Operating a fleet of vehicles as part of your business endeavors can be stressful and complicated. You are vulnerable to another set of potential issues. Maybe one of your commercial vehicles is damaged or stolen. Perhaps one of your drivers is involved in an accident while on the road. Finding a strong commercial auto insurance policy is essential. Here are some commercial auto insurance saving tips to help you minimize expenses.
It's recommended that you contact your insurer to see if you qualify for any discounts. If your business has licensed commercial drivers, you may qualify for a discount. If your business has functioned properly for several years, you may qualify for an experienced business discount. An established track record of growth is a sign to your insurer that you would be a low-risk customer, which reduces your premiums. You may also qualify for a discount if you purchase other insurance besides commercial auto coverage through the same insurer.
Your policy deductible is the amount of money you are obligated to pay out of pocket if your vehicle is damaged in an accident. Increasing your deductible lowers the cost of premiums. It's recommended that you only agree to a high policy deductible if you have the financial stability to cover serious damages.
If you have vehicles that you use for personal tasks, consider insuring those vehicles through your commercial auto insurance carrier. Your insurer may offer you a discount for purchasing personal and commercial auto insurance through them.
Research shows that you can save well over 10% on insurance premiums by paying the full cost of your premiums upfront. Your insurer will reward you for showing loyalty to the company.
Another common commercial auto insurance saving tip is using an alternative payment method to cover your premiums. Your insurer may reduce your administration fees if you opt to pay your premiums through electronic fund transfer. Setting up an ETF allows the premium to be deducted from your bank account every month. This reduces the chances of you making a late payment.
It's recommended that you hire drivers with safe driving records. Your commercial auto insurance premiums are influenced by your employees' driving records. If your employees have an established track record of safe driving, that reduces the level of risk your insurer takes on. Hiring good drivers also keeps your vehicle maintenance costs down.
Receiving quotes from multiple providers can help your commercial auto insurance quotes stay low. It's recommended that you assess quotes from at least three or four carriers. Every insurance provider uses its own unique equation to calculate premiums. Shopping around allows you to survey the insurance market. Try to make finding a policy with good value a point of emphasis. Cheaper policies may not always provide the best value if you are left unprotected in a lot of situations.
Managing a fleet of commercial vehicles can be overwhelming at times. Every vehicle requires maintenance to keep the business functioning properly. Finding the right commercial auto insurance policy helps alleviate a lot of stress. Contact the team here at CF&P Insurance Brokers if you have any questions. We will help create the best-customized commercial auto insurance policy for you.
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