TX Insurance startup

[charlesmann]

It seems lts becoming harder to find reasonablelly priced coverage for non show, non for hire, pvt use only.

Are the policy underwriters “owned” by providers or outsourced?

What would be required to start an insurance company that specializes in MV, providing appropriate policies at a reasonable cost?
There HAS to be something that can be done.

 

[biscuitwhistler37]

It seems lts becoming harder to find reasonablelly priced coverage for non show, non for hire, pvt use only.

Are the policy underwriters “owned” by providers or outsourced?

What would be required to start an insurance company that specializes in MV, providing appropriate policies at a reasonable cost?
There HAS to be something that can be done.

When I looked into selling insurance last, all you needed was a state certification and to be signed to a licensed agent to practice underwriting. This was also 10 years ago. I'm with you, between insurance and the DMV, getting them down the road is harder than the actual maintenance to get them down the road, and it needs to stop.

 

[charlesmann]

When I looked into selling insurance last, all you needed was a state certification and to be signed to a licensed agent to practice underwriting. This was also 10 years ago. I'm with you, between insurance and the DMV, getting them down the road is harder than the actual maintenance to get them down the road, and it needs to stop.

I guess a person has to start somewhere, but that is what im talkn bout getting away from, the “corporate” insurance companies and starting a company.
Im sure with some of the smart folks on here, if it could be done, it would have already happened.
Between the dmv, dl division and insurance companies, the “man” is doing everything possible to keep us bent over and cheeks spread.

 

[hike]

How much are you all paying to insure your MV's? We have an 2003 Stewart and Stevenson M1078A1, not for hire, private use. Liability, maximum on uninsured motorists and medical; what ever our typical deductible amount. With the agent who does our home and other vehicles, too. I think he has over a dozen MV's insured through his office.

Here is the quote we received in September 2023
Liability Package- $354.15 per 6 months
With comprehensive and Collision- $729.50 per 6 months

Seems pretty reasonable to me–

 

[biscuitwhistler37]

How much are you all paying to insure your MV's? We have an 2003 Stewart and Stevenson M1078A1, not for hire, private use. Liability, maximum on uninsured motorists and medical; what ever our typical deductible amount. With the agent who does our home and other vehicles, too. I think he has over a dozen MV's insured through his office.

Here is the quote we received in September 2023
Liability Package- $354.15 per 6 months
With comprehensive and Collision- $729.50 per 6 months

Seems pretty reasonable to me–

I have a 1969 Kaiser Jeep M35A2, liability, comprehensive and collision is $410.71 quarterly, rolled into my home and everything else policy, which is pricey compared to what others are paying but my state has one of, if not the highest insurance rates in the country, so im not surprised. My agent is also a collector of all kinds of vehicles, which helps immensely. I'm happy so far, just have heard stories of state farm doing this for others, then cancelling the policy without notice. I'm passed the common cancellation point, so I'm less worried, but worried nonetheless. It would be awesome if there were an agent who specializes in MVs.

 

[ZiggyO]

Are you talking about becoming an agent or an underwriter--- if its the latter, be ready for a shock. I am no expert by any means, but typically underwriters have to keep buku amounts of money held in some form or another to cover the policies they underwrite. Couple that with all the regulatory hurdles and its a tough nut to crack. Additionally, the threat from competing insurance companies will be downright vicious-- they may not want to insure our trucks, but be rest assured they will go after anyone they feel could eventually be "competition".