Progressive raising rates
- Thread starter RMPM01
- Start date
zorry
Veteran Expediter
When my family had trucks hauling gas and fuel oil around Chicago,our rates went up 700% in one increase. We'd had no claims.
The relief was all our competition's rates rose in a similiar fashion.
Rates went up for everbody. Not profits,just rates.
Unless a carrier is large enough ti be self insured,they'll feel the pinch too.
The relief was all our competition's rates rose in a similiar fashion.
Rates went up for everbody. Not profits,just rates.
Unless a carrier is large enough ti be self insured,they'll feel the pinch too.
Speedwagen
Seasoned Expediter
I just got renewal letter from Progressive and I was in shock. Rate went up $1200 per year
I called CIS and I was told that because of storm sandy progressive is raising rates across the board
$1200 is just too much !!!!
Ouch! May I ask for what kind/ type of vehicle you are running?
Thanks.
I just got renewal letter from Progressive and I was in shock. Rate went up $1200 per year
I called CIS and I was told that because of storm sandy progressive is raising rates across the board
$1200 is just too much !!!!
Not that big of a deal. Just raise the rates you charge to reflect how much your insurance bill went up.
I thought the insurance company took the risks! Looks like they just redistribute our money. So basically, whenever they have to pay out, it costs them nothing? They just get the money from their other customers. What a great scam! It's one of those things that they can charge whatever they want because we have no options! Gotta love big corporations. Don't ever take a loss, just pass it along to the consumer.
I have to wonder if the insurance companies are just learning and better understanding their risk. They were insuring individual vans for cheaper than carriers could on their fleet policies. My guess is losses started coming in and they might be starting to realize. They don't write fleets as far as I know.
Hopefully they can afford to replace Flo with someone hotter.
Is there ANYTHING you do not understand about a for profit business?? Seems to me, you would be an ideal candidate to start an Insurance Company.
RMPM01
Seasoned Expediter
2010 Ford E-350
RMPM01
Seasoned Expediter
They raised my rates too so I just made a few adjustments to stay in business. Also don't burn your bridges with progressive. I tried to get some other companies to insure my company and the lowest quote I got was 10 grand a year for a cargo van. It uaually costs around 7k a year to insure one tractor and they wanted more than that. The insurance agent told me that insurance companies get real jittery when they hear the word expedite. They know that we are always in a hurry and that really scares them. I gues we either accept the higher rates or just go and lease back on with one of the big boys. From what I'm seeing right now it's not even worth payin the 300 a month that I pay now for my insurance to even run for multiple carriers. I just don't see it anymore. But I will continue to do so until my driver moves on or until I decide to scrap the van completely. Good luck with the insurance because they are raising everyones policy!
Tennesseahawk
Veteran Expediter
Here's a hint... they don't pay taxes neither.
I think the standard market it hardening up. The last two years have not been good for the insurance industry. As well they often offset this with investment income. It is hard for them to make significant revenue that way today. As well the reality of the market is catching up here.
Well, John it all goes back to capitalization. If you can't absorb the120 dollars a month increase in cargo insurance then perhaps the company is undercapitalized. I'm sufficiently capitalized to operate 1-2 fleet vans like I'm doing now, but not sufficiently capitalized to run a full blown carrier. I guess a lot of people are going to be removed from the multiple carrier model soon. You can't pay 450 dollars a month for cargo insurance just to make 85 cents per loaded mile which is what a lot of these rinky dink carriers are paying these days. It just doesn't make any sense.
oh darn!
RMPM01
Seasoned Expediter
I pay 328 now which is doable. But the jump from 190 dollars a month to 328 was pretty high. I just pay my driver a few less pennies per mile to absorb the cost. Still, at 380 dollars a month it's not really worth running for multiple carriers. Also even having you own company is not that much better than running for one of the bigger carriers and getting paid at least a buck a mile. When Bolt pays their drivers more money and you don't have to pay 380 dollars a month for insurance when you are leased on with them. It makes you reconsider your business model!
