Quantcast
Jump to content

Recommended Posts

Posted

Hey everyone, Ive lurked these forums for a long time while managing other people's shops and Ive decided to finally take the plunge. I shopped for an insurance quote and was given a price of 9k per year, this sounds extremely high to me. Is this a reasonable quote for a 2 bay shop in the Los Angeles area?

Posted

I would recommend getting five (5) quotes. Commercial insurance quotes usually vary a lot, depending on whether the company wants to write you or not. I highly recommend Westguard, www.guard.com/west, a Berkshire Hathaway Company. They have written me for 3 years in a row and were about 1/3 the cost of others.

 

I have garage liability, garage keepers, and completed operations coverage. To answer your question, 9k yearly or $750 monthly sounds VERY HIGH for a 2 bay shop, but I'm in South Carolina, and don't know about CA prices. Like I said, get 5 quotes. Other companies to check with are Auto Owners Insurance Co., Fidelity Insurance Co., and Main Street America. An independent agent can most likely hook you up.

 

Hi-Gear

Posted

It's like someone asking you how much for a timing chain? Well it depends on what's included and the quality of parts. Insurance pricing depends on coverage and a number of other issues as well as sales volume. I shop several companies every year. This year I had a company come back with a quote significantly lower than my other bids. I agreed to sit with the guy but told him he needed to review his coverages because he has left something out. He did leave something out, all of our shop vehicles and rental cars. When it was all said and done he was slightly less than my current provider but not enough to make me want to switch. I usually will stay with a provider at least 2 years before I make any changes, I have 2 that have been very good and competitive. Sentry and Universal Underwriters (Arrowwood). I pay around 12K but I also have collision operations, 15 bays and $2M+ sales, so your quote may be a little high.

  • Like 1
Posted

The meeting with my insurance agent when i had my shop was like an hour long. He asked me 100 questions, he wanted to know everything about the business, the sales, the highest amount of vehicles that may be in the shop at the worst possible time. He wanted to make sure should that once in a life time event happen, I was covered and not left hanging exposed. Overall I had the final say on what and how much, but he started out letting me know where we could, should and should not cut coverages. He gave me the blue print as it were that I then could compare with other insurance companies. For 12 years he was my guy, but I checked his prices every year, just in case as I like everyone else didn't want to be giving money away needlessly. It is so much easier to compare when everyone has the exact same coverages to bid on.

  • Like 1
Posted

I wasted a lot of money on coverage that I didn't need, and lost money on coverage that I should have had.

 

Do yourself a favor and at least get this book to have a fair idea and understanding of what you are buying:

 

The Savvy Businessperson's Guide To Property & Casualty Insurance: Applications and Practices

http://www.amazon.com/gp/offer-listing/1434394824/ref=sr_1_1_twi_pap_1_olp?s=books&ie=UTF8&qid=1451498699&sr=1-1&keywords=9781434394828

 

This will give you an idea of how to ask the right questions and compare coverage. Apples to apples and oranges to oranges.

Posted

I have always bought all of my insurance through a broker. They shop it for me, in theory getting me the best value - always better than the best price. They act as middle man for me on claims. I can't imagine navigating the jungle of insurance without them.

  • Like 1
  • 1 month later...
Posted

Shop every year and let them know what you currently have.

The last guy that looked at my policy to shop a competitive price told me the quote my current provider have me could not be beat and to just stay with them.

This honesty went a long way with me and I used him for all my personal insurance.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Available Subscriptions

  • Have you checked out Joe's Latest Blog?

         0 comments
      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
  • Similar Topics

    • By Joe Marconi

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

    • By nptrb

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

    • By Changing The Industry
      Shops Are Doing This To Ruin Things For Everyone
    • By carmcapriotto
      Looking to unlock the true potential of your business? Discover how taking time to think can reveal new opportunities, boost creativity, and tackle challenges head-on. Learn how clarity breaks can help you refine your vision, focus on what truly matters, and transform your marketing strategy for better results.
      Get practical tips on clearing distractions, setting the right direction, and making the most of your time away from the daily grind. Ready to take your business to the next level? 
      Tune in now and see how a little time to think can make all the difference!
      Thank you to RepairPal for sponsoring The Auto Repair Marketing Podcast. Learn more about RepairPal at https://repairpal.com/shops
      Are you ready to convert clients to members? App Fueled specializes in creating custom apps tailored specifically for professional auto repair businesses. Visit Appfueled.com to get started today. Keep your shop top of mind on the mobile device they love.
      Lagniappe (Books, Links, Other Podcasts, etc)
      https://shopmarketingpros.com/125 
      https://www.eosworldwide.com/blog/101893-eos-take-clarity-break - EOS Clarity Break


      Clarity Break Starter Questions
      Sometimes it is highly effective to have no plan, no questions while sometimes you need some starter questions to get your mind rolling (example questions below)
      What would I do if I wasn’t afraid? Today, I am dreaming about…. What’s draining my energy right now? Who do you admire and why? What are they doing that you can do also? How do you practice caring for yourself?  What are you most proud of? What can you de-clutter physically or emotionally today/this weekend? What are your self-affirmations? Make a list of statements to remind yourself who you are, what your talents/skills are, and what you believe about yourself.


      Show Notes with Timestamps


      How To Get In Touch
      Group - Auto Repair Marketing Mastermind
      Website - shopmarketingpros.com 
      Facebook - facebook.com/shopmarketingpros 
      Get the Book - shopmarketingpros.com/book
      Instagram - @shopmarketingpros 
      Questions/Ideas - [email protected] 
      Click to go to the Podcast on Remarkable Results Radio
    • By nptrb

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.



  • Our Sponsors



×
×
  • Create New...