Six Things You Can Do To Bring Down The Costs Of Your Commercial Auto Insurance
Commercial auto insurance is a necessary expense for any company that relies on vehicles to take care of business. Any funds put into insurance will cut into a company's bottom line. However, there are fortunately numerous things a company can do to minimize commercial auto insurance expenses.
The following are six things you can do to bring down the costs of your commercial auto insurance:
Check on the availability of claim-free discounts with your provider
If you haven't had to file any claims with your auto insurance provider, you may be eligible for a discount.
Auto insurance providers want to reward companies that aren't costing them a lot of money to provide insurance to. Contact your insurance provider and let them know how long your company has been claim-free and see if your provider will reward you for your company's flawless driving.
Try bundling your commercial auto insurance with your personal auto insurance
If you get numerous types of auto insurance from the same company, you should be able to save money. As a business owner, you probably need both commercial auto insurance and personal auto insurance.
Bundling your personal and commercial auto insurance is a good way to not only enjoy a discount but also simplify your auto insurance payments needs. When you bundle, you'll have only one company to deal with for all of your auto insurance.
Try bundling commercial auto insurance with other business insurance options
Commercial auto insurance fills the primary insurance need for many companies. However, you can sometimes enjoy more value by bundling a few other types of business insurance like property insurance onto your commercial auto insurance policy.
Pay your full premium upfront rather than monthly
Most insurance providers will charge less for a policy if a company is able to pay the entire premium upfront rather than month by month. If your company can set aside the full policy amount, you should arrange to pay upfront to minimize commercial auto insurance costs.
Avoid employees with imperfect driving records
Commercial auto insurance providers will generally check the driving records of all drivers that will be using company vehicles. They will then offer higher premiums if drivers have infractions on their records.
It's a good idea to check the driving record of any employee who will be driving your commercial vehicles. If you're only employing drivers with perfect records, your costs will be minimized.
Cut out coverage options that your business doesn't really need
You can streamline your coverage to bring down costs. You might consider increasing your deductible or cutting collision coverage off of your plan to minimize your premium amounts.
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