Nationwide Hot for Tow Trucks

[AZDave]

Just lost a tow truck account to Nationwide today. One unit operation. My rate $6k. Their rate, $3k! Huge, right? I don't blame him a bit.

Funny thing is, they never asked for loss runs.

This guy hit a parked car in a dealership early this year, now being surcharged a bit.

I feel like I should just send the loss runs directly to commercial underwriting just because.

How can they do that?

 

[nyc2phi]

Just lost a tow truck account to Nationwide today. One unit operation. My rate $6k. Their rate, $3k! Huge, right? I don't blame him a bit. Funny thing is, they never asked for loss runs. This guy hit a parked car in a dealership early this year, now being surcharged a bit. I feel like I should just send the loss runs directly to commercial underwriting just because. How can they do that?

Under a certain premium some carriers don't require them. They are required to be honest on the app when it asks if they have had any claims in the last 5 years. If they were honest and its marked on the app really not much done wrong here.

I know nationwide likes garage operations but not towing. Most carriers that like garages don't like the towing unless it's related to the garage so that seems a little odd.

 

[Arnage150]

Just lost a tow truck account to Nationwide today. One unit operation. My rate $6k. Their rate, $3k! Huge, right? I don't blame him a bit.

Funny thing is, they never asked for loss runs.

This guy hit a parked car in a dealership early this year, now being surcharged a bit.

I feel like I should just send the loss runs directly to commercial underwriting just because.

How can they do that?

I lost two garage to them this year. Both were like half the premium. They will get burned. Give them 2-3 years and they will stop writing or cancel everything. The kicker is they also take garages from Liberty/Peerless (whom nationwide owns). I haven't seen them write monoline tow trucks but I have seen them write them in conjunction with the garage policy. Again, with crazy low rates. I wouldn't worry too much about it. Its not a stable program and will be over before you know it.

 

[AZDave]

No doubt the Nationwide agents are hitting that class hard. They called my insured, and he just upgraded to a 2015 $100,000 rig - perfect timing for that agent.

With just a monline tow truck, never thought they would be my competition. Now I need to be on alert for my garage's too? Great!

Agreed, it will be short lived. No loss runs required, super cheap rates. I would write the crap out of that too!

 

[BYSFG]

Sorry for the loss. I wonder if the Peyton Manning commercials had to do anything with it subconsciously.

 

[hesse]

Called nationwide here in MN and they will not write a tow truck.

Best I found was National Indemnity came in at 2800 on a 2015 truck valued at 50k and 100k on hook coverage

 

[jlanier]

I lost two garage to them this year. Both were like half the premium. They will get burned. Give them 2-3 years and they will stop writing or cancel everything. The kicker is they also take garages from Liberty/Peerless (whom nationwide owns). I haven't seen them write monoline tow trucks but I have seen them write them in conjunction with the garage policy. Again, with crazy low rates. I wouldn't worry too much about it. Its not a stable program and will be over before you know it.

Liberty/Peerless is not owned by Nationwide

 

[stex]

Not sure about nationwide, but some carriers don't require loss run for non fleet accounts. They rely on mvr instead.