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4 Ways to Keep Your Vehicle Insurance Down

The high cost of vehicle insurance has taken a big bite out of business profits. Some of blame for high insurance costs has to fall on the business owner, too. He or she may be taking too many risks by hiring workers who have not passed background checks or have poor driving records. Don’t laugh, but some people go to great lengths to get a job, including lying on their applications. Can you even imagine such a thing? Unwitting employers hire these people and before you know it, an accident has happened and the employers’ insurance rates go up, sometimes up through the roof.
Take the time to check everyone who applies for work with your business. And keep checking them after you have hired them. It may sound like ‘big brother is watching’ but think of the real good employees you could afford to hire if you continued to monitor your hiring practices.  Some other ways to keep your vehicle insurance down:

  1. The most important action you can take is shopping around for better rates.  Don’t get complacent and stay with the same company because you’re lazy.  There are so many reputable insurers out there that you have a high possibility of finding a good rate.  Plus, some companies will give you a lower rate just to capture your business.  A good rule of thumb is to shop your rates once a year.
  2. Also, raise your deductible to a level that you are comfortable with.  If your deductible is only $250 but you would easily pay a customer $500 to clear up a dispute, make your deductible $500.  Raising your deductible will lower your premiums.
  3. Be sure your insurer also knows exactly what you do.  If you’re a strictly residential company, let them know.  They may have you lumped in with commercial and new construction contractors, which can dramatically alter your rates.
  4. Finally, stay on top of things.  Get reports of all of your claims and make sure they are correct.  Preach safety to your team to limit the number of injuries that occur.  Be sure your fleet is in good condition to avoid any traffic accidents you can.

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