Are You Covered? Why Fleet Insurance Matters
When your business relies on company vehicles to bring home the bacon, choosing the right insurance can make all the difference. For most businesses running three or more vehicles, fleet insurance may be the most cost and time-effective way to get insured. Just like conventional automotive insurance, prices can vary wildly from provider to provider, but with the potential for huge cost savings, finding the right one can definitely be worth the extra time and effort. To help you on your way, consider these tips to getting the coverage you need.
1. Price comparison tools are your best friend!
Just like purchasing insurance for your own car, using a price comparison website is a great way to get the full picture of the market before getting into the nitty gritty details of your chosen policy. There are several fleet insurance comparison tools online that can offer up a range of quotes from the most credible providers in a matter of minutes…and clicks. Even if you decide not to purchase insurance from any of these sites, you at least have some inside intel into the providers that offer the type of coverage you are looking for.
2. Check out that past behavior…driver behavior that is.
One of the best ways to keep your fleet insurance premiums low is to check, check and double check all of your driver’s driving records. Employing someone who has an arm’s length list of speeding tickets or is known to play bumper cars on the road is a liability to you and your company. Before you hire any driver (even if they happen to be your friend’s bother’s uncle’s son…or your dad), be sure to perform a thorough background check that includes past traffic stops or accidents. Knowing the red flags before a driver gets behind the wheel can save you a lot of money and headache in the long run.
3. Make safety your first priority.
Letting your chosen insurance provider know you are committed to safety can go a long way to keep your premiums low. Many insurance companies offer discounts for drivers who practice safe driving habits over an extended period of time (not having a speeding ticket in 5 years is a plus…a big plus). You may also consider implementing a fleet tracking solution throughout your fleet. Solutions that monitor driver behavior, location, speed and mileage – to name a few – can help reduce those risky driving behaviors that can lead to increased insurance rates.
4. Negotiation, negotiate, negotiate!
As our mom often said – the only dumb question is the one that isn’t asked. And the first step to receiving a discount on your fleet insurance premiums is to ask for one. Fleet insurance is a very competitive industry and providers will do what they can to fight for your business. By not asking, you may be missing out on several discounts you are eligible for depending on how long you have been in business (this is where being old really helps), the number of vehicles you have in your fleet and are insuring as well as what fleet management solution you have in place today. Don’t miss an opportunity to ask if you qualify for any of these types of discounts.
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