Commercial vehicles are used to transport goods or people for a fee and because of this you have to go for a special coverage called commercial vehicle insurance. It is not much different from personal auto insurance but there are a few things to be mindful of. Business policies usually have multiple vehicles with number of drivers.
Start by evaluating your drivers. Check personal details, driving history, accidents and tickets. The driving history is a major factor in determining the cost of a policy. Bad driving history means shelling out tons of cash. If you are going to employ a new driver, check if he has a commercial driving licence. Insurance companies provide discounts if the drivers have a commercial licence.
Second step is to evaluate the type of vehicles you have. If you check the personal vehicle coverage you will notice that more expensive the vehicle, higher the premium. In the case of business vehicles you have to take the make and model of the vehicles within the fleet owned. If you are going to purchase the same make and model, then it is quite possible that you will get good discount.
Consider the amount of coverage required. If your vehicles are older and you have a good repair facilities of your own you may have an option to self insure them. Some large companies self-insure the cars owned. This may work out better if you have a large fleet and good repair team to deal with them. For example, if you own similar cars you may use the older ones for parts to fix the others. Besides, you may want to do regular maintenance and accident damages in house.
If you are buying new vehicles, consult your agent to see their insurance ratings. The cost of insurance depends on the model and for what purpose it is used, if it is for transporting goods (big or small) or people. If you find out the insurance costs of alternative vehicles you can buy for your fleet, you can make an informed decision.
It is also possible that, if your car insurer is big and recognized, then you are likely to pay higher premium as compared to a smaller company. But at the same time big companies are trustworthy and surely help you in the rainy days. If you want to go for a small company, make sure that it has good reviews. You can easily check this on the internet.
When you search for insurance from different companies, it is quite possible that you may get tempted to get different vehicles insured from different companies, but this may be costly in long run. To get maximum discounts insure all your vehicles from one company. Smaller business owners can go for small business car insurance.
Last but not the least is the type of company with which you are insuring your vehicles. Usually, people check car insurance quotes online using different quote comparison websites. When you finalize a quote, still there are many things that you have to do. First of all, do background check of the company. There are numerous forums where people write reviews about different companies as well as discuss the services. There you can also get information about the discounts, but it varies from company to company.
Secondly, don’t leave everything entirely to an agent. Find out a little about possible options and likely premiums charged. This way, you will be a good judge of policy arrangements offered to you either direct or through a broker. Keep in mind that when you have a few vehicles you can negotiate a better deal.