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Commercial Auto Insurance Tips for the Independent Route Owner
The primary concern of any businessman is to keep his business running smoothly and making profits. The factors which are capable of influencing the smooth running of a route business include compliance with the brand requirements and ensuring that the business is well protected. Many companies provide Commercial auto insurance which helps to protect their business while saving their time and money. The following tips will assist independent route owners in buying auto insurance that will not only properly protect their business but will also help them in managing costs.
Tip 1 - Higher Limits Come with Better Protection
It is quite understandable that most independent route owners would love to keep their premium low but the truth is that the most expensive policy is a policy which doesn't have the sufficient coverage to protect a business when the business is sued. It is advisable to go for viable auto insurance with higher limits must especially when your business needs more protection.
Tip 2 - Hiring Drivers with Good Driving Records
Listing employees with good driving records in the commercial auto insurance policy goes a long way in keeping a low premium. Thus, it's important to check the driving records of drivers before employing them. When you employ a driver with bad driving records, you are not only increasing your premium but you are also putting the future of your route business at risk.
Tip 3 - Rental Reimbursement Coverage
When a company has one or few vehicles, it is advisable they go for a commercial auto insurance policy that has rental reimbursement coverage. This type of policy will cover the cost of renting a replacement vehicle in case the company vehicle gets damaged in an accident and wouldn't be on the road for some time as it has to be taken for repair.
Tip 4 - Higher Deductibles Comes with Lower Premium
Deductible refers to the amount of money which the owner of the route pays in case of a claim before the insurance company pays the rest of the claim. The higher deductible you wish to pay, the lower your premium. Thus, it is advisable to increase your deductible when buying profitable auto insurance. However, independent route owner should ensure that they set their deductibles to the amounts which they can easily afford because claims can come up at any point in time.
Tip 5 - Pay Electronically
The advancement in technology has brought about the payment of fees electronically. When you pay your insurance company through Electronic Fund Transfer which withdraws your payment directly from your bank account, you might get waived on installment fees. This payment option does not only save you some money but it also saves you from missing a payment which can lead to additional fees or the cancellation of your insurance.
