Tips to save money on commercial auto insurance
Besides qualifying for commercial auto discounts, there are other ways you can keep your commercial auto insurance costs down. Choose the options that fit your business' needs and your commercial auto insurance budget.
- Increase Your Commercial Auto Insurance Deductibles - If you choose higher commercial auto insurance deductibles, you'll pay less for your commercial insurance. Be sure you choose a commercial auto insurance deductible that you can afford to pay out of pocket at any time, in case you get into an accident.
- Pay Your Insurance In Full - By paying your entire commercial auto insurance premium up front, you'll save up to 15 percent with a Paid-in-Full discount.
- Pay By Electronic Funds Transfer (EFT) - Choose one of our EFT payment plans if you'd rather not pay your commercial auto insurance premium in full. With EFT, we waive the usual check processing fees and deduct your commercial auto payments directly from your checking account. This lets you focus on running your business – not paying your bills.
It's important to note that not all commercial auto discounts and pricing factors are available in every state and situation.
Save with seasonal insurance
If your business is seasonal, you might be able to save money with a seasonal insurance policy. It could help reduce costs while eliminating breaks in your coverage.
Here's how seasonal insurance can save you money during your slow season.
Maintain continuous coverage
Cancelling your insurance during your slow season could cost you money in the long run. Not only will your vehicles not be covered, but many insurance companies offer significant savings to customers that have maintained coverage on a continuous basis.
Your insurance company will likely ask to see proof of continuous coverage to offer you the best rate. If you do drop your insurance, only to pick it back up for your busy season, you might end up offsetting any savings you gained by letting your policy lapse.
Reduce your coverage
Also, consider reducing, not dropping, your coverage. If you store commercial vehicles for a significant amount of time during the slow season, you might not need continuous Liability coverage, depending on your state's insurance requirements.
You might be able to save money on your premium by switching your policy to include Comprehensive coverage only. At Progressive, we refer to this as Comprehensive-Only or Seasonal insurance.
Comprehensive-Only insurance is just that, just Comprehensive coverage. It's the coverage that protects against various risks other than a collision with another vehicle. These risks include, but are not limited to, damage from fire, theft, vandalism and various other mishaps that can happen to your vehicles while they're in storage.
This concept of reducing coverage while maintaining insurance through your slow season could reduce your exposure to risk and lower your out of pocket expenses.
We offer discounts designed exclusively for our commercial auto customers. Depending on your business type, you may be eligible for multiple discounts for you business auto insurance, tow truck insurance, or commercial truck insurance policy. Qualifying for just one of our commercial auto discounts could save you as much as 5 percent on your insurance.
- Experienced Business Discount - Business auto insurance, commercial truck insurance, and tow truck insurance customers who have been in business for more than three years are eligible for a discount of up to 5 percent.
- Experienced Commercial Driver Discount - Commercial truck insurance and tow truck insurance customers who have a Commercial Driver's License (CDL) can save up to 2 percent.
- Package Discount - Business auto customers with an in-force General Liability or Business Owner's Policy are eligible for a discount up to 5 percent.