What Does Commercial Auto Insurance Cost?
Over the phone, 92% of our customers receive a lower price.
Over the phone, 92% of our customers receive a lower price.
orBusiness car insurance premiums are typically higher due to the higher risks and liability limits that the policies are designed to cover. Business users also drive more miles than the average motorist, and at busier times of day.
The cost of your business car insurance will vary depending on the type of policy you have. If you're just running errands around the office or visiting clients, you don't need the same level of insurance as a commercial driver. If you're not delivering items or driving a lot, you'll probably only need class one business car insurance.
If you and your named drivers use a car for business, you'll need class two, which will increase the cost of your business car insurance. Finally, if you're selling or otherwise using your car for business, you'll need class three business car insurance.
How much does commercial auto insurance cost?
The cost of business car insurance will vary depending on the type of vehicle insured and the nature of your business use. Don't be concerned if you're unsure about the type of business car insurance you require. Keith Michaels will walk you through all of your options and determine which type of business insurance is best for you.
Although business car insurance is more expensive, there are ways for individual drivers and business owners to reduce their business car insurance costs.
If you want to keep your business car insurance premiums low, using a dedicated business car insurance broker with tailored policies is a great option.
We have a variety of business car insurance policies to suit each customer at Keith Michaels, so you are guaranteed to get a good deal, whatever your commercial driving needs are.
If you want to buy vehicles for your employees to use for business, look for models with smaller engines and better fuel efficiency. Avoid purchasing high-end vehicles that can be expensive to insure. Older vehicles are typically less expensive, but check with your insurance company ahead of time to determine the most cost-effective models.
According to statistics, young drivers aged 17-20 are more likely to file insurance claims, and the average cost of these claims is three times that of any other driver. If you're looking for business car insurance for young employees, review your policies and make sure your employees aren't using their assigned car for personal reasons if they've only been insured to drive for business.
You have a legal obligation as an employer to ensure that any vehicles you lease or own for business purposes are properly maintained, safe to drive, and comply with traffic laws. Maintaining these standards will help you save money on business car insurance by lowering the risk of accidents and claims.
When it comes to lowering the cost of your business car insurance premium, the security of your vehicles is critical. When not in use, try to keep your company vehicles locked in a secure car park or other secure location overnight. If your vehicles are available for personal use by your employees, ensure that they are parked in their driveways rather than on the road when not in use. Installing security devices such as alarms, immobilizers, and steering wheel locks will also help to improve the security of your vehicles, especially if they are used to transport business equipment or tools.
Some employers will cover the additional business car insurance costs if you use your car for business purposes, while others may contribute to mileage during working hours. The standard payment as of April 2015 is around 45p per mile, though this may vary depending on the number of miles you travel. Although these payments will not specifically cover the costs of your business car insurance, they will significantly reduce your outgoings for business driving duties.
There are various levels of business car insurance coverage, and having the right policy in place is critical when it comes to cutting costs. If you are only running errands around the office or visiting clients, there is no need for you to pay for a policy that covers driving long distances for selling or commercial purposes.
Visit our Business Car Insurance Explained page to learn more about business car insurance policies and which one is best for you.
If you have a good no claims bonus record for your standard vehicle, you can use it to lower the cost of your premium when applying for business car insurance. This will not affect your existing policy's no-claims bonus.
If you are an ex company car driver and want to find out more about your no claims bonus, take a look at our Ex Company Driver Insurance page
Another way to keep your business car insurance costs in check is to estimate your average annual mileage accurately. When you apply for business car insurance, your insurer will ask how many miles you will drive on behalf of your company or business each year. If you overestimate, you will be paying for coverage that you do not require. Remember that if you are dishonest about the number of miles you drive and purposefully understate the actual amount, any claim you make may be denied, and you will not be entitled to any compensation if you are involved in an accident.
Paying for your car insurance on a monthly basis may be the more manageable option, but it may raise the overall cost of your business car insurance. If at all possible, make a one-time payment every year rather than spreading the cost over 12 months. This will reduce the interest, which can add hundreds of dollars to your bill.
Make sure you're doing everything you can to keep your vehicle safe and secure when it's not in use. Leaving it parked on the road at night or in an open area increases the risk of theft or damage, both of which will raise the cost of your business car insurance premium. Installing security devices such as immobilisers, steering wheel locks, or alarms will improve security, while a tracker system will increase your chances of recovering your stolen vehicle.
To provide more information about what it entails, we have compiled a list of frequently asked questions and answers.
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