It’s always a smart move to have enough auto insurance, but there’s no denying that doing so raises driving costs. It’s challenging to own and oversee a fleet of company vehicles. You might have three or more cars out in the field at once, each of which needs upkeep and repairs, in addition to the welfare of the drivers.
There are strategies to reduce the cost of your company’s auto insurance. Although it might not lessen stress, it can ease the financial pressure.
Hire Employees with Good Driving Skills and Records
Employees having a clean driving record lessen the possibility of mishaps or property damage. The hiring of drivers with commercial driver’s licenses is encouraged by vehicle insurance.
Combine Your Insurance Policies
If you choose to buy two or more policies from the same provider, such as homes and auto insurance or insure more than one vehicle, then you have a chance for a discount from your insurers.
Do your research and weigh if it’s better to get a multi-policy discount from one insurer or several providers separately.
Analyze the Coverage You Require
It’s crucial to plan for the precise coverage you require. Some insurance policies could cost more upfront, but they might save you money in the long term.
For instance, if you have an accident, some insurance companies might let you rent a hire car while your company vehicle is being repaired. If you already have a backup vehicle that you can utilize, you might not think this extra expense is worthwhile.
Secure Your Vehicle(s)
Your commercial auto insurance prices may be impacted by the level of protection installed in your car, especially if you want coverage against theft and vandalism.
For instance, you may find your charges lower if you park off-road in a garage or private parking lot rather than on the curb.
Raising the Deductibles
The deductible is the sum of money you would be responsible for paying out-of-pocket if your car were damaged in an accident.
The cost of coverage will decrease the more significant the deductible amount is.
Check into No Claims Bonuses
Annual reductions may result from no claims bonuses each time you choose not to file a claim.
You could think that this is a valuable benefit if you have never had to file a claim on behalf of yourself or your employees.
Use EFT for Payment
One payment option that frequently lowers insurance prices is EFT (electronic funds transfer).
It will send the money automatically each month, saving you the trouble of doing it manually and ensuring you don’t forget a payment.
Keep a Clean and Good Credit Score
Insurers often use credit scores to determine the cost of auto insurance.
It’s a good practice to regularly check your credit report to ensure all information is correct and you’re receiving the favorable credit you deserve.
Rather than a Carrier, Use an Insurance Agency
Using an insurance agency rather than a carrier may be worthwhile to reduce your premiums.
Agencies can assist you in searching for the best offer because they have access to various carriers and can help you get the best and cheapest deals in the market.
Pittman Insurance Group, LLC Can Help You!
It can be challenging to manage a fleet of commercial cars at times. To keep the business running well, each vehicle needs upkeep. Finding the ideal commercial auto insurance plan can significantly reduce stress.