How to Save Money on Your Business Auto Insurance Policy?

by Administrator 4. July 2011 12:30

 

A business auto insurance policy protects your business from financial responsibility in the event of a business related vehicle accident.

If you are using a vehicle for commercial use, you must-have business auto insurance. But just because you have to have the coverage, that doesn’t mean that you don’t want to find a way to spend less on it.

Here are five tips to help you save money on your business auto insurance policy without sacrificing your coverage:

Hire safe drivers: Your insurance premiums will go up considerably if you hire a driver with points against their license because they pose a greater risk of accident to your company. Instead, make sure you hire employees with clean driving records.

    Mandatory training: Making safe driving classes mandatory for your employees will show your insurer that you are serious about safety and will train them to act properly when on the road. This will help reduce the risk that they pose and will help reduce your rates.

    Lower your limits: Keep track of the value of your fleet and lower your limits accordingly so that you can keep your policy affordable. Your company cars lose value every year and, if they are driven often, may lose value at a faster rate than a normal vehicle. There is no point in having a high limit if your cars aren’t worth that much, unless you are looking for replacement value instead of actual value. When it comes to medical and bodily injury coverage, be sure not to lower your limits too aggressively since these costs tend to increase over the year rather than decrease.

    Review your coverage every year: When you just renew the same insurance policy every year without reviewing it, you could be missing important changes that have occurred in your business and that should be reflected in your policy. For example, it is possible that you are covered for events that you and your drivers have little risk in encountering or, maybe you have too much insurance on a car that have lost value over the years. It is important to review all these factors every year so you can stay on top of inefficiencies and streamline both your policy and your premium.

    Take safety features: Make sure your cars have safety features such as airbags, anti-lock brakes and automatic seatbelts. All of these automated safety devices will help reduce injuries when accidents occur which reduces the possible medical expenses and reduces your insurance company’s risk.

We at Shawn Camp Insurance know that making decisions about your coverage is one of the most important things you can do. We stand committed to providing the best combination of service, price and products to meet your individual needs. We specialize in Business & Commercial insurance in Copperas Cove, Killeen, Temple, Fort Hood, Gatesville and across Texas. Contact us at (800) 212-2641 for a free business car insurance quote or visit our office.