You have to pay your commercial auto insurance premium, because if you don’t you run the risk of letting your coverage lapse and leaving your company vehicles uninsured. That’s a very challenging, costly and potentially harmful problem that you don’t want to put yourself in the middle of.
Still, you have to be able to manage the cost of your policy in order to continue to pay for it. So, what can you do to make sure you keep your commercial auto coverage affordable?
Ask Us to Compare Your Policy Options
Commercial auto insurance policies include numerous types of benefits, and while policies might look very similar when viewed broadly, they are actually minutely customizable to the individual driver. Every policy, from any carrier, is going to be unique, and it is also going to have unique pricing attached to it.
That’s why you should be able to work with your insurance agent to compare the policy options of any number of carriers to find the one that is always going to offer you the best balance of both coverage and cost. Even though two policies might look similar, they might actually be priced quite differently. You want to of course choose the one that’s best for you.
Buy Only the Coverage You Need
Though it might seem like the best solution to buy as much insurance coverage as possible, you must ask yourself if you are really doing the right thing by doing so. All commercial auto policies will place limits on how much they will pay for certain losses. At times, this could create a scenario where you are actually paying for coverage that will be of no help to you.
For example, collision & comprehensive coverage will usually only pay a settlement based on a car’s actual cash value, which is its used value at the time of the crash. If you have this coverage on an older car that is not worth much money, then you could realistically be paying a premium on a plan that will provide very little financial support in case you file a claim. In the end, the cost benefit is not justifiable.
Ask About Savings Opportunities
Commercial auto insurers, just like standard auto insurers, frequently offer policy discounts and other savings opportunities to qualifying clients. For example, if you have the opportunity to bundle your commercial auto policies with other business insurance like BOPs, general liability or commercial property coverage, then you will often qualify for a reduced rate overall.
Plus, commercial auto insurers are happy to work with their clients to establish payment plans for most policies, and usually offer automatic payment and online payment options. Their goal is to make it easier for you to get the most out of your coverage without having to worry about how you're to pay for it.
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