Fleet insurance is a more cost-effective and convenient option for insuring your company’s vehicles than is getting individual policies for each and every car or truck in your commercial fleet.
When you get commercial fleet insurance for your North Carolina business, your workers will be able to use any of the vehicles in your fleet. You’ll also safeguard your business interests against any claims if there’s an accident.
Fleet insurance will benefit you in two ways. Firstly, it will save you time since one policy will cover all the vehicles in your fleet. And, secondly, it will make renewal easier since you won’t have to deal with multiple renewals.
While insuring business vehicles is necessary, one thing you need to keep in mind is that one insurer or policy isn’t necessarily as good as another. So read on to learn about 5 tips for insuring a commercial fleet of vehicles.
1. Choose Your Commercial Fleet Vehicles Carefully
It goes without saying that the types of vehicles you have in your fleet of vehicles will factor into how much your insurance policy winds up costing you. This is why you should call some insurers to get quotes for your fleet.
You’ll want to do your research. Things like repair costs, availability of parts, and overall reliability can play a role in determining insurance premiums. So, before making a decision, ensure you do your due diligence.
The fact is that the type of vehicles you buy can make a big difference in terms of how much you pay for your monthly insurance policy.
2. Install Tracking Devices
Another tip when it comes to insuring business vehicles is to install tracking devices. Tracking devices provide critical benefits like the following:
Reduced Incidents of Claims
When your vehicles are equipped with tracking devices, there’ll be a higher likelihood of their being recovered if they’re ever stolen.
Insurers can be on the hook for substantial payouts if stolen vehicles are not recovered. So they typically offer discounts if anti-theft equipment is installed in fleet vehicles.
When your employees know that the vehicles they’re driving have tracking systems installed, they’re likely to drive more responsibly.
Tracking devices record and transmit information on speeding, braking, and accelerating. Leveraging this data, you’ll see what improvements are needed.
Proper Use of Vehicles
Insuring commercial vehicles that are equipped with tracking devices will discourage your workers from misusing the vehicles. In other words, they’ll be less likely to use the commercial vehicles for their own personal business.
The less they’re using the vehicle for non-business purposes is, the better things will be in terms of preventing accidents and reducing gas costs.
3. Consider Driver Training Programs
Another tip, if you want to insure your commercial fleet of vehicles is to implement driver training programs. This can be done in-house or it can be outsourced to a third party. You might even let workers do online courses.
Depending on the insurer you sign on with, you might be able to get a reduction in premiums if your employees take a recognized driver training program. Scheduling refresher courses will keep your workers sharp.
4. Compare Insurance Policies
If the goal is to get the best commercial auto insurance policy you can, then you ought to get quotes from several insurance companies. That’s the only way you can accurately gauge whether or not you are possibly overpaying.
This is a good idea whether you’re applying for your first insurance policy or if you’ve come to the end of your existing policy and are exploring options.
What to do if you like your existing insurer but can get a better rate elsewhere? Talk to your insurer and ask if there are ways you can lower your monthly insurance premiums. Chances are that there will be some flexibility.
One thing to keep in mind is that going with the lowest possible cost isn’t always the best course of action. In addition to considering the price, mull over the coverage included. Sometimes paying a bit more is the best option.
5. Restrict Use Fleet Vehicles
You’ll also need to carefully consider which employees should be allowed to use your fleet vehicles — and which ones should not.
This means you must find out if any of your workers have lost demerit points or have committed any serious traffic violations that could be a red flag to insurers. Any issues on this front could result in a higher insurance premium.
It’s best to restrict the use of your fleet vehicles to workers with clean driving records. You should also be forthright with your insurer if you do have employees who have problematic driving records.
Failing to disclose this sort of information could adversely affect your coverage, should there be an accident. You definitely don’t want to face a situation where a worker with a spotty driving record gets into an accident.
We’re Here for All Your Commercial Auto Insurance Needs
When you need help getting insurance for your commercial fleet, we’re here to help. Our specialty is assisting small business owners to get the right fleet insurance policies for their companies.
You don’t want to simply go to a director and choose an insurer at random. We have a track record of success in helping our customers get the coverage they need. You owe it to yourself to see what we have in store for you.
For the help you need, get in touch. Also, take a look at our blog for interesting takes on issues affecting your business.