Pond Boss Forums GENERAL QUESTIONS Pond Boss Shipping containers

Dave I am fearful we could lose our ATV's at some point too. I hated to hear about you losing yours. I may try and see if there is some kind of chip that can be hidden on an ATV that shows it's location. I have some app on my i-phone that is extremely precise and when I lose my i-phone it shows me within feet of exactly where it is. If this isnt available at a decent price yet, I bet it will be soon. Kind of like OnStar for a vehicle.

http://www.worldtrackingsolutions.com/products

Mark, the price isn't what gets me. The subscription fee kills the deal.

BTW, what's the deal on your phone tracker?

Dave:

It looks like this one doesn't have a subscription. $20 credits for $25 is what I think I saw.

http://digitalguardiangps.com/products/vehicle-tracker/

How about hiding an old cell phone on your ATV, with charger hooked to the battery?

Oh I know....I betcha we'll see this stuff coming down in price.


Dave it's an app called "Find My iPhone". If you lose your i-Phone or i-Pad you can log-in to any computer with your "Find My i-Phone" password and it will show you the location of the device. It zooms in very close. For example I was at work one day and could not locate my i-Phone. I wasn't sure if I even brought it to work. So I logged in and it not only showed that my i-Phone was at my work location, it showed it was in my parking lot. So I went out looked around the outside of my vehicle first to see if I had maybe dropped it, next I looked inside my vehicle and there it was....it had dropped down between my seats. Of course this app may not be 100% effective in every case, but it's a great tool to have.


http://ipod.about.com/od/usingios4/ht/Use-Find-My-Iphone-To-Locate-Lost-Or-Stolen-Iphone.htm

I just checked the price on the shipping containers. $2,400 for 8x20 and $3,400 for 8x40. They are 18 ga steel. $150 for hauling. Have to also have the land leveled. This is my first price check.

I've replaced the 4 wheelers and they are sitting in my garage in DFW area. I have a 16 ft trailer to haul them to the land but nowhere to store the trailer. Local storage places are about $50 per month.

I settled with the insurance company. I had them insured for $3,500 each and got paid $2,500 each. Unquestionably I was over insured for 2000 models. I'm going to review my insurance on tractors, etc. I'm leaving too much $ on the table.

Dave -- I only semi-leveled the area where I placed my container. I used two hydraulic floor jacks to lift the container off the ground once I got it in place. Mine has a lip near the bottom that allowed the floor jacks to easily lift it. I used different sized concrete blocks, and pressure treated lumber as shims, to get mine pretty darn level.

Dave:

Can you insure them for a fixed value, or replacement value? If not, then it would seem that you'd have to review the insurance policy every year to drop the level of the insurance of them to fall in line with the lowered replacement values.

I'm going to be talking with the homeowners insurance company shortly. The insurance jumped rouhly 30% in a year and I didn't have any claims.

Different states have different insurance laws and then you have the policies that vary by company. Most companies that I'm aware of settle all vehicle losses based on Actual Cash Value (ACV, the value of the vehicle prior to the loss). I know of none that pay based on Replacement Cost (RC). Would I like to have my '97 Polaris replaced with a 2013? Sure but I wouldn't be able to afford the premiums.

The company I represent bases the premiums on the year, engine size and MSRP, not on current, stated or declared value. Do the premiums decrease every year? Not necessarily but a 2010 ATV is still less to insure than a 2011. A 2008 less than a 2009 etc.... The question is always at the time of settlement, of whether you're receiving a fair value on that unit. With an answer to that being; "with what they've paid me, can I purchase a comparable unit?" If not, they've underpaid, IMO.


Scott, regarding homeowners (HO) insurance, it's definately a sore subject with most!

