The average American will spend over $1,500 on car insurance each year. For commercial car insurance, this cost can increase by a few hundred dollars. While car insurance is an important investment to protect yourself in an accident, it can be difficult to spend so much money each month on your insurance.
However, many people don’t realize that there are many ways that you can save money on your commercial car insurance. Do you want to learn the easiest ways you can get the best deal on your commercial auto insurance coverage? Keep reading these tips to see how you can save!
Hire Reliable Drivers
One of the easiest ways that you can find a great deal on your insurance is by always hiring reliable drivers with good driving records. This is the number one thing that insurance agencies will consider when they give you a quote for their services.
There are several factors that they will look for in your driving record. This includes whether or not you have gotten into accidents in the past, if you get speeding tickets, and even if you have had driving offenses like a DUI. Even minor violations can increase your premiums by up to 15%.
If you have these on your driving record, you will be a higher risk for your insurance company to insure. This will make your insurance costs jump. By checking driving records before you hire your employees, you can be sure that they are responsible drivers that will keep your insurance costs low!
Always Pay in Full
One of the easiest ways to save money on your commercial car insurance is to always pay for your insurance in full. Rather than spreading out your payments over the year, you can pay for your entire annual policy at once!
Many insurers will offer a discount for this because it will ensure that you do not miss any payments.
Have Good Driving Habits
Another great way to find lower costs for your commercial auto insurance is by practicing good driving habits. Many companies have devices that can track your driving to see what kind of driver you are. If you practice safe driving, drive without speeding, and more, they may offer you lower prices on your policies.
Get Several Quotes
It is important that you get several insurance quotes before you choose an insurance broker to work with! When you fill out these quotes, you will put information about your driver’s age, driving history, education level, and more.
Then, you will get an instant quote that is personalized for you. When you get several quotes from different companies, it is easier to compare the prices of insurance and choose one that fits your budget best.
There are also websites that will compare these prices for you to help you find the best deal on commercial auto insurance.
Decide What Coverage You Really Need
Many people pay for insurance coverage options that they really do not need. One way to save money is to assess your coverage options and remove any features that are not necessary.
If your insurance provider offers a free rental car if your commercial vehicle is in the shop and you feel like you do not need this option, you may be able to find coverage that only includes the basics of what you need.
By assessing your coverage and using only the coverage that you need, you can save hundreds of dollars each year.
Your commercial car insurance deductible is the amount you will pay out of pocket in the event of an accident. When you increase your deductible, your insurance company will lower your rates for your monthly payment.
This means that you will ultimately save money if you do not get into any car accidents.
Ask About Discounts
Another way that you can get lower prices on your insurance for your company vehicles is by asking your insurance provider about discounts. Often, there are ways that you can save money that is not advertised.
For example, many companies offer no claim bonuses. If you do not make an insurance claim, you can get annual discounts for being a safe driver.
Another common type of discount you can get is by bundling several of your business policies. For example, if you have car insurance and workers’ compensation insurance, you can get a discount for being a loyal customer.
If you do not drive your vehicles very often, you can also get lower costs with lower mileage on your car. Because you aren’t driving as often, you are less likely to file a claim. This means that insurance companies can offer you better prices.
Finally, if you install safety features in your car, you can get discounts on your premiums. For example, if you have anti-theft equipment that will prevent vandalism, some insurance companies will lower your insurance cost.
Have a Good Credit Score
One thing that may surprisingly impact the cost of your insurance is your credit score. If you have a good credit score, you will likely get more discounts and better prices on your insurance.
Because your credit score is partially determined by your history of paying bills on time, having a high credit score shows your insurance company that you will be reliable with your payments.
Find Reliable Commercial Auto Insurance Today
When you are buying car insurance for your company, it is important to know the differences between commercial vs personal auto insurance. However, in both cases, you can find cheap car insurance to fit your needs by following these tips.
Are you looking for an insurance broker to help with your commercial auto insurance needs in North Carolina? Amistad Insurance Services can help!
Contact our team today to learn more about our commercial auto insurance services or to get a free, personalized quote for your business!