When your business involves vehicles, there’s no getting around the fact that you will need insurance. The right insurance coverages can protect your investment and your bottom line by keeping your business up and running as much as possible. There’s no beating the peace of mind you get from having up-to-date policies that provide you protection.
However, there’s also no denying that commercial fleet insurance costs can be quite a drain on your resources. With premiums being so high and potentially getting even higher over time, owner-operators like you may be looking for ways to get the best commercial insurance rate.
Luckily, there are a few tricks that might just be able to help.
1. Install Security Features
There are a few security features you can install on your vehicle(s) that might help you bring the costs of your insurance premiums down.
For example, installing GPS trackers can help by increasing the chances of recovery of a stolen vehicle. Certain insurance companies may even allow telematics to help prove drivers are safe, which can help reduce insurance premiums over time.
You can also add in-car cameras (dash camera and rear camera), which can provide evidence to your benefit, especially if you get into an accident where the other party claims it was your fault.
Finally, installing alarms and immobilizers can help by reducing the chances of theft by discouraging would-be thieves from driving away with not just your vehicle but also its contents.
2. Regular Risk Assessments
Whether you’re a single-vehicle owner-operator or you have additional vehicles that you also own for your business, getting regular risk assessments performed can help keep your premiums from skyrocketing.
It’s important to work with your insurance company and discuss areas of improvement, claims history, and driving record to get a proper quote that suits your needs. In some cases, your provider may even let you know what you can do to bring down your insurance costs.
3. Keep Your Vehicle(s) Safe
If you’re usually out working during regular business hours, it’s a good idea to have a safe and secure place to store your vehicle overnight. This applies even if you are responsible for multiple vehicles.
Being able to prove to insurance providers that you take good care of your vehicle can help lower your insurance premiums. Safe storage demonstrates that the chances of your vehicle getting damaged or stolen are much lower, and insurance companies take note of this.
You can always ask your insurance company what your best options are for overnight vehicle storage. Following their advice may result in lowered premiums overall.
4. Switch to a Vehicle That’s Cheaper to Insure
Although this option won’t always be viable for everyone, it is certainly one of the best ways to lower your premiums instantly. There’s no denying that purchasing a brand new vehicle can sometimes cost an arm and a leg. Leasing new ones can be much more affordable but can still be a significant expense regardless.
However, newer vehicles that have up-to-date features and security systems are much cheaper to insure. Because of the security features, they’re less likely to get stolen. The latest safety features can provide extra protection against personal injury. Not to mention, you’ll likely have to spend less on maintenance and repairs.
5. Remove Any Unnecessary Coverage
If you’re paying for an insurance product created to provide universal coverage, you may want to speak with your insurance company. Talk to them about removing some unnecessary coverages, as these may end up raising your premiums significantly. An example is windscreen protection, which sounds great but doesn’t always justify the bump in premium costs. Find similar coverages that might not always make sense in your situation.
Running a business is difficult and stressful and can be even more so as costs continue to rise. As an owner-operator, insurance premiums are one constant cost that you’ll have to contend with, and it only makes sense to try to keep those costs as low as possible. However, in reducing your insurance costs, make sure you don’t make any unnecessary compromises!