HO insurance is an unprofitable line of insurance for every insurance carrier which is why you don't see ads on TV for it. They can't charge enough compared to what they're paying out in claims, yet they need to find a way to be competitive to get, and keep your auto insurance (and life/health, etc.). And now with a wealth of technology and accumlated data, for the company I represent the rates are (in part) based upon the location of the risk. Where it used to be based upon your Fire Protection Class (distance from a fire station and hydrant) it's now based upon where claims are occuring, right down to the zip codes, if not even longitude and latitude.

Causes for increases?
Poor rating practices (low premiums to attract auto business then 30-50% increases because it caught up)
A change in the underwriting model (matching price to risk)
Living in an area with a high loss ratio
Credit scoring (now used by almost every insurance company)
And whatever other reason they can find to generate revenue

There's a lot I don't agree with in this industry but hey, I'm just a small fish in a big pond

Literally

PS - Sorry for the long post

Thanks!

I think I know part of the increase, but have to verify to be sure. Last year the county changed the zoning from agriculture to residential. Why? I have no idea. Property tax increased as well, but not as much as the homeowners insurance did. I had to take my IRS tax return to the county and show farm income to get it changed back. Maybe the insurance company picked up on that.

Ag or residential zoning should have no impact on HO rates. We use Zones and Subzones which are dictated by zipcode. There also may be a difference in whether you have a Homeowners policy or a Farm/Ranch policy and which of those policies had an increase if not both. It's likely all HO or FR policies in the state had an increase and it's my guess that's what you'll be told.

Insurance companies used to have to file with the state's Dept of Ins. to request and justify a rate increase. But companies are now "scoring", using models with hundreds of rating factors. So all they have to do now is "change" their model which in-of-itself creates an increase they don't have to file for or justify. Just one of the many changes in the past 25 years I've been doing this that I don't agree with, nor does it seem fair to policyholders. I understand profits are down due to poor investment returns but the door has now been opened. And the "predictive model" is so secretive (trade secret?!?!) that there's no one within the company that can explain to even the Agent why the premium increased. Very frustrating!! If you want to stump your Agent a little bit, ask if they use scoring and what exactly you can do to improve or better your score.

Back to the small fish in a big pond

Afterthought:
Scott, if you generate ANY farm income, I would think you could/should have a FR policy, or at least an endorsement to cover an incidental business (if appropriate). Do a thorough review and make sure all your bases are covered, not only all of your equipment but especially your liability exposures! Most HO policies specifically EXCLUDE losses due to any business related activities.

Just a thought (and rambling again)

Scott, I had a fixed value but was paid based on replacement value. The problem is that replacement value is subjective. What is the replacement value of an adult ridden vs a kid ridden one? Mine were well maintained with relatively low hours.

The adjuster called my local Yamaha dealer who valued a 2000 model, 400 cc, 4 wheeler at $1,700 to $1,900. Of course, if they got one in good condition, they would ask more for it.

That insurance company has a lot of, but not all of, my business. That involves 2 rental properties, my trailer house on the property and all of my farm equipment. I know the Agent and have dealt with the Adjuster before. Both are good guys. On a previous theft, I posted a reward in the local shopper newspaper and got both the stolen 4 wheeler and tandem axle back without them having to pay a claim. The Adjuster hasn't forgotten that and I believe he cut me a little slack.

I believe I need to review all of the stuff I have insured.

Dave, in theory it shouldn't make a difference but in reality it does. Having a good agent and a good relationship with your agent (let alone the adjuster!) can make all the difference in the world at claim time. I'm glad to hear you were satisfied!

And just as a minor "insurance lingo" correction, a true Replacement Cost settlement does not included deduction for depreciation whereas Actual Cash Value does. Your loss was settled on ACV (simply a technicality in terms). If your agent asks how much you want to insure an item for, ask how a loss would be settled so you're not overinsuring, then review it annually.


Deeds like that are good for all parties involved and helps keeps everyone's rates down. I wish I had more clients like you!

40' are $2,400 here. If you get one, be sure to ask for watertight, floor in good condition, and make sure it has the steel cover over the lock to keep bolt cutters out. They are pretty darn secure with that.

LL, thanks. It's a FR policy.