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How to Save Money on Commercial Auto Insurance

commercial auto insurance

Every penny matters when you’re a startup or small business. Chances are, you’ll need commercial auto insurance for your van, truck, or SUVs. Prices vary from one insurer to the next, but you can save a small fortune by researching your options.

Shopping for cheap commercial auto insurance isn’t too different than buying personal car insurance. From choosing a higher deductible to maintaining a good driving record, there are several ways to keep the costs low. 

Not sure where to start? Use these money-saving tips to get a good deal on commercial auto insurance!

Increase Your Deductible

For starters, try to determine how much you want to spend out of pocket before the insurer will cover any expenses. This amount of money is called an insurance deductible.

Let’s say you have a $500 deductible and your van needs repairs after a collision. In this case, you’ll pay $500 out of pocket, while your insurance provider will cover the rest.

The higher the deductible, the less you’ll pay each month. This rule applies to both personal and commercial auto insurance.

Hire Good Drivers

Most insurance companies offer good driver discounts of up to 20%. That’s why it’s important to hire low-risk drivers and enforce safe driving habits.

Generally, it’s necessary to have a good driving record for at least three years to qualify for a discount. The exact requirements depend on the insurance carrier.

Pay for Commercial Auto Insurance in Full

One of the best ways to get cheap commercial auto insurance is to pay in full. Some insurers offer discounts of up to 15% for paying annually rather than monthly.

If you operate a taxi company or have several cars, it won’t be easy to pay the whole thing upfront.

However, this strategy could lower your bills by thousands of dollars per year. Plus, you won’t have to worry about paying your rates until it’s time to renew your auto insurance policy.

Bundle Your Insurance Policies

Depending on your insurance provider, you may get a discount for combining car insurance and business insurance or personal and commercial plans.

For example, if you insure your personal and business vehicles with the same company, you may save 15% or more. In the long run, you may also qualify for loyalty discounts.

Consider the different types of insurance required for the smooth functioning of your business. These may include professional liability coverage, general liability insurance, commercial auto insurance, workers’ compensation, and so on.

Next, ask your insurance provider if they can offer a discount for bundling your policies.

Shop Around

Commercial auto insurance rates may vary from hundreds of dollars from one provider to the next. Go online and request at least three quotes from different insurance carriers. Compare them side-by-side and ask about any discounts available.

Insured ASAP, for example, makes it easier for business owners to request and compare auto insurance quotes. All you need to do is to fill out an online form. The entire process takes just a few minutes.

Also, don’t hesitate to switch car insurance companies when it’s time to renew your policy. Many carriers provide new customers with special offers or discounts.

Get the Best Commercial Auto Insurance for Less

As you can see, there are plenty of ways to keep your commercial auto insurance rates low. The key is to shop around, apply for discounts, and make sure your employees maintain a clean driving record.

Insured ASAP makes everything a lot easier. Reach out to our team to discuss your needs or complete our online form to get free quotes from leading insurance providers!

Save Time. Save Money.

We compare rates to get you the best quote possible.

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