Automobile Insurance You Can Count On…One Hand

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Business Car Insurance

A recent study found that a staggering 68 percent of Americans simply didn’t know even the most basic information about car insurance, and that doesn’t bode well for average business owners who need to translate car insurance basics into fleet coverage. Indeed, business car insurance can cause many business owners a pretty big headache as they agonize over the proper policy amount, the right amount of coverage, the preferred deductibles, and other matters that can have a direct impact on company finances in the case of an accident.

Buying this coverage does not have to be a puzzle, though, and it doesn’t have to feel like navigating a winding road full of confusing intersections. With a firm understanding of the basics, and a good idea about how to compare and purchase insurance plans, business-centered car insurance can be both easy and refreshing to acquire.

Calculating the Cost: Consider Number of Vehicles and Drivers

The cost of a commercial auto insurance policy will largely vary based on the size of the fleet being covered and the number of drivers who may be piloting those vehicles at any given moment. Generally, business owners will be required to list every single driver who may pilot any of the vehicles in the fleet. This will help insurance companies assess potential risk, and the resulting policy costs, based on each driver’s record and accident history.

Likewise, every company car insured by the policy will be eligible for reimbursement when repairs must be conducted after an accident. Each of these cars will need to be listed on the policy, with VIN numbers, make and model information, and mileage. Coverage of vehicles in case of an accident may be based on whether the driver is at fault or not, so business owners should look for a no-fault insurance policy that will allow them to more easily predict the financial impact of an accident regardless of who is found to have caused it.

Remember that Personal Policies Do Not Cover Business Usage

There is some degree of confusion among many business owners when deciding whether or not they actually need a business auto insurance policy, or whether they should simply purchase a personal insurance policy and add the relevant drivers and vehicles to that policy. For the record, personal policies are often impossible acquire in business scenarios for a number of key reasons:

– Personal auto insurance policies can only include family members as authorized drivers, limiting those drivers to a spouse, child, or other close family member.

– Vehicles that are being used for commercial purposes will not be covered by a personal insurance policy, and the violation of these terms can cause an insurance company not to provide any coverage at all in the event of an accident.

– Liability amounts are generally higher for business polices, providing better coverage to businesses and their employees than would be available under comparable personal policies from the same insurer.

Even in the case of a very small business or sole proprietorship, it may be a good idea to get a corporate insurance policy regardless. Business insurance policies can often be used to cover accidents that happen during personal usage, but the reverse is not true. As always, be sure to read the terms and conditions of any policy and always go with a more robust coverage option than a more limited one in order to insure against any losses.

By Comparing Policies, the Best Price is Easy to Find

Business car insurance policies can be quoted and compared online just like their personal counterparts, and this represents the best option for business owners who are seeking the best deal on commercial vehicle coverage. When car insurance companies are forced to compete directly with each other for a business customer’s coverage, they’ll offer better prices, more reasonable deductibles, and friendlier terms, than they otherwise would.

With an all-in-one insurance comparison tool, this online competition is made just as easy as obtaining a quote from a single company. For business owners serious about good coverage and affordable expenses, this is easily the best option.

A Great Policy for Businesses of All Sizes

Insurance policies for business fleets come in all shapes and sizes, for fleets that range from a single vehicle to those that include hundreds of vehicles. They represent the best option for employee safety and financial stability for the long-term.