Paid In Full Commercial Vehicle Insurance Discount
For a business that must use commercial vehicles to transport passengers or cargo, commercial auto insurance can be a significant expense. However, one easy way to save money in this area is paying the insurance premium in full.
About Paid In Full Insurance Discounts
You probably already knew that many auto insurance companies give drivers a discount when their personal policies are paid in full for the entire coverage period. Since a full payment eliminates the needs for the company to issue and process monthly bills, some of this savings is passed along to the customer in the form of a car insurance discount.
Paid in full commercial insurance discounts work in much the same way. If you pay the entire premium that is due immediately, you can often receive a discount of 5% to 15%. A paid in full discount does not affect your ability to claim additional discounts typical for commercial auto insurance policies, such as:
- Insuring multiple commercial vehicles with the same company.
- Bundling your business and auto insurance in one package.
- Qualifying for “loyal customer” status.
Not all companies providing insurance for commercial vehicles will offer a paid in full premium discount. If your current insurance company does not provide this service, you may want to obtain quotes from a few other companies to compare your coverage options. Requesting quotes online is not difficult and just a few minutes of your time can result in a substantial savings.
Discounts for Paying Electronically
If your business is just getting off the ground, you may not have the cash available to pay your entire commercial auto insurance premium at once. Luckily, you can often still save money on your insurance premiums by simply opting to pay your bill via electronic transfer. This means that your premium amount will automatically be deducted from your business checking account on the day it is due.
The discount for a paid by Electronic Funds Transfer (EFT) is usually a bit smaller than the savings for a full payment. However, this can still be a good way to save money on your commercial auto insurance premiums while giving you one less bill payment to make each month.Compare Commercial Insurance Rates in 3 Steps
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