LOANER CAR QUESTIONSPosted by acoliajja on December 12, 2016 at 7:55 pm
WHAT ARE YOU GUYS USING FOR INSURANCE ? I ASKED MY INSURANCE COMPANY ABOUT THE COST AND THEY ARE SAYING ABOUT $2,500 A YEAR PER CAR . I AM ASSUMING YOU WOULD HAVE TO PUT THE CARS UNDER THE BUSINESS POLICY . ANY THOUGHTS ?
MemberDecember 13, 2016 at 5:26 pmJeff
We use EMC insurance and they definitely know we are using three vehicles for loaners cars. Two 15 year old cars with basic coverage cost just under $700 per year. We have an 07 caravan that costs $1200 a year for full coverage.
MemberDecember 13, 2016 at 5:49 pm
After 45 years in the business, I learned it best to play musical chairs with all insurance overages. We left Federated for Zurich and saved more than “HALF” the old premium. Zurich charges for the number of employees whereas other companies always asked for gross sales in addition to number of employees. After two years with Zurich, I have had zero surprises and highly recommend that company. Automobile insurance is another hard to swallow item. I use State Farm and received a discount when I told them I was considering another provider. I’ve been with the same State Farm agent for years to include my home, cars and personal items, but would leave them today if another solid company offered same overages for reduced premiums. I pay $1,300/yr for my 2013 Jaguar XJL and also have a smart car, Porsche, Viper and remote broadcast trailer with State Farm. all my cars are low mileage drivers with two stored as Classics.
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MemberDecember 16, 2016 at 8:09 pm
We use Auto Owners Insurance. We had to upgrade to a “Tier one” plan like what new car dealerships have. You pay one flat rate for liability coverage. It doesn’t matter how many vehicles you have under this policy. Collision coverage is based per vehicle.
MemberDecember 20, 2016 at 8:46 pm
We use travelers . they are not to impressed to do loaner cars but they do. We have one loaner car . Runs 800.00 per year. We have talked to them about rental cars . They don want to do that all.
MemberDecember 20, 2016 at 9:04 pm
We have used Zurich in the past, we are now with auto owners. We have 23 loaner cars and 7 company vehicles. We pay on average $350 for liability coverage and maybe a total of $400 per vehicle if we need to upgrade to full coverage. We have everything from 3 2015 ford Focuses, to a 2003 taurus in the fleet and everything in between. What I have found is when you get over a certain number of cars the coverage is quite cheap. I am sure some things are different state to state but $2500 per car is silly. Time to call other agents who want to earn your business.
MemberDecember 20, 2016 at 9:28 pm
To keep your insurance cost at a minimum, be sure to have the borrower sign off on primary coverage. We have 6 loaners, 4 of which are year old or less BMWs and a Passat. As such they need more than just liability coverage. But when the car is sent out paperwork is signed out similar to what one does when renting a vehicle. They must prove insurance and show drivers license both of which are copied and a form is filled out where they accept primary coverage under their insurance.