A driver with a commercial auto insurance plan is protected against any damage caused to the vehicle while driving to or from work. This includes general damages such as dents, scratches, broken windshields, and damage caused by accidents. For example, if your car was totaled in an accident and you have a commercial auto insurance plan, you will pay less for the repairs than if you were not insured. On top of this, many insurers offer discounts for safety features on your vehicle, like airbags or automatic brakes.
It is worth looking into what type of coverage the most suitable business auto insurance plan offers before deciding which Company to use. Whether you are looking to make payments a little easier or are a business owner and have the vehicle serviced regularly, it is important to find the insurance solution that will suit your needs and your budget. The following information provides tips on what to look out for when picking an auto insurance plan:
1. The Company’s reputation
You can find out about a Company’s reputation by reading reviews on several websites, like Consumer Affairs or Yelp. But if you are interested in discovering more about the auto insurance plan before dealing with a Company directly, it is even better to do your research online. Check whether the business is licensed to sell insurance in your state and read their licensing history to see how they have been behaving towards customers in the past.
2. The amount of money you are paying for the business auto insurance plan
When comparing costs, the most important thing is to read the fine print and ensure you are getting the complete picture. It is not enough to know how much your policy will cost. You should also ensure that all the required coverage is included. For example, if the plan includes comprehensive coverage, be sure to find out whether this means it will cover theft and vandalism as well. You will have to pay extra if the plan does not come with collision coverage.
3. The types of vehicles that are covered under the business auto insurance plan
If you have many different drivers at your business, you might need a policy that offers specific coverage for each driver’s vehicle. This kind of plan is more expensive than a more basic one. The policy will also likely offer discounts for drivers with good records or clean driving records.
4. Whether there are limits on the deductible amount
A deductible is the amount of the claimed damages before receiving any money from the insurer. If your deductible is $500 and if you are involved in an accident and damage to your car exceeds $1,000, then all you’ll get is a few hundred dollars for repairs. Read the fine print to see if there are any limits on your deductible amount, as these will be deducted from the amount you will receive for damages.
5. Whether there is a no-fault coverage clause
This plan covers any accidents for which you are deemed at fault. In some states, getting no-fault coverage is possible if you have more than two vehicles in your business. Make sure the policy offers this coverage when comparing plans from different companies.
6. The car’s value
Comparing auto insurance plans can be difficult, as the value of your vehicle is not always obvious. A car in a serious accident is worth less than when it is in perfect condition. When shopping for a business auto insurance plan, please find out the Company’s methods for determining how much coverage to offer and what factors they consider when determining the value of your vehicle.
7. The claim history of the Company
This aspect of a business auto insurance plan can be important if you want to pay a low monthly premium but very low claims rates. In some cases, your insurer will show you historical claim information for each car in your fleet, making it easier to understand what kind of claims scenarios could occur. Checking with several companies and seeing how their claims history is a great way to find the best auto insurance plan for your needs
8. The Company’s policy of holding on to customer information from previous drivers
No matter what kind of business you are in, finding all the relevant information about an individual driver can be a huge hassle when you have many different cars in the fleet. Most carriers keep customer information for only seven years, but some keep it even longer.
The details about the business auto insurance plans you compare can go on and on, but there are a few things to remember, whatever Company you choose. Do your research to find out what kind of reputation they have, and then make sure they offer comprehensive coverage that covers your needs. Contact us today for more information if you are having trouble finding the right commercial auto insurance plan.