[AKdaplumba]

Hi all,
I just got a quote for insurance and its 4x higher than what we paid last time. I cancelled our insurance last year to step away from the business due to family issues. No claims, no problems other than the cancellation. My question is, does it sound realistic to have an increase of 4x the premium for the same policy a year later?

What are you thoughts?

Thanks.

 

[jakewilcox]

I don’t know how it works in Canada. But in the United States, where I am that is your insurance company telling you that they don’t want you anymore. There can be a number of reasons for it; probably something to do with a claim on a plumber that was huge and their underwriters now have no idea what to do with.

Definitely shop it around because that’s nuts.

 

[TerryTotoSucks]

Hi all,
I just got a quote for insurance and its 4x higher than what we paid last time. I cancelled our insurance last year to step away from the business due to family issues. No claims, no problems other than the cancellation. My question is, does it sound realistic to have an increase of 4x the premium for the same policy a year later?

What are you thoughts?

Thanks.

You should call your agent or the company directly and ask that exact question.

If they say, “ yes, we quoted you correctly “ tell them you’ll find another carrier.

 

[Old Sport]

My insurance went up about 3x last year. Also decided to limit our work to buildings 4 stories or less, or it would've increased even more.

Never had a claim in over 15 years of business.

 

[Debo22]

A lapse in coverage will increase the rate. 4x is a bit ridiculous though

 

[jim285pro]

Mine went up very little in the last 3 years. I actually increased my liability coverage as well. Are you including workers comp in your price comparisons? Workers comp is the biggest scam I’ve ever seen in the insurance world. Luckily TN let’s you exempt yourself so I pay very little.

 

[skoronesa]

@Nazareth

 

[Nazareth]

@Nazareth

I do life insurance, but if you mean in regards to liability I went with a local company. Not sure about the canucks

edit don’t use NEXT insurance.

 

[AKdaplumba]

Mine went up very little in the last 3 years. I actually increased my liability coverage as well. Are you including workers comp in your price comparisons? Workers comp is the biggest scam I’ve ever seen in the insurance world. Luckily TN let’s you exempt yourself so I pay very little.

I am a one man show so its not an issue.