ghorton91 Posted November 10, 2014 Share Posted November 10, 2014 Hey Everyone, If anyone cares to read it, I wanted to lay out my scenario and see if I can get some advice. I acquired my first machine, cleaned it up. Stickers/labels are on the way for candy and charity. Candy is on the way as well and I have a location lined up (restaurant I used to work at when younger). I know the manager well and he doesn't like how the guy in there now services his machines, so all is well there. Here is my issue. The restaurant has been sued before (didn't amount to much) because someone tripped ona machine. So the manager/GM wants an insurance policy. The quote I just grabbed is $400 down, and then $42 a month. That obviously is over what I'll be making withthis one (TRIPLE) machine I assume. On the other side, I've also been talking to someone about purchasing 5 machines (on location) for $100 eachand taking that route over. It's in my town and close. Those locations have been going for 5 years at least and are in lobbies and breakrooms of various businesses. All vendesigns. The only way I know to pay for the insurance that the first guy wants is to drop over 1k in funds to buy that routeand then stock/refill. Then looking at about 16-18 months to pay off investment. I don't know if I need advice, or if I'm more looking for the right way to approach all this. Am I looking at this in the rightways? Thanks. Link to comment Share on other sites More sharing options...
rodney69 Posted November 11, 2014 Share Posted November 11, 2014 The insurance quote is way too high! If you have car insurance out should only be about 250-300 a YEAR! Well, maybe a little more, but not much. Link to comment Share on other sites More sharing options...
ghorton91 Posted November 11, 2014 Author Share Posted November 11, 2014 GEICO is my car insurance, and they don't offer vending in Texas yet. **update on route seller, magically has a buyer after I pressured him about the kind of work the machines needed and how much they were making. He was being very cryptic. Link to comment Share on other sites More sharing options...
ghorton91 Posted November 11, 2014 Author Share Posted November 11, 2014 Since most of that fell through, looks like I'm back to square one for now : locating for my first machine. Rodney, are you the one I've heard is the man to see about that? Link to comment Share on other sites More sharing options...
Pete Schweddy Posted November 11, 2014 Share Posted November 11, 2014 Try Conover or all state. I pay around 30 a month and that's for a million liability insurance. That is all you should need I wouldn't insure your equipment just get liability in case someone chokes or something. I didn't have to pay an upfront fee just the first month. Link to comment Share on other sites More sharing options...
BouncyBalls Posted November 11, 2014 Share Posted November 11, 2014 I pay by the year, when I was just starting as you are it was $250.00/yr. Link to comment Share on other sites More sharing options...
ghorton91 Posted November 11, 2014 Author Share Posted November 11, 2014 What company was that Bouncy Balls? Link to comment Share on other sites More sharing options...
sherlock Posted November 11, 2014 Share Posted November 11, 2014 1. As others have already mentioned, your quote is too high. Shop around. 2. Maybe you should avoid this location FOR NOW. If you are going to have less than a few locations AND an insurance bill, you are basically going to be working just to pay off the policy premium after you factor in gas and product cost. Place your first machine(s) in places that don't have an insurance requirement at start-up. Otherwise, vending may not even be worth your time after expenses are covered. Link to comment Share on other sites More sharing options...
ghorton91 Posted November 12, 2014 Author Share Posted November 12, 2014 I pay by the year, when I was just starting as you are it was $250.00/yr.Which company? Link to comment Share on other sites More sharing options...
ghorton91 Posted November 12, 2014 Author Share Posted November 12, 2014 So what companies have these low rates? (Getting Rodney to locate my first machine. Hopefully that goes well.)I've acquired two new doubles as well. Link to comment Share on other sites More sharing options...
rodney69 Posted November 13, 2014 Share Posted November 13, 2014 Alstate, farmers, most of them. But if you have car insurance with them you get a good rate. There are minimums Link to comment Share on other sites More sharing options...
ghorton91 Posted November 13, 2014 Author Share Posted November 13, 2014 Hm. Unfortunately my car insurance doesn't offer it. I'll just wait until I've got enough machines to cover the cost I suppose, although I'd prefer it now. Link to comment Share on other sites More sharing options...
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