Garage keeper's insurance, Am I getting ripped off?

[Eurozone_Motors]

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?

[carolinahigear]

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

[kars]

$200 a month through Zurick. Phoenix metro area.

[Eurozone_Motors]

I thought so, thanks guys!

[Marksas]

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.

[weighit]

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.

[xrac]

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[HarrytheCarGeek]

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.

[flacvabeach]

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.

[Biff Tannon]

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.