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Commercial Auto Insurance Review

  • admin
  • September 5, 2014 9:40 PM

In a time where being an entrepreneur is ever more popular, many individuals, families and other groups are setting up shop, so to speak. Owning/operating your own business in 2014 and beyond is one way to attain and maintain the quality of life you and your family wish to enjoy. While the internet has provided excellent opportunities for self-starters to flourish, in most businesses there is still an element of hard-ground logistics to be considered and managed.

Simply put, your company vehicle or vehicles must be incorporated into your insurance considerations. Commercial auto insurance is one of the most integral facets of your business, ensuring that you are legally covered and able to maintain the consistency of things like delivery & pick up times, where applicable. There are questions you will have for your commercial auto insurance provider, and likewise, you will be expected to provide certain information as well. Our shortlist helps you understand and review what you’ll need:

What’s it all about? What exactly qualifies as “Commercial Use”?

Typically your personal car insurance policy will not include coverage for the commercial use of your vehicle. If you’re using your personal car as the primary vehicle for your business, you may want to consider switching to a commercial policy. Commercial policies will be defined by the issuing insurance company based on what constitutes commercial use to them. This can vary from company to company, so the onus is on you as the car/business owner/operator to find out what your insurance provider qualifies as commercial insurance eligibility.

How many in your party? How many drivers and vehicles does your business need to insure?

Some businesses require one modest vehicle to get things done. Others require an entire fleet! To add more complication, sometimes even with one vehicle alone, there may be several drivers who require use of said vehicle. Commercial auto insurance companies will categorize coverage options/types based on the number of vehicles and drivers that require insurance as relevant to the business. Fleet insurance is arguably the most cost effective when it comes to commercial car insurance, but there are stipulations that must be met. What qualifies as a fleet, the make and model of vehicles to be insured, and the class of vehicles are things you should know or find out from the insurance company you hope to sign with.

This just SOUNDS expensive!  Are there ways to lower the costs of this type of premium?

As with most forms of auto insurance, you have the capacity to lower your costs based on several mitigating factors. These include the location of your business (prone-to-theft area?), your personal driving record and the records of those who will be using the company vehicle(s), vehicle type and safety / anti-theft devices and technology.

BOTTOM LINE: In the best interest of your vehicles as they pertain to your business, it behooves you to get the quantity and quality of commercial vehicle insurance you need to be safe and responsible. Talk to your agent, shortlist your questions and make sure that you’re protected. Good luck!

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