Businesses that own or operate vehicles need commercial auto insurance; there’s no way around it. It will be there to help you protect your company from significant financial losses when unexpected, unavoidable issues arise involving your vehicle(s).
Still, like with all insurance policies, you must continue to pay for your commercial auto insurance in order to be able to reap the benefits. Given that your policy will be an ongoing overhead expense, it’s only natural to want to keep it as affordable as possible.
Below, we’ve outlined some of the simplest things that you might be able to save money on your auto policy. With the help of our agents, you’ll be able to get the best combination of coverage and price.
Compare Policy Options of Numerous Carriers
There are many commercial auto insurance policies on the market today, and each will supply different benefits, combinations of coverage and prices, each of which might prove more advantageous to the policyholder. After all, to receive optimized benefits, you must make your coverage unique.
By working with an independent insurance agent, you’ll be able to compare policy options offered by numerous insurance carriers. That way, you’ll be able to settle on the policy that offers you the best combination of coverage and price. Remember, even though two policies might look very similar, they might actually be priced quite differently.
Get Only the Coverage That Fits Your Needs
You might feel tempted to buy as much commercial auto insurance as possible. After all, the more you have, the better protected you will be, right?
Not quite. All commercial auto insurance policies will place limits on what they will pay for any given loss. Therefore, there is a potential to create a scenario where you are paying for certain coverage which, due to the limits of your policy will not cover you. The cost therefore will far outweigh the benefits.
For example, collision & comprehensive coverage will usually only pay a settlement based on a car’s actual cash value, which is its used value at the time of the crash. If you have this coverage on an older car that is not worth much money, then you could realistically be paying a premium on a plan that will supply very little financial support in case you file a claim.
Let Us Guide You Towards Savings Opportunities
No matter what commercial auto insurance policy that you choose to buy, you will often qualify for policy savings through discounts and other mechanisms. For example, you often can bundle your commercial auto coverage with other business insurance benefits like BOPS, general liability or commercial property insurance. Overall, your rates will usually be lower by taking this step.
Plus, commercial auto insurers are happy to work with their clients to set up payment plans for most policies, and usually offer automatic payment and online payment options. Their goal is to make it easier for you to get the most out of your coverage without having to worry about how you're to pay for it.