out,you guys do know, just because retail is x amount of dollars,doesnt mean thats what the insurance company will give you on a total wipe out,and over the years I have found it very hard to get insurance away fom fed ex,with the clauses they want.What the biggest fight Ive had is the work accident,there are better policies for less but not acceptable with fed ex.

 

[JustUsTrucking]

We have had our insurance both with Panther's carrier and out on our own. On our own was no picnic. Price was a little less, however coverage was with a non-admitted carrier. This is all due to the fact that we occasionally haul stuff that goes BOOM and this tends to make the insurance carriers leary and yes they do understand they are not insuring the cargo.

Price is more with Panther's fleet coverage, but the upside is there is glass coveage and they regularly take the depreciated value of the truck into consideration and re-price the premium.

If we were not in elite services, I would no doubt be insured elsewhere.
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[SPARKS_8]

I just called safety, talked to Debbie and she said the rate was across the board and increased to .00315. I told her we hadn't had any accidents and thought this was a large increase. She said everyone should notice it but some not as much because of values of trucks. Guess we will be taking Bob and Linda's advice and get our value adjusted since the truck is over 7 months old now. Thanks for all the suggestions.

Sheila Sparks

 

[bigjoep89]

Thanks to all who replied. Monday I will start working all options. If anyone else has any input please post. Thanks Joe

 

[sucbadriver]

I got my truck ins through OOIDA and my rates went up 12 dollars in the last 3 years. And that is with an not at fault accident in there.

 

[Broompilot]

OOIDA has the fair market value for most Trucks. You need to be a mamber to access this info.

Just cause YOU may feel your truck is worth 100K a insurance co. is only going to pay you fair market value. The NADA of truck quotes is the book they use this changes at least two to four times a year. Remember it may not be your own coverage that pays you for damage. A car next to you may loose control and take you over the side with him. Your insurance co. is not liable for someone elses mistakes in a state that has no fault exempt. In other words he who at fault pays all damages, if they have enough coverage, than your co. picks up the difference if you have un-under insured on your policy.

NC is a at fault State.
MI is a No fault State.

I am no expert on truck values, but as close as I can calculate a truck that is running is generally loosing about $1,200.00 for every ten thousand miles. Straight Truck.

If it is not been running does not mean its holding its value, just not depreciating as fast.

I just, not to over pay on insurance, and self-insure myself a bit. I underestimate the value of the truck by about 7-8K. If you have a lien on the truck I doubt your bank will allow you to under insure it though at least no less than the loan amount.

Kinda off the subject, but if you ever buy GAP insurance. You should not be purchasing a TRUCK.

 

[redytrk]

Last I hear there is one clause in the OOIA insurance that makes it unacceptable to FedEx CC.

This was couple of years ago. Anyone with upto date info?