How to Get Affordable Commercial Vehicle Insurance?

Answer 1

The process of finding affordable commercial vehicle insurance is much like finding ordinary car insurance. It involves evaluating a number of different companies on the basis of various criteria. Looking around in a comparative sense and knowing how to lower an insurance premium can lead a commercial vehicle owner to finding more affordable insurance than they would otherwise. The following are some basic steps to take to find affordable commercial vehicle insurance:

Compile Information about Vehicle

One of the first things the vehicle owner needs to do is to combine information about the commercial vehicle in question. He or she should write down the make, model, and VIN number on a sheet of paper and have it handy.

Find out State Requirements

Different states have different requirements as regards commercial vehicles, so it is important to check with the state to see what the requirements for commercial insurance are. This can often be done by checking the website of the state's department of insurance.

Find Companies

The vehicle owner should then search on the internet for commercial vehicle insurance or look in the phone book for auto insurance companies that sell this type of insurance. They should be advised that not all auto insurance companies sell this sort of insurance.

Discuss Rates and Get Quotes

The next step is to contact representatives of the insurance company and get quotes. This is usually best done by telephone or in person. Getting commercial vehicle insurance is somewhat more complicated than getting personal auto insurance. A number of different factors such as the type of business using the vehicle, how many people will be driving it, and the driving records of the employees of the business come into play. Sometimes websites offer online quotes for personal car insurance but this is seldom the case with commercial insurance due to these other extenuating factors.

Ask About Discounts

Make sure and ask about all the discounts available. There may be discounts available based on the type of business conducted, safety and anti theft devices installed in the vehicle, good driving records, ages of employees, average distances traveled, and other factors. The monthly premium can also often be lowered simply by raising the deductible, getting policies with less added and potentially superfluous features, or taking the insurance for longer terms.

Compare Rates

The vehicle owner should then repeat this process with a number of companies until they have compiled a list and have a good sense of how various companies compare regarding premiums and discounts. Another way to do this kind of comparison is to visit an insurance comparison website, of which there are quite a few online. These companies allow the user to enter information about the commercial vehicle which in turn yields lists of companies and the various rates possible.