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Insurance rates up

zorry

zorry

Veteran Expediter
Heard tonight that the FMCSA is recommending that the minimum be bumped from $750,000 to as high as $3.2 million in coverage.
Some politician from PA has a bill to raise the minimum to over $4 million. He doesn't have much support.
 
OntarioVanMan

OntarioVanMan

Retired Expediter
Owner/Operator
zorry said:
How about they're in business to make a profit.
How many vans at $6-8,000 a year do you need to have enough after costs to cover that $15 Million dollar settlement ?
If you can't get enough to cover your costs, speaking to nobody in particular, then maybe you're in the wrong business.
Progressive isn't the problem.
85 cpm freight is.
If Progressive exited expediting today, what would most here do ?
Click to expand...

Exactly....the problem WAS we were being so under charged for many years really and now they are playing catch up to the risk factor.....we are out there at some of the most riskiest times of the day and night....our liability factor is sky high....even if we are in the right just have decals makes us a target of a lawsuit...the newest crazy and I am betting it is spreading is percentage fault....like you were 20% responsible.......sure the guy ran a red light BUT you were doing the speed limit BUT it was raining...you should NOT have been going that fast and we find you at 20% at fault for not driving the road conditions....
 
Turtle

Turtle

Administrator
Staff member
Retired Expediter
Undercharged? Maybe. One thing I do know for sure is, the one thing banks and insurance companies have in common is, they are housed in really nice, really expensive buildings, with really nice, really expensive furnishings.
 
OntarioVanMan

OntarioVanMan

Retired Expediter
Owner/Operator
Turtle said:
Undercharged? Maybe. One thing I do know for sure is, the one thing banks and insurance companies have in common is, they are housed in really nice, really expensive buildings, with really nice, really expensive furnishings.
Click to expand...
Oh Like John E's house?.......LOL
 
zorry

zorry

Veteran Expediter
Opel2010 said:
There are other insurance companies. But the prices are about the same.

Sent from my Samsung Galaxy Note III
Click to expand...

Huh ? So then how can progressive be the bad guy if they give us a very good product for pricing that is "about the same."

Back to the problem of low rates.
If June first no van loaded for under $1.10 all miles, guess what ? Nobody would be running for .85cpm.
 
OntarioVanMan

OntarioVanMan

Retired Expediter
Owner/Operator
zorry said:
Huh ? So then how can progressive be the bad guy if they give us a very good product for pricing that is "about the same."

Back to the problem of low rates.
If June first no van loaded for under $1.10 all miles, guess what ? Nobody would be running for .85cpm.
Click to expand...

That would still be a pay cut at Load 1....we vans make about as much as an E-1 straight does....
 
Opel2010

Opel2010

Veteran Expediter
Owner/Operator
zorry said:
Huh ? So then how can progressive be the bad guy if they give us a very good product for pricing that is "about the same."

Back to the problem of low rates.
If June first no van loaded for under $1.10 all miles, guess what ? Nobody would be running for .85cpm.
Click to expand...

As long as Aggressive kept a low price, the others were not interested. But now, with these astronomical prices, lots of them are willing to insure the expediters.

Sent from my Samsung Galaxy Note III
 
xiggi

xiggi

Veteran Expediter
Owner/Operator
Sounds like they knew there was nothing but losses at those prices

Sent from my - Fisher Price ABC - 123
 
zorry

zorry

Veteran Expediter
Competition will set the price.

It may be at the reasonable ROI price now. Or getting UP to it.
 
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