How To Compare Commercial Insurance Quotes
If you own a business that employs a driver or several drivers, or if you are an independent CDL driver, you are going to need a commercial auto insurance policy.
Commercial liability insurance is required by law, but other types of coverage―such as collision, comprehensive, and uninsured motorist coverage―are often optional and only required in certain situations. When comparing commercial insurance quotes, therefore, be sure to account for the types and amount of coverage the policy includes.
Prepare Before Shopping for Commercial Insurance Quotes
Prior to contacting a commercial insurance company, make a list of all vehicles you wish to insure, including the vehicle’s make, model, mileage, and various safety features. You will also want to collect the driver's license numbers of all drivers in your employ.
Providing a vehicle description in addition to license numbers will allow the insurance agent to accurately assess the risk of insuring your business, which in turn will yield a more accurate insurance quote.
Collect Quotes From Numerous Commercial Insurance Agencies
In order to make an informed decision regarding the purchase of commercial insurance, collect quotes from a variety of sources, in addition to quotes for a variety of packages. You might find that additional liability coverage―or even comprehensive coverage―is less expensive and more beneficial than you previously suspected.
In any case, the more information you have, the more likely you are to purchase a policy that is right for your business.
Talk to Others About Competitive Insurance Rates
The insurance rates might look good on paper, but there is really no substitute for firsthand experience.
For this reason, you should talk to other business owners and CDL drivers regarding potential providers. If you know a business owner who has been involved in a commercial auto accident, start there and inquire specifically about the company’s response to the accident.
Ask questions such as:
- Did your insurance rates increase after the accident?
- Did your liability insurance cover all repair and medical expenses?
- Was the insurance adjuster timely and cordial?
- Did you lose any coverage after the accident?
You should also consult business owners who have not been involved in an accident, particularly regarding any insurance discounts for safe driving over time. Many car insurance companies reward safe drivers with accident-free discounts, and others offer a discount for CDL drivers or for drivers who have completed a defensive driving course.Compare Commercial Insurance Rates in 3 Steps
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