Tips to Save Your Commercial Vehicle Insurance Premium

Commercial vehicle insurance is a necessary business expense for today’s business owner. Aside from the property damage payment, the liability costs related to underinsured motorist coverage make this insurance a necessity.

However, many business owners feel that they could get a better deal on their commercial vehicle insurance policy. If you’re in that category, read on for money-saving tips.
Buy Commercial Vehicle Insurance with Higher Deductibles
Increasing your deductible is one of the best ways to save money on your monthly premium. When working out this figure, consider what you could easily afford to pay in the event of an accident, then consider increasing your deductible accordingly.

This action shows the insurer that you’ll cover the minor issues and file a claim only when the damages exceed a certain amount.
Seasonal Insurance for Commercial Vehicles
If your business is seasonal, you might be tempted to drop your insurance during off-peak periods. However, this could cost you more over the long term. It’s better to maintain constant coverage, even if you reduce your cover during the slow seasons.

Maintaining your cover year-round pays off because:

• Accidents or thefts can occur at any time of the year. You may be on holiday, but the thieves or vandals may not.
• You’re bound to get a better rate for continuously insuring your vehicle than for allowing the policy to lapse a few months each year.
• You can reduce the level of coverage while still maintaining some protection against all risks.
• You are protected from policy increases for the year.
• There are liability issues inherent in storing your vehicles. For example, you might be held responsible if the garage catches alight due to an engine malfunction and burns down the business next door,
• A continuous insurance record allows you to establish a pattern of behavior that can enhance your reputation with the insurers. For example, running two years fully insured without a claim shows you as a responsible client.

Pay Your Commercial Vehicle Insurance Electronically
Paying your premiums electronically saves you on check processing fees and allows you to set and forget your payments. You don’t have to worry about mailing a check on time as the money goes directly from your bank account.

As the payments are always on time, there are no late fees or chances that your policy might lapse.
Progressive Discounts
Bundling your insurance for your vehicle or vehicles, business, and liability insurance can save you a significant amount of money. Speak to one of our consultants about your free commercial auto insurance quote and see how many promotional discounts you receive.

Also, be sure to ask about:

• Experienced business discount: Businesses with a good track history that extends beyond three years may qualify for a discount.
• Experienced commercial driver discount: Using professional drivers with a valid Commercial Driver’s License can save you money on your monthly premium

Pay in Full Upfront
Paying an annual premium in total upfront rather than a monthly one can save you as much as 15% on your insurance.
Assess Your Coverage and the Added Extras
The insurance industry is highly competitive. Each company wishes to retain its clients by adding benefits to its policies. However, these are sometimes nice-to-have bonuses rather than absolute essentials.

When assessing your coverage, consider the aspects of the insurance you’ll need the most. For example, do you require roadside assistance if you have a fleet of mechanics on standby?

Check what you’re paying for and see if those added extras add actual value to your policy. If not, shop around for better deals that meet your actual needs.
Secure Your Vehicles
The harder your vehicles are to steal, the easier they are to insure. Keep them in a secure facility overnight and consider adding anti-theft devices like trackers, alarms, and immobilizers. While none of these will stop a determined thief, they show the insurer that you take security seriously and thus earn a discount on your rate.
Maintain a Good Credit Score
One of the top commercial vehicle insurance buying tips is to maintain a good credit score. When determining your premium, your insurer assesses the risk you pose to their company in the event of a payout.
Get Your Free Commercial Vehicle Insurance Quote
What is our top savings tip for your commercial vehicle insurance? Call Alchemy Insurance Agency at (484) 999-2101 for your free quote today and see how much we can save you.