In a number of states, commercial vehicles are classified by type, while in others; they are classified on the basis of weight.
Some states mandate underinsured motorists liability coverage and certain minimum requirements. The amount paid depends on the degree of injury or damage, up to the limits of the policy. Business owners can acquire up to $1 million with basic coverage from business auto liability insurance.
In order to lower commercial auto insurance premiums, factor in the following:
Business Locale - The location of the vehicles determines premiums for theft.
Driver Records - Hire only qualified drivers with safe driving records. Someone who has had a number of ticketed driving offenses can increase your insurance bill.
Choice of Vehicle - Five-star safety rated, domestic, mid-sized sedans have the smallest premiums.
Deductibles – In the event your business can meet part of the risk and maintain a high deductible, your premiums will be less.
Safety and Anti-Theft Devices - Alarms, GPS tracking, air bags, seat belts, and other such devices go a long way in reducing your premiums.
Businesses are advised to obtain a minimum of three to five quotes for general auto insurance when shopping around either online or in person.
At that time, have your employee information such as date of birth, driver’s license number, zip code, vehicle type and make, business background, company name and email address available.
Another way for companies to lower their auto insurance rates is by having employees enroll in a defensive driving course.
Numerous auto insurance companies offer discounts to businesses whose employees enroll and finish a defensive driving course. In many cases, a company’s auto insurance costs will be lowered by as much as 10 percent for a period of three years after the termination of a course.
When visiting auto insurance companies businesses should also determine which vehicles are the least expensive and which are the most affordable to insure. In many cases, a company can lower its expense for auto insurance by acquiring or leasing safer vehicles for its fleet.
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