Is it normal for carwash insurance provider to request

[Strava]

I have Donegal insurance and last year was my first year of carwash proprietorship. I'm kinda surprised that they want a P&L, Tax returns, Sales Tax, a colonoscopy & proof of how I logged my sales. Is this normal?

 

[Damoni88]

I'm gonna say hell no that is not normal.

 

[Toms PTcarwash]

Most insurance companies base their risk on your volume. The more $, the more cars / customers and the higher the risk.
About every three years my insurance company asks for my schedule c.

 

[Strava]

I thought it was quite odd & I had never heard of an insurance company asking for that information. I figured that I would ask here I know that Donegal insures a lot of carwashes.

 

[OurTown]

We have Erie (for 5 years now) and have not had to submit anything like that.

 

[soonermajic]

Just had to submit this to Midlothian, whom a LOT of carwashes use. 0ur association pushes them. They've sold, & is now Assured Partners. They just asked for ALL of that & it's a PiTA!!!

 

[Damoni88]

Have never submitted anything. EVER.

 

[Strava]

Just had to submit this to Midlothian, whom a LOT of carwashes use. 0ur association pushes them. They've sold, & is now Assured Partners. They just asked for ALL of that & it's a PiTA!!!

ok I'm not the only one then.

 

[Strava]

 

[Strava]

I did it for this year. I think if they ask again next year I'm going to push back to get a better understanding of why & or find a different provider.

 

[Earl Weiss]

Not unusual and if you use accounting software easy to provide. a P&L. If they want income tax returns and I was a sole proprietor which would be a mistake, I would only give them the schedule from my personal return.

 

[Randy]

I'd look for another insurance carrier.

 

[soonermajic]

I did it for this year. I think if they ask again next year I'm going to push back to get a better understanding of why & or find a different provider.

If they ask for it again next yr, Im telling them to pound sand, & getting another provider.

 

[Strava]

If they ask for it again next yr, Im telling them to pound sand, & getting another provider.

I agree and that's what I'm going to do.

 

[Keith Baker]

I have Donegal insurance and last year was my first year of carwash proprietorship. I'm kinda surprised that they want a P&L, Tax returns, Sales Tax, a colonoscopy & proof of how I logged my sales. Is this normal?

I've had IMT insurance for over 20 years. They send me an audit form once a year to show my gross sales. I think part of my premium is calculated on sales volume because I'll get a bill or credit from them based on this audit. If you are happy with them otherwise, I would put up with it. I doubt "Big Brother" is watching you.

 

[MEP001]

I'm curious why your income would matter to an insurance company unless you're covered either for loss of income or theft.

 

[Strava]

I'm curious why your income would matter to an insurance company unless you're covered either for loss of income or theft.

Since I'm new to the business I wasn't sure if this was normal for this industry. I had never had an insurance company ask for a P&L for my subway franchises, bar, campground, garbage disposal business, or apartment rentals.