Property and liability insurance

[kunalamin]

Hello,
Im a new carwash owner in Oklahoma and looking for property insurance. Called few but they are required experience and this is my first year in the case of experience. Well, It doesn’t make sense to me. Im stuck having business with no insurance.
any help would be greatly appreciated.
Thank you.

 

[Eric H]

Are you a member of your local Carwash association? They are a great resource and usually have an insurance program
Western Carwash Association has a program that people said good things about

 

[kunalamin]

Are you a member of your local Carwash association? They are a great resource and usually have an insurance program
Western Carwash Association has a program that people said good things about

Im pretty new to this and never thought about it.
But i will check with local car wash owner and ask about it. Thank you for info.

 

[Randy]

Are you a member of your local Carwash association? They are a great resource and usually have an insurance program
Western Carwash Association has a program that people said good things about

After I got dumped by Nation Wide I tried to get insurance though The Western Car Wash Association. I filled out a application, sent in pictures, spent hours on the phone etc. When they found out my electrical system was over 25 years old they wanted me to replace the electrical system. Shop around you going to be in sticker shock when find out what insurance costs on a car wash. Not all insurance companies can do business every state.

 

[Roz]

Find a local insurance agent that represents a few companies. Not easy to find a firm willing to insurance a carwash and as mentioned more expensive than imagined or should be.

 

[Earl Weiss]

. Not all insurance companies can do business every state.

Important consideration indeed. In Illinois a Company can be an "Excess and Surplus Lines Carrier" and write policies but if they go bust are not included in the state Insurance guarantee fund so you could be on the hook if the company goes bust.

 

[soonermajic]

What part if Okla are you in? My wash was in Idabel. You can shoot me a DM if you want

 

[Axxlrod]

Insurance has gone nuts.

I just got a quote today for a tunnel car wash I just leased for the next 30 years. Full serve that I'm converting to express. Just for liability/private property(equip) insurance, the premiums are over $60K per year. Since I don't own the real estate/building, those are not even included; the landlord will bill me separately for that.

Truly insane.

 

[getnbusy]

Axxlrod your above post scares me. The 30 year lease AND the insurance cost. I dont have the brass for either. You are a beast. Rock on

 

[washnshine]

Insurance has gone nuts.

I just got a quote today for a tunnel car wash I just leased for the next 30 years. Full serve that I'm converting to express. Just for liability/private property(equip) insurance, the premiums are over $60K per year. Since I don't own the real estate/building, those are not even included; the landlord will bill me separately for that.

Truly insane.

Is the insurance company basing that quote on the fact that it is currently full serve, and will it go down when you convert it to flex serve? Either way, it is a lot, but I’m wondering if the high labor associated with the full serve is driving up the premiums because of potential employee injury.

 

[Axxlrod]

The site will wash 200k+ cars so the insurance cost can be absorbed, as distasteful as it is. I always prefer to own my real estate, but this site will cash flow quite nicely so I'm making an exception.

My ins broker who is with the WCA ins group, so they are quite familiar with car wash insurance, says premiums have skyrocketed in the last two years, and the liability component is priced at $x per $1000 of revenue, so the more money a wash makes, the higher the premiums. Type of wash or other factors aren't part of the equation.

Seems like a BS business model to me. Pay more just because you can doesn't seem very specialized or fair.

This wash is also considered to be in a fire zone, like the rest of Socal, so that is a big part of the cost also.

 

[kunalamin]

Find a local insurance agent that represents a few companies. Not easy to find a firm willing to insurance a carwash and as mentioned more expensive than imagined or should be.

The site will wash 200k+ cars so the insurance cost can be absorbed, as distasteful as it is. I always prefer to own my real estate, but this site will cash flow quite nicely so I'm making an exception.

My ins broker who is with the WCA ins group, so they are quite familiar with car wash insurance, says premiums have skyrocketed in the last two years, and the liability component is priced at $x per $1000 of revenue, so the more money a wash makes, the higher the premiums. Type of wash or other factors aren't part of the equation.

Seems like a BS business model to me. Pay more just because you can doesn't seem very specialized or fair.

This wash is also considered to be in a fire zone, like the rest of Socal, so that is a big part of the cost also.

property insurance is kind a scam for me. premium goes up for any natural calamity happens in the any dam corner of the country. that is not right.

 

[Earl Weiss]

property insurance is kind a scam for me. premium goes up for any natural calamity happens in the any dam corner of the country. that is not right.

So, how would you spread the risk / costs?

 

[kunalamin]

So, how would you spread the risk / costs?

It should be dependent of the geographic of the area where your property is located in not on the based of something is happening in other states.

 

[Dan kamsickas]

It should be dependent of the geographic of the area where your property is located in not on the based of something is happening in other states.

In some cases it should be by what part of a state you live in. Someone in the U.P. of Michigan shouldn't have their auto theft insurance be dependent on the theft rate in Detroit or Grand Rapids.

 

[Earl Weiss]

It should be dependent of the geographic of the area where your property is located in not on the based of something is happening in other states.

Great concept but that would in effect make insurance unaffordable in certain areas. Some have hurricanes, Some have tornadoes, Some have fires, Some have earthquakes etc.

 

[Dan kamsickas]

Great concept but that would in effect make insurance unaffordable in certain areas. Some have hurricanes, Some have tornadoes, Some have fires, Some have earthquakes etc.

It's actually the way it worked for decades until states like California enacted artificial price caps on insurance rates. At first Ins companies tried to spread the costs to other states and those customers pushed back so many insurance companies chose to leave California instead of losing money in the state.

 

[Axxlrod]

It's actually the way it worked for decades until states like California enacted artificial price caps on insurance rates. At first Ins companies tried to spread the costs to other states and those customers pushed back so many insurance companies chose to leave California instead of losing money in the state.

Just one of many things the state of CA has screwed up for the rest of the country.

I pray Gavin Newsome never becomes POTUS.

 

[HeyVern]

Great concept but that would in effect make insurance unaffordable in certain areas. Some have hurricanes, Some have tornadoes, Some have fires, Some have earthquakes etc.

You choose to live in those areas, you choose to take that risk, you should pay for it.

 

[soonermajic]

Just one of many things the state of CA has screwed up for the rest of the country.

I pray Gavin Newsome never becomes POTUS.

Cali also totally ruined college sports, mainly fb & bb, with NiL & the Portal. Which is in turn going to ruin all other sports. Dam those sumbiches.
They literally ruin & destroy everything they're involved in.! Everything