6 Ways To Save Money On Commercial Auto Insurance

If you are living in Ontario and are looking to save money on your commercial vehicle insurance, it's time to get a grasp of some tricks that could save you money. It's true that the insurance bills can be hefty - so, is there any other way out?

Below are some of the commercial insurance hacks to help save you money on your commercial vehicle insurance!

1. Increase Your Commercial Auto Insurance Deductibles

You can choose higher deductibles and that way pay less for your policy. The deductible is the amount of money that your business will have to pay out-of-pocket in the event of a claim. Agreeing to a higher deductible often translates to a discount on your monthly insurance premium.

2. Pay The Insurance In Full

It is estimated that paying your entire business vehicle insurance in full can help you save up to 3-5% of the finance charge for monthly payments. Now, although the summed-up amount for the premium may be a tough pill to swallow, it is definitely a cheaper option.

3. Hire Experienced Drivers & Screen Them

One of the things you may not consider related to your auto insurance - are your drivers. Now, hiring drivers with experience and taking some extra time to screen them will save you a lot of money in your pocket. While screening is all about making sure that every driver has the right experience and class of license required to operate the particular type of vehicle, hiring ones with proven experience and no convictions will definitely reduce your auto insurance premiums.

4. Be Loyal To Your Insurance Provider 

Everyone appreciates loyalty - even your insurance company.

In a marketplace that is so competitive, finding a good insurance provider may be a hard day's work. However, once your broker finds it, you should consider building a history with the company - the rewards may be pleasing upon renewal also history gives your broker negotiating leverage. The point is, you can save a lot of time and money by having your broker place you with the right insurance provider and staying with them longer.

5. Use Them For Multiple Lines Of Insurance

Another tip to make most of your commercial vehicle insurance policy is to attach multiple lines of other insurance policies as you can with one insurer. If you have your business property and commercial auto together with the same company this can result in additional savings, this is how the multi-line discount works. You can also put multiple commercial vehicles with the same provider to also take advantage of the multi-vehicle discount. This is also saving you from additional time, money and hassles by dealing with multiple insurance companies.

6. Telematics, Winter tires And Anti-Theft Discount

Telematics or usage based insurance discount is one thing to get the most of your insurance and save decent money based on your driving habits. There are also some product-related discounts you can reap on your commercial auto insurance - for example, putting winter tires to your commercial vehicle or installing an anti-theft device are both options that account for a certain discount.

Talk To Your Broker…

Even if you think that Ontario has the tightest margins for business auto insurance, the big picture is that there are ways to save but you will need to review your policy with your broker to make the most of it for your business vehicle or fleet.

We hope these tips help you save money!

Aun Japanwala is a business insurance broker working at Lyon and Butler Insurance brokers.

You can reach him directly at 647-216-2866 or email him at aun.japanwala@lyonbutler.com