Most people like to save money and that goes for businesses too. One way a UK business can reduce their operating costs is by purchasing the right cover for their commercial vehicles. The key to finding the cheapest policy is to make your search more effective. Here are some tips for finding a minimum coverage policy for your company vehicles:
1. Choose a top voluntary franchise.
This is one of the most effective ways to find cheap coverage for your business vehicles. The drawback of this option is that it is somewhat risky. If you need to make a claim on one of the vehicles, you will have higher out-of-pocket costs. However, this method will definitely lower your monthly auto coverage bill for commercial cars, trucks, buses, etc.
2. Buy multiple types of insurance from the same company.
For example, you might buy life coverage and commercial auto coverage from the same company. This could save you a substantial amount of capital, as insurers would be happy to sell various products to your company. As a word of caution though, never assume that buying multiple types of coverage from one company will definitely be cheaper.
3. Compare prices.
Like when buying any other type of cover, it’s important to shop around. Get quotes from all kinds of businesses, big and small, online and offline, etc. The process is basically a numbers game. The more quotes you get from different companies, the more likely you are to find a bottom price for commercial auto insurance. Remember: You can always find a better price!
4. Make a big down payment.
The higher the down payment you make on an auto insurance policy, the lower your premiums will be. While taking this step will increase your company’s out-of-pocket costs, it will be a great investment in the long run if you want to lower your premiums.
5. Insure multiple vehicles.
Commercial auto coverage policies are generally for multiple vehicles, with a minimum requirement. Insuring multiple vehicles with a single policy is the best option, as you can save a small fortune on auto coverage. Obviously you will not have this option if your company only owns one or two vehicles.
6. Get the minimum required coverage.
The advantage of this option is that your company will have lower premiums. However, the problem with this method is that there is some risk. This is because you will only be required to have liability coverage. Therefore, your own company vehicles will not be covered if you are in an accident. And if there has been major damage, that could be a problem!
7. Have your drivers enroll in defensive driving courses.
By definition, the most obvious benefit is that drivers of your company vehicles will drive more defensively. That’s particularly important in today’s world, when stress and road rage have become major issues. Second, some commercial vehicle insurance companies also offer discounts to drivers who have completed such courses.
By following these 7 steps, you can find quality, affordable coverage for your business vehicles. While commercial auto insurance is a business expense, it doesn’t have to be expensive!