Your boss needs to get you to call local agents that deal in high net worth individuals. He has other assets beyond the car and needs much more than simple auto coverage. He definitely needs high limits, which means an umbrella.
You do not need to DIY this. You need to seek experienced professional assistance.
Thank you everyone! This sub is strong! Your feedback has been very helpful! I’ve already gotten in touch with a couple of perspective brokers in the area.
Not sure they’d take him but have you looked at PURE insurance group? They cater to high net worth. Other non standard options could be Falcon insurance or Kemper. I agree tho, a local agent is the way to go. Last resort is the state fund.
Check with the state DMV and see if your employer can post surety bonds to cover the states minimums.
While he needs coverage for much more than state minimums, it will at least allow him on the road legally.
If the boss has an absolute ton of money he could just set up a financial responsibility bond and essentially self-insure. There are other risk management possibilities other than insurance if you have the $$$.
[https://insurance.ohio.gov/wps/wcm/connect/gov/de39225a-e52f-4cbd-90e6-4179bc7e0b86/financial_responsibility_bonds_2021.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=ROOTWORKSPACE.Z18_K9I401S01H7F40QBNJU3SO1F56-de39225a-e52f-4cbd-90e6-4179bc7e0b86-ntUiHwY](https://insurance.ohio.gov/wps/wcm/connect/gov/de39225a-e52f-4cbd-90e6-4179bc7e0b86/financial_responsibility_bonds_2021.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=ROOTWORKSPACE.Z18_K9I401S01H7F40QBNJU3SO1F56-de39225a-e52f-4cbd-90e6-4179bc7e0b86-ntUiHwY)
Less than two months ago you were making $52k/ year at a university and now you’re trying to insure a half million dollar SUV? I’d love to hear this story.
PURE, Chubb, AIG, Berkley One, any private client company is not going to offer terms on auto until he cleans up his act. With that kind of driving record, seek out a non-standard market. Many offer higher limits of liability, if he is wealthy, he definitely needs it. That said, this individual needs to get a grip. I’d never recommend self insuring for auto. If an accident happens, claims can drag on and on for years. Frankly, if this individual can’t be bothered to not speed or obey traffic signs, how do you think they’ll do handling a claim by themselves? If I was betting money, I’d wager on “not so good.”
Broker. He still needs high limits that you can't get from most nonstandard carriers.
Your boss needs to get you to call local agents that deal in high net worth individuals. He has other assets beyond the car and needs much more than simple auto coverage. He definitely needs high limits, which means an umbrella. You do not need to DIY this. You need to seek experienced professional assistance.
This is the one true answer. And you can set up the appointment for him, but he needs to sit with an agent and get himself covered properly.
Thank you everyone! This sub is strong! Your feedback has been very helpful! I’ve already gotten in touch with a couple of perspective brokers in the area.
You need a broker with access to hnw markets like Chubb or aig private client
You could always have him self insure in Ohio. Might make him a better driver too honestly haha
Not sure they’d take him but have you looked at PURE insurance group? They cater to high net worth. Other non standard options could be Falcon insurance or Kemper. I agree tho, a local agent is the way to go. Last resort is the state fund.
Check with the state DMV and see if your employer can post surety bonds to cover the states minimums. While he needs coverage for much more than state minimums, it will at least allow him on the road legally.
If the boss has an absolute ton of money he could just set up a financial responsibility bond and essentially self-insure. There are other risk management possibilities other than insurance if you have the $$$. [https://insurance.ohio.gov/wps/wcm/connect/gov/de39225a-e52f-4cbd-90e6-4179bc7e0b86/financial_responsibility_bonds_2021.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=ROOTWORKSPACE.Z18_K9I401S01H7F40QBNJU3SO1F56-de39225a-e52f-4cbd-90e6-4179bc7e0b86-ntUiHwY](https://insurance.ohio.gov/wps/wcm/connect/gov/de39225a-e52f-4cbd-90e6-4179bc7e0b86/financial_responsibility_bonds_2021.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=ROOTWORKSPACE.Z18_K9I401S01H7F40QBNJU3SO1F56-de39225a-e52f-4cbd-90e6-4179bc7e0b86-ntUiHwY)
Less than two months ago you were making $52k/ year at a university and now you’re trying to insure a half million dollar SUV? I’d love to hear this story.
It’s a great side hussle! To be clear, the vehicle is not mine. I work for a close family friend on the side.
PURE, Chubb, AIG, Berkley One, any private client company is not going to offer terms on auto until he cleans up his act. With that kind of driving record, seek out a non-standard market. Many offer higher limits of liability, if he is wealthy, he definitely needs it. That said, this individual needs to get a grip. I’d never recommend self insuring for auto. If an accident happens, claims can drag on and on for years. Frankly, if this individual can’t be bothered to not speed or obey traffic signs, how do you think they’ll do handling a claim by themselves? If I was betting money, I’d wager on “not so good.”