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Is it normal for carwash insurance provider to request

Strava

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I have Donegal insurance and last year was my first year of carwash proprietorship. I'm kinda surprised that they want a P&L, Tax returns, Sales Tax, a colonoscopy & proof of how I logged my sales. Is this normal?
 

Toms PTcarwash

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Most insurance companies base their risk on your volume. The more $, the more cars / customers and the higher the risk.
About every three years my insurance company asks for my schedule c.
 

Strava

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I thought it was quite odd & I had never heard of an insurance company asking for that information. I figured that I would ask here I know that Donegal insures a lot of carwashes.
 

OurTown

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We have Erie (for 5 years now) and have not had to submit anything like that.
 

soonermajic

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Just had to submit this to Midlothian, whom a LOT of carwashes use. 0ur association pushes them. They've sold, & is now Assured Partners. They just asked for ALL of that & it's a PiTA!!!
 

Strava

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Just had to submit this to Midlothian, whom a LOT of carwashes use. 0ur association pushes them. They've sold, & is now Assured Partners. They just asked for ALL of that & it's a PiTA!!!
ok I'm not the only one then.
 

Strava

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I did it for this year. I think if they ask again next year I'm going to push back to get a better understanding of why & or find a different provider.
 

Earl Weiss

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Not unusual and if you use accounting software easy to provide. a P&L. If they want income tax returns and I was a sole proprietor which would be a mistake, I would only give them the schedule from my personal return.
 

soonermajic

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I did it for this year. I think if they ask again next year I'm going to push back to get a better understanding of why & or find a different provider.
If they ask for it again next yr, Im telling them to pound sand, & getting another provider.
 

Keith Baker

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I have Donegal insurance and last year was my first year of carwash proprietorship. I'm kinda surprised that they want a P&L, Tax returns, Sales Tax, a colonoscopy & proof of how I logged my sales. Is this normal?
I've had IMT insurance for over 20 years. They send me an audit form once a year to show my gross sales. I think part of my premium is calculated on sales volume because I'll get a bill or credit from them based on this audit. If you are happy with them otherwise, I would put up with it. I doubt "Big Brother" is watching you.
 

MEP001

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I'm curious why your income would matter to an insurance company unless you're covered either for loss of income or theft.
 

Strava

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I'm curious why your income would matter to an insurance company unless you're covered either for loss of income or theft.
Since I'm new to the business I wasn't sure if this was normal for this industry. I had never had an insurance company ask for a P&L for my subway franchises, bar, campground, garbage disposal business, or apartment rentals.
 
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