Commercial Vehicle Insurance Discounts: How To Save

Large and small businesses pay billions of dollars annually for commercial vehicle insurance. The good news is that most insurers offer a variety of commercial auto discounts to help you save on your insurance costs. Whether your business relies on just one delivery car, a few company vehicles, or a fleet of trucks, buses, limos, or taxis, you can reduce your premiums considerably by way of commercial auto insurance discounts.

A standard car insurance policy won't protect your company vehicles. Luckily, a local independent insurance agent can get your business equipped with all the commercial auto insurance it needs and help you find any discounts you're eligible for. Your agent will help your business save as much money as possible on coverage without sacrificing quality or service. Until then, here's a deeper look at many common commercial auto insurance discounts most carriers offer.

Commercial Auto Insurance Discounts

Business owners have many different expenses to factor into their budgets. Thanks to discount options, your business's commercial auto policy doesn't have to break the bank. 

Depending on the insurance company you choose, typically, there's a long list of discount options available on commercial auto coverage. Here are some of the most common commercial vehicle insurance discounts you can ask about.

Commercial driver's license (CDL) discounts

If you or your employees have commercial driver's licenses, your business may qualify for savings on commercial auto insurance.

Business experience discounts

If you've been in business for at least three years, your company may qualify for commercial auto insurance savings.

Loyalty discounts

Keeping your business's commercial auto insurance policy renewed with the same insurance company for more than a year can often lead to additional savings.

Multi-policy discounts

Buying multiple policies through the same insurance company, such as commercial auto insurance and business insurance, can help your company earn significant savings on each coverage.

Pay-in-full discounts 

Paying your entire commercial vehicle insurance policy's premiums upfront in one lump sum can help you save quite a bit on coverage.

Electronic funds transfer (EFT) discounts

When you pay your commercial auto coverage premiums through EFT, your payments are automatically deducted from your business's checking account. This can provide convenience and help both your business and the insurance company save time and money.

Prior insurance discounts

When switching to a new commercial auto insurance company, if you can provide proof that your business has been insured for at least six months, you may qualify for extra savings on coverage.

Package discounts

Your business may be eligible to save money on commercial auto insurance if it's bundled with other types of business insurance, such as a commercial general liability policy or a business owners policy. It's also cheaper to bundle all commercial auto policies, such as liability coverage, comprehensive coverage, collision coverage, and uninsured/underinsured motorist coverage, into one convenient package.

High deductible discounts

Choosing a higher deductible amount for your commercial auto insurance policy can help reduce your coverage premiums considerably. Just keep in mind that your business will have to pay more out-of-pocket when filing a commercial auto insurance claim.

Safety features discounts

Your business can often qualify for savings on commercial vehicle insurance if all company cars are equipped with safety features like anti-lock brakes (ABS) and anti-theft devices.

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An Independent Insurance Agent Can Help You Find Commercial Vehicle Insurance Discounts

Whether you own a small business or a large corporation, no one's better equipped to help you shop and compare commercial auto insurance quotes than an independent insurance agent. These agents have access to multiple insurance companies in your area, so they can help you insure your business vehicles through a carrier that provides an ideal blend of quality, coverage, and cost. 

Your agent also knows exactly which carriers offer the best discounts and savings around. And down the road, your agent will still be there to help you file claims or update your coverage as necessary.