I have a friend who is in the trucking industry like I am, however she owns 5 trucks verses my owning only 1. Her commercial auto policy is set to renew soon, and after shopping around has only received 2 quotes. One quote was for $180k and the other was for $71k. Naturally she checked the quotes for differencies in coverage and they both quoted the same. She is wondering why or how there can be such a significant difference in amounts? I would think quoting for insurance works the same way any other quotes work, where the amounts are closer to each other in order to be competitive. But that doesn't seem to be the case here. Oh and I should probably mention that we own dump trucks in California. Thank you in advance.
Commercial Auto policies
- Thread starter Dumptrkr
- Start date
- 2,857
No surprise. What any given insurer will charge depends on that insurer's profitability. There is a wide range from company to company. On a smaller level I routinely get quotes for my auto insurance that are thousands above what I pay.
Extrapolate that to a business that operates dump trucks and there you have it.
Extrapolate that to a business that operates dump trucks and there you have it.
- 2,482
I am not a commercial auto specialist, but I would ask the broker about the differences. Sometimes there are huge differences that only an experienced agent might pick up. Or of course it might be the exact same.
