Question
It ain't right I tell ya. I have a spotless MVR (nothing in over 3 years), and older truck......95 Pete 379-119BBC.
I was paying just under $103.00 per month for Bobtail (non-trucking) and physical damage.
I have my coverage through the carrier I'm leased to.
Insurance Agent (Hatch Agency in Mpls) faxed a letter yesterday saying that my policy carrier is cancelling my policy and they would find me a comparable policy with someone else.
Got new quote today....
$481.25 down payment
$213.33 p/m for 9 months
Old policy......$1,236 per year.
New policy......$2,401.22 per year.
There is NO WAY my premium should be this high! Good thing the company covers the trailer insurance and the cargo insurance.
Connie, when I get back next week, I'll email you all the details of the policy. Would you please work up a quote for me?
Answer
Hoss,
I'll be glad to talk a look at it for you. Hopefully, we can but something together that will work for you.
Connie
Answer
I have not gotten a new quote as yet, but our insurance company sent us some papers about changes.
So I know they are going to raise our rates and like you no tickets or accidents.
Now I know the why...President Bush signed into law on Nov. 26, 2002 The Terrorism Risk Insurance Act, which creates a backstop for insurance losses due to acts of terrorism.
Our insurance company states that our policy we have now does not exclude terrorism and coverage is provided for the remainder of our policy term.
Then if we want to have this coverage after the renewal period of course it's going to cost us.
As of yet we have not decided if we are going to take out this additional coverage when the time comes to renew.
Connie any thoughts?
Kathy G.
Answer
This is a big deal with the new law. Some insurance companies are not charging, while others are. I've seen rates from $0 - $400 annually. In the cases I've seen, coverage is optional.
I strongly recommend you read the documentation carefully and discuss it with your agent.
Answer
We have not heard as yet what the added coverage will cost, we renew in June and will talk with our agent about the pros and cons and cost.
Kathy G.