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 Want Competitive Fleet Auto Insurance Rates?

Want Competitive Fleet Auto Insurance Rates?

With the price of vehicles close to astronomical, it only makes sure that you have the best insurance rates possible for your fleet. Whether you use 3 vehicles or a few hundred, you and your employees deserve to have the right commercial fleet auto insurance in place for protection. All vehicles used for your business need adequate coverage for general liability, property damage and bodily injury.

But fleet insurance can also be costly in today’s commercial marketplace. There are many reasons that rates increase outside of inflation. Here are a few examples.

Nuclear verdicts are defined as a settlement exceeding $10,000,000. They have been awarded in an unprecedented number of commercial auto lawsuits as of late. Jury verdicts of $30,000,000 are commonplace. For example, consider the $39,000,000 award caused by a driver unprepared for icy conditions or the $54,000,000 verdict resulting from the desperate hire of a commercial auto driver with a history of major driving violations.

Distracted driving has become a cultural norm. Rather than working to prevent accidents, too many people believe that “accidents just happen.” Courts have little tolerance for operators of commercial vehicles who drive distracted and cause damage and injury to others. This intolerance shows up as large verdicts, awards, and settlements.

Inexperienced drivers are being hired in many areas experiencing a driver shortage. As a result, drivers short of practice on the road in commercial vehicles or those with a poor driving record are hired to operate business vehicles in desperation. Lack of driving experience and knowledge often results in bad decision-making and leads to dangerous commercial driving situations. Newer drivers can have an unrealistic perception of their own driving abilities and an inability to evaluate risk accurately.

Now that you know what you are up against, you need to carefully consider your coverage options. The best policy will provide business owners with liability for bodily injury or damage to others, damage to the vehicles used and extra costs associated with an accident related to any covered vehicle.

Every state has minimum values required for each type of coverage and if the vehicles are not owned outright, lenders have additional requirements. In the end, it is best for businesses to carry insurance limits that are much higher than required minimums for the protection of their company.

Keep in mind that your company needs commercial auto insurance coverage if you or other employees drive a personal auto or any other personal vehicle for business (called ‘non-owned’ insurance). This often occurs in small businesses where the owner or an employee uses a personal auto for business purposes and assumes a personal auto insurance policy provides coverage options to pay claims from an accident occurring while conducting business activities.

There are also other coverage options that can be added to the policy:

  • Roadside assistance
  • Higher liability
  • Coverage for uninsured motorists
  • Loading and unloading protection
  • Medical cost protection
  • Towing and labor services
  • Comprehensive coverage to protect against vandalism, stealing, etc

The main benefit of having fleet auto insurance is peace of mind. But know that you can also save costs when insuring multiple vehicles. Fleet insurance distributes the risk of all the vehicles evenly so the company does not have to pay more for each registered vehicle risk. Finally, be sure to check for incentives and rebates specific to fleet owners.
If you are ready to start or update your fleet insurance policy, please be sure to reach out to us at California Southwestern Insurance Agency. We are here to provide you the best service for your needs.