Depending on the size of your fleet, you may end up facing a daunting cost for commercial auto insurance. While you may feel tempted to reduce your coverage to save some money, smart insurance decisions allow you to make the most cost-effective decisions, so you have protection when disaster strikes – without overpaying.
Review Claim Experience
One of the best ways to keep your commercial fleet insurance costs low is to regularly review your policy. Over the course of a year, you’ll get a good picture of what claims you make and which ones you don’t. Discuss your history with your insurance agent to learn the best ways to lower insurance costs.
Get Coverage Symbol 1
Commercial auto insurance policies have numbers between 1 and 9. Symbol one provides the widest amount of coverage and takes care of “any auto.” Having this on your policy ensures you have coverage for whatever vehicles you add to your fleet, even if you don’t properly add them to the policy.
As with any other type of insurance, several different companies can provide your commercial fleet coverage. Research your options to make sure you’re getting the best deal for your insurance. Checking around on a regular basis can help you find when better deals arise, even if you aren’t looking to change policies or insurance companies.
Focus on Driver Qualifications and Training
One bad driver in your fleet can easily cause extensive damage. Be sure to hire drivers with clean records and good driving habits. Conduct regular training and safety meetings within your fleet. It is less expensive to provide insurance coverage to drivers with fewer accidents.
Consider a Per-Occurrence Deductible
Some fleet damages aren’t just on the road; others can happen due to inclement weather. When a storm causes damage to several vehicles at once, the cost of your deductible can be staggering with a per-vehicle amount. Per-occurrence deductibles set a cap on that value when multiple vehicles are in the same accident, which can save you a lot of money.
Find the Appropriate Coverage for You
Your fleet will need some types of coverage, while other options will not add much to your protection. One of the best ways to keep your insurance costs down is to avoid excessive policies. Make decisions based on the types of vehicles you have, your intended use, and the size of your fleet for best results.
Proper commercial fleet insurance is not just the law; it’s necessary for keeping your vehicles in good shape. When you make smart coverage decisions, you can protect your fleet without breaking the bank.