Commercial Auto Insurance prices have aggressively increased over the past year across the country and increases are likely to continue.
The problem: High Claims, Distracted Drivers (cell phones) = High Costs.
While individual businesses cannot do much to change some of the larger underlying causes of commercial auto insurance losses, they can stand out from the rest and make their business a good risk. Insurance companies are more likely to offer better rates, discounts and less likely to cancel or non-renew policies if you can show that your business does the right things to control losses.
- Hire qualified drivers & provide training;
- Use hands-free communications & record conversations;
- Regularly check drivers Motor Vehicle Records and take necessary action;
- Monitor drivers with telematics;
- Invest in cameras (front/rear) with a recording feature.
Everyday Commercial drivers work in hazardous environments. They are faced with road-raged drivers while trying to navigate our interstates, highways and back roads. Pricing is based on many factors. There are other characteristics that insurance companies review to determine your premium and they are:
- Claims History;
- Credit History;
- Geographical Location;
- Years of driving experience;
- Driving Record (on all drivers);
- Previous Insurance Coverage.
While the trend of increased claims and claim costs will continue to create upward pressure on commercial auto insurance rates, you can make changes at your business to stay ahead of the rest. This can result in more favorable terms and more options when it comes to insurance. In the end, it can protect and increase your bottom line.