How to Save On Your Commercial Auto Insurance Costs

You buy commercial auto insurance because your business owns or operates motor vehicles, and you want to be prepared to protect your own financial security in case anything happens to them. However, like all business insurance policies, you must pay for this coverage in order to keep it active. 

Still, because you must factor commercial auto insurance into your overhead expenses, it’s only natural to want to keep it as affordable as possible. By keeping a few of the following ideas in mind, and with the help of one of our agents, you can get a jump start on optimizing the price of your plan. 

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.