A commercial auto insurance policy is important for any business with employees who regularly drive on the job—even if there are no company vehicles involved. Though a commercial auto insurance policy can seem expensive to a business owner, there are some discounts that may be offered by the insurance provider to bring the total cost of the policy down.
1. Consistent Auto Insurance Coverage
Generally, having insurance for at least twelve months consistently is enough to get you a consistent auto insurance coverage discount. Consequently, it's a good idea to remain insured even if you have brief gaps in which you don't need insurance (such as a month when your drivers are inactive). In general, auto insurance premiums should go down the longer you have the auto insurance premium and go without any significant claims.
2. Bundled Discounts
Bundling your commercial auto insurance with your other auto insurance policies, such as property insurance and umbrella insurance, usually leads to significant discounts, as does staying with the same company over time for all of your insurance needs. As an additional bonus, maintaining all of your insurance policies with a single provider also makes managing your insurance policies and checking for coverage gaps much easier.
3. Experienced Business Discounts
Businesses that have been operating for more than three years can often acquire an experienced business discount, whereas new businesses will often find their insurance premiums (both auto insurance and other forms of insurance) a little higher. This also means that new businesses can usually expect additional discounts in the future.
4. Commercial Driver's Discounts
Finally, one of the most significant discounts a business owner can receive is the commercial driver's discount. There are many commercial automobiles that do not require a commercial driver's license, but having a commercial driver's license (CDL) will greatly reduce insurance premiums. The commercial's driver license has additional standards and requirements in addition to those required by a personal driver's license.
For more auto insurance discounts, you may want to inquire with an independent insurance agent. Independent insurance agents work with multiple insurance companies to ensure the best premiums and coverage. They will know about the discounts that are most applicable to you and which companies you should go through to gain these discounts. An independent insurance agent like Peake Insurance Agency can also facilitate the shifting of all your auto insurance policies into a single insurance provider who will give you the lowest price overall.