The rising price of gas has many commercial industries struggling to make ends meet. Though prices are now lowering, companies have lost business over their higher gas prices. Yet a recent survey by Progressive shows that about half of all business owners never shop around for better commercial auto insurance policies. Like personal policies, experts recommend shopping around at least once per year to get the lowest possible rate.
Business owners who have a vehicle or fleet of vehicles used for business purposes must have commercial auto insurance. These vehicles might be delivery trucks, work trucks, taxi cabs or similar. The auto insurance coverage for commercial vehicles is generally higher because of the number of addition drivers and vehicles on the policy.
Most states require businesses to have a minimum $500,000 to $1 million in coverage for bodily injury and property damages. Insurance companies combine these coverages into one on commercial policies. The higher amounts cover all drivers and vehicles. In some companies those amounts are not enough and commercial umbrellas are sold to cover any differences. Commercial insurance is more expensive and stricter. Commercial drivers often undergo regular drug screenings and medical examinations to ensure they are not driving under the influence or at risk for some health issue while driving. If your policy expires, it can be tricky to find affordable coverage in the future, but there are tricks to help get decent coverage.
Research the different levels of deductibles available in your area. You save money by having higher deductibles. This does mean that you will pay more if you do need to file a claim. But if you and your company rarely or have never had an accident in the past, you may find it more affordable to save money up front by having the higher deductibles.
When you begin your online search for commercial auto insurance coverage, make sure you have all the information you need up front. You need the VINs for all commercial vehicles; the vehicles' makes, model and manufacturing date; and information for each driver including driver license numbers and dates of birth. This information is necessary to receive the best possible quote.
Here's a handy tip that few people think of when looking for a new commercial insurance policy. Ask other business owners who they use. Quite often, these people have dealt with similar issues and can help you compile a list of the best insurance companies for those who are seeking commercial vehicle insurance when it has expired.
Authored by: Jay Newman For additional information, go to: http://lapsedautoinsurance.com/commercial.htm or http://lapsedautoinsurance.com/purchasing.htm |
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