Commercial Auto rates are on the rise, and you might be looking for a way to lower those rates. If you don’t understand how premiums are developed, watch this video to see how you may be able to decrease your cost in the future.
A few factors that determine the price of your commercial auto insurance are the vehicle make and model, the cost of the vehicle, and it’s weight. What the vehicle is used for also determines pricing.
For example, construction vehicles have to be reviewed for what they are dumping or towing. Secondary issues taken into consideration are the driving records of your employees, any claim history from your company, and the number of vehicles you’re looking to be insured. Believe it or not, where your company is located can also change the rate of your commercial auto insurance.
If you’re looking for the best deal on your commercial auto insurance you should start by finding one broker you trust and allow them to take the reigns. Before looking for insurance, make sure to have the correct legal processes in your business, including risk controls. Consider dropping any drivers with poor records, as they might end up increasing your insurance policy. For a more in-depth look on what impacts your insurance cost, speak to an insurance agent or broker.