The Importance of Reviewing Your Commercial Vehicle Insurance

Posted on: 11Feb,2016

As a business owner, you know that you have to be smart about choosing your commercial vehicle insurance. This is especially true if you have recently opened your business, have purchased new equipment and vehicles, or the needs of your business have changed since your last policy renewal. If it is time to renew your commercial vehicle insurance, then it is also time to review your current policy and do some comparisons with other companies. Unfortunately, finding the best commercial vehicle insurance rates is not always as easy as it sounds. In fact, it can be quite frustrating if you don’t know what steps to take.

The Need for Comparison

Whenever you need to insure your commercial vehicles, there are going to be a lot of options to filter through before making your decision. You can start by doing a quick review online, which makes sense because of how convenient and easy it is to compare insurance coverage rates using the internet. Sometimes, it can be pretty overwhelming when you go from one insurance agent to the next whereas it is much easier to do this from the comfort of your own home.

Commercial vehicle insurance policies cover bodily injury and physical damages. However, based on the amounts, circumstances, and use involved, they are considerably different from personal auto insurance coverage. So it is important to understand how commercial and personal vehicle insurance differs. Since personal auto insurance policies are rated and written differently, they are not intended for businesses. So you need to keep in mind that each insurance company is going to offer different types of coverages and premium rates.

Tips for Comparing Commercial Vehicle Insurance Rates

As the owner of a business, you know how important it is to get the best value for the money you invest, no matter what you are purchasing for your company. The tips listed here will help you find the best commercial vehicle coverage rates:

• Review the driving record of each employee
• Record each of your commercial vehicle’s mileage
• Make a list of your company vehicles and what they are used for
• Most importantly, be sure to consult with a licensed agent

In addition to these tips, you should also take steps for improving the safety of your driver’s and your vehicles. This will help you reduce the amount of risk incurred when they are out on the road so that you can remain claim free as long as possible.

Getting the Best Insurance Quotes

In order to get the best commercial vehicle insurance rate quotes, you have to understand the basic elements of this type of policy. Remember, knowledge is power and the more you know, the easier it will be to find the best coverage rates so that you can make a well-informed decision. Every commercial vehicle insurance policy has three basic sections to it which includes:

• Liability insurance
• Physical damage insurance
• Related coverages such as auto loan/lease gap coverage, labor and towing, medical payments, and rental reimbursement

Additionally, most commercial vehicle insurance policies contain different coverage types such as Collision, Comprehensive, and Liability insurance as well as Underinsured and Uninsured motorist coverage. You can also customize your policy with other types of coverage such as medical payments, new vehicle replacement costs, roadside assistance, and so on.

There are other considerations involved with getting the best commercial vehicle insurance quotes. For instance, you can accept a higher deductible, choose sensible vehicles for company use, and hire only the most experienced drivers with the best driving records. In addition to this, you should have your employees attend driver safety courses, install safety devices in your company vehicles, and work with an agent to ensure getting the best rates.

Final Considerations

Although you can start by going online and searching for commercial vehicle insurance providers and the coverages they offer. However, you will eventually have to interview with several company representatives and/or independent insurance agents. These individuals can do a lot of the legwork for you so that you don’t have to. This makes things a lot easier for you and saves you a lot of time in the process. Plus, an independent agent can show you a list of competitive companies and their rates so that you get the best value possible.