It is important to find commercial fleet insurance that offers affordable rates and maximum coverage for your commercial vehicles. By adhering to a few guidelines, you can often save money on your commercial vehicle coverage and stay claims-free. Accidents occur, to both the best drivers and the worst. But because most accidents are due to driver inexperience or mechanical failure, taking some simple preventative measures can greatly reduce your personal risk of liability in an accident and might even earn you rebates on your commercial vehicle coverage. Here are some suggestions to help you get started.
One common mistake made by commercial vehicle insurance shoppers is over-estimating the value of their liability coverage. This leads many shoppers to go with the minimum commercial vehicle insurance required by their state without considering whether it’s really worth it. The value of your liability coverage doesn’t include the full value of your auto vans. You should include the market value of your van’s, not just the suggested amount that your agent suggests.
Another mistake is purchasing too much commercial fleet insurance. While physical damage coverages will protect you from most claims against your auto liability, you should also consider the total physical damage coverage of your insurance policy. Most companies only provide coverage for vehicles in the rental fleet, which means you could be paying for a van which has never been in an accident and is being rented solely for the purpose of being damaged.
Shop around and ask several different companies for commercial fleet insurance policies. It’s wise to ask about several different policies from several different insurance providers. You want to make sure that your auto liability and rental or fleet insurance policies all have the same coverage levels. This way, you know what your premiums will be and how much total coverage you’ll have at the end of the day.
Many small businesses only provide general liability and bodily injury coverages. If your business vehicles are older or newer, you may not need these types of specific policies. General liability and bodily injury coverage can be helpful, though. Generally, business vehicles that are in transit are harder to control and cause more physical damage. Therefore, they cost more to repair and insure.
There are several commercial fleet insurance solutions available from insurance providers. However, it’s important that you do some research. There is more than one type of coverage and each solution has different premiums. Before purchasing a policy, it’s crucial that you consult with more than one insurance provider so you can get a full understanding of their auto rental industry policies.