Reduce Costs For Commercial Auto Insurance

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Include a schedule of owned vehicles if you are currently applying for auto insurance quotes. A blank schedule is provided to remind you to provide the year, make, model, gross vehicle weight, and estimated cost of the vehicle when new. Your vehicle registration form usually provides all this information except the cost of the vehicle when new, which you must estimate. The gross vehicle weight (see Glossary) may be found on the vehicle’s registration. To save time, you may wish to simply provide photocopies of the vehicle registrations. Do not overestimate the new cost of the vehicle, because it directly affects the rate for any coverage for damage to the vehicle. Indicate any special equipment attached to the vehicle. Mention any special radios, car phones, or custom alterations. Insurance companies will need information about the company’s radius of operation, which is your indication of how far from the garage address the vehicle normally goes in one direction in the course of a business day. For rating purposes, the breaking points for radius, considerations are 0 to 50 miles; 51 to 200 miles; and over 200 miles. Obviously, the higher the radius, the higher the rate. Be sure to mention if one or two vehicles occasionally goes beyond the radius. Use of the vehicle must be indicated. Be specific! If you use the vehicle for deliveries, indicate the typical delivery schedule, and whether the vehicle is driven to homes or businesses. Rates are lower for business delivery and higher for residential delivery. If the vehicle only transports personnel or material to job sites and then remains parked all day, it qualifies for the lowest rates possible. State if a car is used by salespeople, and whether it goes out of your state. Indicate if the vehicle is used by your service department to go on calls, or if you use it to run errands for the business. Perhaps a vehicle owned by the company is used as a personal vehicle — for commuting to and from work — and garaged at home. When indicating this type of use, provide driver data for the spouse and children of driving age living in the employee’s household. Agents will interpret your description of vehicle use into one of four classes for each vehicle. Simply describe your vehicle’s use, and let agents assign the appropriate class. Their classification choices — from the lowest to the highest rates — are personal, service, commercial, and retail. • Personal suggests no business use. • Service means vehicles are used to transport workers and materials to job sites, and remain parked at the job site. • Retail means running home delivery routes. • Commercial is defined as any use other than service or retail. It may be interesting to see how your vehicles are currently classified to see if improvements are merited.