How to Save Money on Commercial Auto Insurance

Every business wants to save money on their business auto insurance. Here are some tips that can help you make sure that you’re doing everything you can to save money.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Your current policy
• Your claims history
• A list of all drivers and their driving records
• Companies to contact for quotes

Develop Strategies that Get Discounts

1. Develop a vehicle maintenance plan for your vehicles. Many businesses already have some type of informal vehicle maintenance plan to keep their cars in great mechanical shape.
   
   It could be as simple as following your manufacturers recommended maintenance schedule. Put your plan in writing and stick to it.

2. Check the driving record of all employees on a regular basis. Make sure that everyone who drives a company car has a good driving record, and verify that you check it on a regular basis.
   
   Typically checking everyone's driving record once or twice a year is sufficient.

3. Use defensive driving programs. Having a car accident costs everyone time and money. By enrolling your drivers in a defensive driver program that they take every few years can help you save money and aggravation.
   
   Ask your insurance agent if they know of any, or call a few drivers training schools to find them.

Review Your Current Policy

4. Check your deductibles. When was the last time you filed a claim? If it was more than a few years ago, you may be able to save money by raising your deductibles.

5. If each car is insured separately, can you drop comprehensive and collision coverage from any older vehicles? Unless you have a loan or are leasing them, you don’t have to carry these coverages. Discuss these options with your insurance agent.

6. Contact your agent and find out how much money you’ll save by increasing your deductibles. If you do raise your deductible, be sure to have that money set aside incase you need it.
   
   It won’t do you any good to increase your deductible if you can’t afford it.

Get Quotes on a Regular Basis

7. The rates that each insurance company charges can change from year to year. Every business, including your insurance company, likes to have loyal customers.
   
   In other words, don’t change companies to save $5 every year.

8. Get solid quotes from at least three different insurance companies every few years. Detail your safety plans as outlined above, and provide them with a copy of your claims history.
   
   Get the quotes in writing so that you can compare the coverages and costs from one company to another.

9. Ask for a three-year insurance policy. This locks in your premium for the next three years. The worst that can happen is that you’ll be told, ‘no.’

Tips & Warnings

• Try to get quotes from different companies every few years.
• Let an agent know that if their company has a rate reduction to give you a call. Usually the agents are the first to know.

[choicearizona]

on 1/31/2008 One suggestion would be to consider the type of customer service you get from your current agent or agency. If you shop around and your current agent's rate is close but maybe a little higher, also factor in the type of past service you have received. Sometimes we switch for a little bit of savings but for much worse service. http://www.arizonaautoinsurance.cc

[grouch]

on 1/5/2008 This is something that we take for granted and don't keep up on as much as we should. I look into new rates every 6 months to make sure I am getting the best deal.