No way around it: commercial automobile insurance is expensive, and costs may only continue to rise. With major changes in the industry, like autonomous vehicles, on the horizon, the future of the business and its insurance rates may stay volatile. To effectively cope with commercial auto policy rate increases, it is useful to have a sound understanding of your insurance policy, where and what it covers, and to seek out plausible ways to bring rates down.
What Determines Commercial Auto Insurance Rates?
Many factors go into determining commercial auto rates, and a number of these factors reflect broader industry trends. However, factors unique to your company (and your drivers), including past auto claims, may affect rates. Other factors, like vehicle types and technology used, may alter rates.
Fortunately, you can take steps to help bring down rates and avoid commercial auto policy rate increases. This includes the following, and more:
- Working to incorporate technology that monitors drivers on the road
- Providing extra training for drivers
- Improving hiring standards to seek out more consistent or higher-quality drivers
These and other efforts can help to effectively manage commercial auto insurance policy prices. Working with an experienced insurer on your commercial auto policy can help determine that your policy is fiscally manageable and adequately protects your company and your drivers.