Shopping for commercial fleet insurance can be stressful if you’re not sure what questions to ask.
Obviously, securing the right policy for your needs boils down to the number of vehicles you need to be covered and what you can afford. But how do you know you’re getting the best rate? And does your policy offer maximum protection according to that rate?
If you’re in the market for fleet insurance, then you’re in the right place. In this article, we’re discussing some tips to help you learn how to get the best rate and policy for your business.
Keep reading to learn more.
How to Get the Best Fleet Insurance Rates
Before you start shopping for fleet insurance, it’s a good idea to talk to an insurance agent. An agent can help you navigate different policies and advise you on coverages that align with your needs. It’s also beneficial to have an agent on hand in the event of an accident to review your policy together and find the best resolution to a given situation.
Obtain Multiple Quotes
You should never settle for the first policy that you find. Obtain multiple quotes from insurance companies before making a final decision. This will give you the most opportunity to find a policy that fits within your budget and carries the coverages that you find most significantly important for your fleet.
Determine Your Deductible
When considering your deductible, it may be better to base it on a per-occurrence catastrophe rather than a per-vehicle deductible. This will save you money in a single event that damages or destroys your fleet. Instead of paying a deductible for each vehicle, it will be one for all damages.
Liability Coverage Should Equal ‘Symbol 1’ – Any Auto
Remember that some policies are written to cover only described autos listed on a policy. This is labeled as a ‘Symbol 7’. You should request a ‘Symbol 1’ which provides maximum protection for all vehicles in your fleet. This is particularly handy when adding new vehicles to your fleet so they are covered immediately.
It’s a good idea to accept only minimum limits for uninsured/underinsured motorist coverage because your staff is already covered for bodily injury, sickness, or disease with Worker’s Compensation. This is an added cost in your fleet insurance policy that you probably won’t ever use.
Finally, some best practices you can adhere to may help you secure a competitive rate, including driver screening. Accident reporting procedures should be detailed and available to drivers. You can even have driver cams installed in your vehicles.
As an added tip, consider keeping disposable cameras in the glove boxes of your fleet vehicles. Your employees can use the cameras at an accident scene if a cell phone is dead or unavailable.
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