In general, commercial auto insurance costs more than personal car insurance. This is because commercial policies tend to have higher limits, which means more coverage in the event of an accident. Commercial auto insurance isn't cheaper than personal car insurance. Coverage for a commercial car is often more expensive because you run the risk of receiving greater liability and property damage claims when transporting people or goods for money.
Commercial auto insurance also offers higher liability limits than personal insurance and provides protection against legal action that an injured party may take against your company after an accident. Commercial auto insurance premiums generally cost more because of the greater risks and the higher liability limits for which policies are designed. Business users also tend to drive more miles than the average motorist and at the busiest times on the road. The answer? Commercial insurance usually doesn't cost more than personal car insurance.
In fact, I've seen situations where a commercial auto insurance quote is less expensive than a personal car insurance quote that offers similar coverage. Rideshare drivers, such as Uber and Lyft drivers, have unique needs, and a growing number of insurers offer different rideshare insurance. The auto insurance deductible is an amount you must pay out of pocket before your insurer covers the rest. And being honest and honest with your insurance company and insurance agent is the best place to start.
If you don't deliver things or drive a lot, chances are you only need first-class business car insurance. The number of employees can affect your insurance costs, especially for policies such as workers' compensation insurance. There are different levels of business auto insurance coverage, and making sure you have the right policy is crucial when it comes to reducing costs. At Keith Michaels, we'll show you all the options and find out what kind of business insurance is right for you.
The safety of your vehicles is an important factor when it comes to reducing the cost of your commercial auto insurance premium. A USDOT number is a unique number that is assigned to your company so that safety audits and accident activity can be tracked at individual companies. Large auto insurance companies spend billions on advertising every year, but smaller insurers may offer the cheapest premiums in some cases. Insurance companies use credit-based insurance scores, where allowed by state law, since studies have shown that these scores effectively indicate the likelihood that a driver will file a claim.
Another way to ensure that your company's car insurance costs aren't too high is to correctly estimate the average annual mileage. While these payments won't specifically cover your company's car insurance costs, they will help ensure that your business driving expenses are considerably lower.
